Acquiring property in Cyprus

Acquiring property in Cyprus for European Union Citizens

European citizens have the right to acquire and own an unlimited amount of real estate. The procedure for registration of ownership is very simple:

• submit to the Land Register an agreement on the purchase of the property you want to buy (within 6 months from the date of signing);
• file different tax permits and land transfer forms N270;
• pay fees for making an entry in the Land Register (transfer fee is calculated based on the value of the property);
  If all taxes are paid and confirmed, ownership of the property will be issued to the name of the purchaser.

Acquiring property in Cyprus for citizens of non-EU countries

Citizens of non-EU countries face restrictions on property ownership in Cyprus.
First they need to get the approval of the Council of Ministers.

Such approval is achieved by filing an application with the Land District Office. Information about the property that the client wishes to acquire and personal information of the client should be attached to the application. The district officer will submit a report to the Council of Ministers for approval. The Council of Ministers will inform the district officer of his decision, and he will inform the applicant. The approval process can take from 2-5 months.

Property documents:

• contract of sale (copy);
• the title of ownership of the property under consideration(copy);
• survey plan and relevant division and construction permits if building a property (where applicable).

Regarding the applicant:

• copy of the passport;
• confirmation of the financial condition of the applicant;
• copy of residence permit;
• COMM 145 application filled out properly.
  If the company, registration certificates, shareholders, registered offices of the company and the memorandum of association among others.

We draw your attention to the fact that this article is for informational purposes only. For more advice, contact us at the contacts listed on the site.