Acquiring Immovable Property in Cyprus by 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.
 
Procedure for acquiring property in Cyprus by EU Nationals
 
Nationals of EU member states that are resident or work in Cyprus may purchase as much property as they wish.  With the new amendment, those nationals of EU member states that are not resident and/or who do not work in Cyprus may also purchase as much property as they wish.   Such residence is ascertained by the local District Administration Offices.
Cyprus Companies whose shareholders are EU-nationals, who live or work in the Republic do not need a permit to own any kind of immovable property in Cyprus.
 
With the new amendment to the Law, Cyprus Companies whose shareholders are EU-nationals, who may not live or work in Cyprus, again they would not need a permit to own any kind of immovable property in Cyprus.
 
Companies which are registered in any member state of the EU do not need a permit to own land, a house or apartment in Cyprus.
 
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. 
 
MULTILYSIS SERVICES LTD through N. PIRILIDES & ASSOCIATES LLC (the legal firm), 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 EU Nationals.

Related content:

Office Address: 5 Amathountos street,
Pirilides Building, 4th-5th Floor,
3105 Limassol-Cyprus 51252, 3503