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Compared to many other countries the process of buying property in Cyprus by foreigners is very simple. Non-Cypriot buyers are entitled to FREEHOLD ownership of:
Offshore entities may also acquire premises for their business or for residence of their foreign employees.
Once you have choosen your property in Cyprus a reservation fee is paid to hold the property while your solicitor draws up the relevant paperwork and applies for your residency permit if you intend to live on the island. During this time the contract will be drawn up which will be agreed between the buyer and the vendor - outlining any specific details like furtniture etc. The contract will need to be signed as soon as possible and either a further deposit or full amount will be paid depending upon the agreement between buyer and seller. Once the final payment has been made to the seller, the property then becomes yours.
Non-Cypriots on having signed a purchase agreement for a property, as a formality and routine procedure, are obliged to make an application to the Council of Ministers (COM). The Council of Ministers is the body that grants its approval for a non-Cypriot to transfer a property (title deeds) to his or her name. The entire process may take 5-10 months, however in the meantime there are no restrictions in signing a contract, taking possession of your purchased property, and living in it, as you are the legal owner of the property according to contract law.
(a) Application to the Council of Ministers
To be submitted through the relevant District Officer and the Minister of the Interior with details of:
(b) Application to the Central Bank for confirmation of importation of foreign exchange for the purchase. To be submitted together with:
(c) Application to transfer registration of ownership. To be personally submitted to the District Lands Office together with:
The Purchaser and Seller may give specific Powers of Attorney to a third party to attend and effect transfer on their behalf.
Immigrants The Minister of the Interior may grant a permit only if the Immigration Control Board confirms that the applicant falls under one of the following categories and meets the necessary criteria.
Self-employed persons must possess academic or professional qualifications, which are in demand in Cyprus and do not crate competition to the local population.
Such applications are not easily approved. However the following may submit a written application to the Migration Department.
Permits & Citizenship People of Cypriot origin or the foreign wives of Cypriot citizens are not regarded as foreigners.
Residence Permits Residence permits are issued to the following providing that certain criteria are met.
Property Purchasers Proof of foreign income to support oneself must be submitted. An annual income of CYP5.000 per person is usually considered satisfactory. Buying a property in Cyprus does not imply that a residence permit will be issued but if the Council of Ministers has given permission for the acquisition of a property an application for a residence permit may be looked upon more favourably.
Temporary Work and Residence Permits The prospective local employer of a foreigner must submit an application for these permits, on the foreigner's behalf, to the Migration Officer together with a curriculum vita, contract of employment, copies of qualification certificates and details of work experience in the relative field. Once the permits have been issued the foreigner may enter Cyprus to take up his employment.