Owning Cyprus property is a relatively straightforward process. As a buyer however, you must familiarize yourself with the laws and documentation that are required to effectively acquire Cyprus properties. The majority of Cyprus properties sold are freehold properties. Leasehold properties are available for purchase, should you prefer such property. Whether you choose to purchase freehold or leasehold property, the first step towards acquiring property requires that residential permits are obtained. Residential permits are easy to attain and are separated into the two following categories - the temporary Residence Permit and the Permanent residence permit. Once the necessary permit has been filed, the Title Deed regarding property ownership must be organized and processed, and ownership transfer fees must be paid accordingly. Once these steps have been completed, the initital property ownership steps will have been completed and you will be able to continue the Cyprus property ownership process.
Temporary Residence Permit: Non EU nationals are able to purchase property not exceeding 2,700 square meters. The granting of this permit requires the existence of a bank account in Cyprus and a sales agreement of the property purchased. Tempoorary residence status can be from one to four years.
Permanent Residence Permit: In addition to the above requirements, the applicant must establish evidence of a secured annual income of not less than 5,300 CYP.
Transferring Title Deeds: Property transfer fees are to be paid in one installment to the Land Registry office. You have the right to deliver this document personally or by a Power of Attorney to your Solicitor. These fees reflect the property's selling rate on the date of purchase. The amount is based on a graduated scale explained in the table below. You will be responsible for paying this installment once the title deeds are transferred into your name. Transfer fees are required with the purpose of transferring freehold ownership into your name. It is your responsibility to settle the payment of this fee.
|Purchase Amount||Fee Payable||Total Fee|
|0-50.000 CYP||3%||0 - 1.5000 CYP|
|50.001 - 100.000 CYP||5%||1.500 - 4.000 CYP|
|100.001 and above||8%||4.001 and above|
For property purchased in the amount of 70.000 CYP in one name, the transfer fees due will be up to 2.500 CYP.
|Up to 50.000 CYP||3%||1.500 CYP|
|Remaining 20.000 CYP||5%||1.000 CYP|
If the property is in joint names (i.e. husband and wife) or two individual names, then the purchase value is divided into two portions resulting in reduced transfer fees. For property purchased in the amount of 70.000 CYP in the names of the two persons, the transfer fees due will be 2.100 CYP.
|First 35.000 CYP||1.050 CYP (share of husband)|
|Second 35.000 CYP||1.050 CYP (share of wife)|