Acquiring Immovable Property in Cyprus by Non EU nationals

Author: Multilysis Services Limited
Date: 2011-04-29
Real Estate Purchasers from all countries around the world prefer to purchase property in Cyprus because of low taxation, low costs, high standards of living, the hospitality of the local population, the excellent all year round climate, safety and security. The island has one of the most advanced and reliable Land Registry Offices in the world and a banking system equal to other developed European countries. Cyprus maintains an effective Land Registry system in which all “immovable property” (a term that includes both land and property) is registered.
 
Each piece of immovable property has an associated:
  • Registration Certificate (also known as a Title Deed) containing information such as the owner(s), its size and location and the Land Office reference;
  • An accompanying Site Plan that situates the land on a map.
The Acquisition of Immovable Property (Aliens) (Amendment) Law 54(I)/2003 brought about some changes to the old policy relating to the acquisition of immovable property by EU nationals or legal bodies.
 
NON EU NATIONALS
With relation to the Non-EU nationals, the acquisition of Immovable Property (Aliens) Law Cap. 109 has not been amended and the same provisions continue to apply.
 
More specifically non-EU nationals must obtain the prior permission of the Cypriot Council of Ministers, a power which has been recently delegated to the District Officer of each District. The approval process may take between three to six months.
 
Non EU Nationals are restricted as to the size and type of the property (other than land) that they wish to purchase. They are only entitled to purchase one apartment, one house or a building plot or land up to 4014 sq. m.  
 
However, a Cyprus company may also purchase premises for business purposes and for the residence of their foreign employees provided that they have a fully fledged office within the Republic. The Council of Ministers (now the District Officer) may at times approve the acquisition of a larger piece of property by foreigners subject to the land being used for tourist development and/or if this property is in an area where the State intends, to promote the tourist industry. This approach is also adopted by the Republic within the Industrial sector.
 
Central Bank Exchange Control Regulations
 
From the 1st of February 1997 and onwards, the acquisition of property in Cyprus by foreigners and Cyprus Companies is not subject to the foreign exchange controls. Thus, on disposal of the property the whole amount can be exported, after the tax obligations have been met. 
 
Our company through N. PIRILIDES & ASSOCIATES LLC has the legal expertise and experience to advise and assist local and international clients on all matters relating to the purchase of immovable property in Cyprus and finding the most practical solution for their deal. Our services include drafting the contract of sale, acquiring approval from the Council of Ministers for our non-EU clients, transfers at the Land Registry Office and ensure that all the registration requirements are complied with.
For more information on Acquiring Immovable Property in Cyprus by Non EU nationals.

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3105 Limassol-Cyprus 51252, 3503