Property buying process in Cyprus

Buying property in Cyprus is quite easy. This is a reliable procedure, which usually does not take much time. Immediately after the signing of the agreement of sale of the property and payments, the purchase procedure can be completed in Land Registry.

Citizens of the European Union can buy property without any restrictions.

A non-EU citizen requires simple permission from the Cyprus Council of Ministers. It can be obtained without any problems by yourself or with assistance of the lawyer and our agency.

Real estate purchased in Cyprus has two statuses:

• Freehold – the buyer of such type of property becomes the lifetime owner with the right to pass it on as an inheritance.
• Long-term lease hold – the buyer becomes the owner of the real estate only, without the land (land) on which this property is located; the land is leased for a period specified in the contact (around 90 years as by British law – only in specific areas near the sea such as Limassol Marina).

Real estate purchase in Cyprus:

Step 1. Selection of the object and making an initial deposit of 1-5% of the cost of the property to be purchased.

Step 2. Drafting the contract and legal expertise of the Property (1-5 days).

Step 3. Signing the contract and usually paying the second part of the 30% of the purchase price of the property.

Step 4. Payment of stamp duty at the tax office and the submission of a written request to the Council of Ministers of Cyprus for approval of the purchase. The application is submitted along with a copy of your passport after the property purchase agreement is signed.

Step 5. Registration of the contract of sale and registration of the property at the land registry. The documents are submitted no later than one month from the date of signing the contract of sale. This procedure is for the benefit of the buyer and ensures that the property is not resold, bought, rented or mortgaged without his knowledge. The registered contract confirms the ownership of the property, until the issuance of the title deed – individual certificate of ownership.

Step 6. The title deed is issued after the payment of 100% of the contract of sale. All payments are made by bank transfer in accordance with the contract. For transfer of ownership and obtaining the title deed, you must provide such documents as a receipt of payment for registration of the contract at the Land Registry and a receipt of payment of the transferring tax. You can receive the title deed in person or by power of attorney.