How to buy property in Cyprus
The Cyprus property market is heavily oriented towards foreign buyers. However, for example, a number of restrictions and special rules apply to citizens of some countries. In this article we will tell you which ones.
Cyprus is traditionally considered one of the most attractive investment countries for foreign capital. Moreover, this applies to both large, small and medium-sized companies and individuals. Cyprus is attractive for investment by access to its real estate properties. An investor with much greater desire and minimal risks for himself will invest in those countries where he himself can become the owner of real estate objects.
Citizens of EU member states.
The approach to buyers in this category is the same as for the citizens of Cyprus: they can purchase as many properties as they want at any time. The purchase procedure is standard.
Citizens of other countries.
In this case, a number of limitations should be noted. First, foreigners are only eligible to purchase:
- one apartment;
- one house;
- a land plot with a building or a building plot with an area of no more than 4014 sq. m .;
- a second house, if it will be used, for example, as a country house.
Some companies may also purchase premises to conduct business or accommodate their employees. In some cases, it is possible to purchase several of the above objects.
After selecting the property, the buyer will need to obtain permission from the Council of Ministers. In the appropriate application form, the personal data of the buyer, the country of permanent residence and the address of residence in Cyprus, data on other real estate owned by the potential buyer, if any, are indicated; data on the current owner of the property; the cost of the object of purchase and sale; further purpose of using the object and other information.
Also, with an application to local authorities, detailed information about the buyer and about the property is provided. The buyer (or his lawyer) must provide the following documents:
- plan of the property;
- a copy of the document confirming the ownership of the property by the seller;
- a copy of the building permit for residential premises;
- a copy of the purchase and sale agreement;
- sectional view of a building or apartment;
- site plan;
- documents confirming the financial condition of the buyer;
- copy of the buyer’s passport (including pages with stamps on crossing the border of the Republic of Cyprus);
- a copy of the marriage certificate (in cases where the surnames of the spouses do not match);
- a copy of the residence permit and work permit;
- a copy of the registration license for legal entities;
- completed COMM 145 form.
Cases of rejection of applications for the acquisition of property by foreigners are extremely rare. The main feature is the truthfulness of the declared information.
Further professional advice should be sought for each particular case. Our firm does not accept any responsibility for any loss or damage occurring by acting on the basis of this information. Also, please visit our website for further updates.