Other Information

Buying a property in Cyprus is very similar to buying property in the UK. You make an offer and if it is accepted, it is normal to give a nominal deposit (between Euro 1,700.00 and Euro 3500.00) to reserve the property, bind the owner, have the property taken off the market and secure it at the day’s price. This in Cyprus, unlike the UK, is legally binding and so “guzumping” does not exist. Contracts are consequently drawn up and this process takes only a few days. Upon signing the contract, the buyer must pay at least 20%-30% of the value of the property. The remaining sum is paid according to the terms agreed with the seller which usually include periodic installments until delivery.

According to Cyprus Law, foreigners must obtain the permission of the Council of Ministers prior to the acquisition of real estate property. Recently these powers have been assigned to the pertinent Authorities of every district, in order for the procedure to become speedier.

A foreigner – the law uses the term “alien” – is any person who is not a citizen of the Republic, including an alien controlled company. The term does not include foreigners of Cypriot origin or non Cypriot spouses of citizens of the republic.

The registration fee of a mortgage is one 1 per cent (1%) of the amount secured, plus the relevant stamps.

The registered owner of immovable property is also subject to minor taxation under other laws, such as municipal or village regulations. These taxes are calculated according to the area and the size of the property and cover sewerage, refuse collection, street lights. The charges range in total from Euro 85.00 to Euro 170.00 per annum