Cyprus Property Ownership

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 initial 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. Temporary 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 €9055.

Transferring Title Deeds: Property transfer fees are to be paid in one instalment 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 instalment 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.

For property purchased in the amount of €119,602 in one name, the transfer fees due will be up to €4271.

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 €119,602 in the names of the two persons, the transfer fees due will be €3588.