A Guide 2 Property Purchase in Cyprus

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1.  WHO CAN PURCHASE IMMOVABLE PROPERTY IN CYPRUS

Cypriots & E.U citizens living in Cyprus:-

Under Cyprus Law, Cypriots or persons of Cypriot origin as well as E.U citizens who have their permanent residence in Cyprus are allowed to acquire any property without any restrictions.

The residential status is ascertained by the District offices and is obtained when a person resides in Cyprus for a total period of 185 days per year or more.

E.U citizens not permanently living in Cyprus & Non E.U citizens:-

E.U citizens who are not permanent residents of Cyprus and non E.U residents, wishing to purchase immovable property in Cyprus are obliged to adhere to special formalities and are restricted by certain regulations.

A restriction to the type and size of the property is applied. EU citizens not permanently living in Cyprus and non EU citizens are given permission to buy only one apartment or one house or a building plot or land. In the case of EU citizens the property size can be unlimited and in the case of non E.U citizens it can be up to 4,014 square meters (the equivalent of three donums).

The restrictions applied for E.U citizens not residing in Cyprus will cease after 2009 and all citizens of the E.U will be treated as equal to Cypriot citizens, regardless of their residential status.

After the permission has been obtained  and the property has been registered in the name of the purchaser, there are no other restrictions for foreigners who are the owners of immovable property in Cyprus. They may sell  the property as and when they wish.  The foreigner owner of immovable property can sell it and buy another and will be granted a subsequent permit.

2. SECURING THE PURCHASE
 

Buying a property in Cyprus is very similar to buying property in the UK. When you find a property you want then you make an offer to purchase. If this is accepted then it is normal to pay a deposit (between €1,700 and €3,400) this ensures that the property is taken off the market and the agreed price cannot be changed. Contracts are subsequently drawn up and payment terms are agreed.
   
Taxes and fees for buying property in Cyprus also needs to be taking into consideration.
 
Property for sale in Cyprus

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