There are no restrictions in Cyprus to purchase immovable property by individuals. If you are cypriot, an eu or non-eu citien, you are allowed to buy property in Cyprus. Aough there might be some restrictions on purchasing a second home.
Moreover, residents of Cyprus are allowed to buy one of the following:
- a house;
- an apartment;
- land or a building plot up to 4014 m2;
Every alien should provide a permission from the District office in order to transfer property into your name. This is just a formality which ensures that you are not going to use this property in commercial purposes.
What are the steps of Cyprus property purchase?
When buyer have chosen your propery, you should put down a deposit, which represents legal building purchase agreement.
An owner and a buyer should draw up the contract, mentioning about conditions of the sale. Then the buyer should put a deposit in the amount of 10%-30% of the property cost. The deposit varies on the type of the property. It is 10% for the resale property and 20%-30% for a new-build property.
Further the contracts should be send to the land registry and the buyer should make an application to the Council of Ministers in Cyprus for approval to transfer the ownership into his name. It is a big issue in Cyprus and it might take ages untill you will get an approval. Although you can leave in your property awaition for an approval. We should also mention that applicand has to present bank and character references with application.
The balance of the money you should pay upon completion or in stages agreed by the developer or the owner of the property.
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