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Buying Property in Cyprus

Residential Permit
Residential Permit is easily obtained for persons living in Cyprus, who have purchased property.

The granting of this permit requires production of the following documentation to the Immigration Department for an Aliens Book and Yellow Slip (Residence Permit) to be issued:

•  UK Medical Insurance Policy or Form E121 from UK , or Cypriot medical insurance policy 

•  Proof from the relevant Pension Authorities that their pension is being/will be remitted to Cyprus or Pension Certificate (private/state)

•  Proof that they have opened a bank account in Cyprus . (Take latest bank statement and copy).

•  Lease Agreement if renting a property and/or

•  Stamped Sale Agreement for purchase of property in Cyprus (Take original and a photocopy)

•  Passports (take originals and a copy of the relevant page)

•  4 Photographs (passport size)

•  CyP25.00 (first application) (CyP5.00 for renewal) payable to the Immigration Office.

1.10.Marriage Certificate (in English)

1.11.Birth Certificate for each dependant child (in English) (if applicable)

The following Immigration Forms require to be completed as necessary:

FORM MEU 1 FOR PERSON BEING EMPLOYED

FORM MEU 2 FOR PERSON SELF-EMPLOYED

FORM MEU 4 FOR PERSON WITH PENSION

FORM MEU 6 FOR PERSON WITHOUT PENSION

FORM MEU 7 FOR DEPENDANTS

Temporary Permit
The granting of this permit requires the existence of a bank account in Cyprus and a sales agreement of the property purchased. Temporary residence status can be from one to four years.

Permanent permit
In addition to the above requirements, the applicant must establish evidence of a secured annual income of not less than CYP 5.600 per person plus CYP2.700 for each dependant person. (Because of the entry of Cyprus to the EU, it is possible that for Europeans the law in respect of permits will change.) For more information please contact the Ministry of Interior, Nicosia.

Property Ownership

In comparison to many other countries the process of purchasing property in Cyprus by foreigners is very simple.

Non Europeans and EU citizens who are no permanent residents of Cyprus, are entitled to a freehold ownership of a villa, an apartment or a piece of land, with maximum allowed extent of 4014 sq.meters (four thousand and fourteen square meters), subject to obtaining of the relevant permit from the District Administration Office. EU Citizens, irrespective of where there permanent residence is are entitled to purchase an unlimited extent of land.

For EU citizens who have settled permanently in Cyprus there is no restriction of the purchase of land/property in Cyprus .

The Title Deed

Transfer of ownership from Vendor to Purchaser is undertaken by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with a Power of Attorney.

The transfer of ownership requires either a permit from the District Administration Office for non permanent residents or a Certificate of Permanent Residency for persons who have taken up residence in Cyprus .

Real Estate Transfer

Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. The transfer fees will be paid when the transfer of the title deed in the name of the purchaser will take place. The Purchaser is responsible for the tax payment. The rates are on a graduated scale.

Value of property (CYP) Transfer fee rate (%)
up to 50,000 3
from 50,001 to 100,000 5
from 100.001 and over 8

If the property is in joint names e.g. of a couple (husband and wife) or two individuals, then the purchase value is divided into two parts which results in reduced transfer fees.

The following example clearly illustrates this

For property purchased for CYP 70.000 in one name, the fees payable are CYP 2.500.

For Property in one name
Up to CYP 50.000 @ 3% = CYP 1.500
The remaining CYP 20.000 @ 5% = CYP 1.000
Total fees payable = CYP 2.500

For property purchased for CYP 70.000 in the names of two persons, the fees payable are CYP 2.100.

For property in the names of two persons
First CYP 35.000 @ 3% = 1.050 (Share of husband)
Second CYP 35.000 @ 3% = CYP 1.050 (share of wife)
Total fees payable = CYP 2.100

 

Makarios Ave. & Vyronos Str.
P. Lordos Center, Block B'
1st Floor, Office 106
(Opposite Limassol District Court)
3105 Limassol - Cyprus
Postal address:
P.O.BOX 58413
3734 Limassol, Cyprus
Tel.: +357 25 367 857
        +357 25 749 890
Fax:  +357 25 345 075
E-mail: phch_law@spidernet.com.cy