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Acquiring Property In Cyprus

EU Nationals

European Citizens have the right to purchase and own as much immovable property as they wish without any hassle and unnecessary procedures. As simple as it gets, one must file to the Land Registry an agreement for the purchase of the property he wish to buy (within 6 months of signing) accompanied by the various tax clearances and land transfer form N270. With the payment of transfer fees to the Land Registry (transfer fee is calculated on the basis of the property’s value) and provided that all tax are settled and proved, a title deed of the property will be issued to the name of the purchaser.

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Transfer Requirements
Completion of Form N.270 (Declaration of Transfer of Immovable Property). The certificate of registration (title) of the immovable property, which is to be transferred, must be attached thereto. Where the transfer of the property takes place at a Lands Office other than the Lands Office of the District where the property is situated Form N.270 must be completed in duplicate.
Completion of Form N.313.
Production of the receipts of payment of all fees, charges and taxes payable for the property under transfer. Such fees, charges and taxes are the following:

  • Immovable Property Tax.
  • Capital gains tax.
  • Sewerage Board Tax.
  • Town rate.
  • Communal rate.

Non – EU Nationals

Non-EU nationals face limitations to property owning in Cyprus and an approval must be first achieved from the Council of Ministers.

Approval is achieved by filing an application form to the Land District Office disclosing information about the property the client wish to purchase together with personal information. The District Officer in turn, will submit a report to the Council of Ministers Contract for their approval. The Council of Ministers will communicate their decision to the District Officer and the Officer will inform the applicant of the decision. The approval process may take between 2-5 months.

Accompanying Documents to the Approval Form

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Regarding the property:
  • Copy of purchase agreement
  • Copy of the title of ownership of the property under consideration
  • Copy of survey plan and relevant division and construction permits if building a property (where applicable)
Regarding the applicant:
  • Copy of passport
  • Proof of the applicant’s financial status
  • Copy of Residence permit
  • Application COMM 145 duly completed
  • If a company, certificates of incorporation, shareholders, registered offices of the Company and Memorandum of Association amongst others.
Our services include:

 

For Sellers:
  • Drafting, Reviewing and finalizing of Purchase and Rental Agreements.
  • Draft Power of Attorneys necessary for client representation.
  • Represent the client before Tax authorities for the issuance of tax clearances that will allow transfer of property to the buyer.
  • Represent client to the Land Registry.
  • Effectuate transfer of property to the Land Registry
  • Full supervision of the purchase/sale procedure of the property.
  • Assist via our trustworthy network for the sale of property

For Buyers:

  • Due Diligence of the property which is the object under examination for possible encumbrances or other prohibitions.
  • Ensure that the property has a valid title deed. If the property is under construction, our team will examine whether all relevant permissions are in place so as to ensure that the construction will be completed.
  • Full supervision of the purchase/sale procedure of the property.
  • Prepare and apply for the Council of Ministers approval (if applicable)
  • Confirm that relevant taxes that burden the property are paid from the seller to effect transfer of property.
  • Represent client before the Land Registry for submitting the purchase agreement, to effectuate the transfer of property and issue of title deeds to the name of the buyer.
  • Preparation of Power of Attorneys necessary for client representation.
  • Liaise with trustworthy estate constructors, counsels, architects, engineers and agents to offer insights for the property under examination. The property may be affected by town planning that in turn, may affect the price and the construction permits.
  • Preparation of business plans and evaluation reports via our trustworthy affiliate network that will allow you realize the real value and potentials of the property.

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