Legal System The legal system in Cyprus is based on the British legal system. The Land Registry in Cyprus is probably the most advanced & reliable system in the world, & is also based on the British equivalent. Purchasing property in Cyprus, Therefore, Is far more secure with regard to title deeds than it might be in other mediterranean countries. Permission to buy property Permission to buy property must be sought from the council of Ministers by written application, Which must be submitted by the non-Cypriot purchaser after the agreement is signed. However, This permission is granted more or less as a matter of course to all bona fide purchasers. In the meantime, However, Purchasers may take possession of their property without restriction. The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable time after signing the contract of sale. Acquiring the title deed Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the Cyprus Land Registry Office, Either by the buyer in person or by an appointed third party with a power of attorney. |
| Taxes and fees |
Upon the transfer of the property & registration in the purchaser's
name, The district Land Registry Office will charge transfer fees,
Which are based on the market value of the property at the time
of the purchase, & are calculated as follows: Immovable property tax, Services tax The annual immovable property ownership tax imposed by the government is approximately CY£60-120 per year, Depending on the value of the property. The municipal authorities also levy an annual property tax at the rate of about CY£20-30 per year. Other authorities may also impose a sewage tax of CY£20-40 per year depending on the value of the property. Residence permit By law a non-Cypriot who owns property in Cyprus is entitled to a residence permit, But is not required to hold a permanent residence permit. To acquire a permanent residence permit the applicant needs to provide proof that they are self supporting along with a copy of the sale/rental agreement, Copies if pension/retirement income, Three photos, Passport & any other documents relevant to income. |
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