Property ownership

Compared to many other countries the process of purchasing property in Cyprus by foreigners is very simple.

Non-Cypriot buyers are entitled to a FREEHOLD ownership of a villa, an apartment or a piece of land with maximum allowed extend of 4 013 m2 (four thousand thirteen square meters)

Offshore entities may also acquire premises for their business of for residence of their foreign employees.

Permission to transfer property title deed

Non Cypriots are entitled to buy property. However to transfer the property on their name a permission 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, purchasers may take possession of the 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.

Residential Permit

Residential Permit is easily obtained for persons living in Cyprus , who have purchased property.

Temporary Permit: 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 fro one to four years.

Permanent Permit: In addition to the above requirements, the applicant must establish evidence of a secured annual income of not less than CYP5.300 (five thousand three hundred Cyprus Pounds) for a couple.

Non-Cypriots wishing to reside permanently in Cyprus must apply to the Committee of Aliens Control. To obtain residence permission a Non-Cypriot should fall in the following categories:

CATEGORY A: In this category are included people who are interested to open an offshore office in Cyprus .

CATEGORY B: In this category are included self-employed foreigners who are interested to open their own business in Cyprus on the condition that their operations will not have negative impact on the economy of Cyprus . Additionally the minimum capital required is CY£150.000

CATEGORY C: In this category are included Non-Cypriots who are interested to be employed in Cyprus by a Cypriot employer. Permission is granted on the condition that their employment will not lead to an increase in the local unemployment in the profession the will practice.

CATEGORY D: In this category are included foreigners not employed in Cyprus however would like to reside permanently in Cyprus . Permission will be granted on the condition that they have received from abroad and is no less than CY£3.800.

Non-Cypriots wishing to take up employment in Cyprus are required to have permit under the Aliens and Immigration Law.

Temporary residence is easy to obtain once the applicant fulfils certain requirements. To apply for temporary residence a visit to the local immigration office should be arranged and produce the following documents:

•  A certificate from a local bank stating that the applicant is a holder of an external account at that bank and stating the balance of the account. Obviously, the larger the balance, the more favorably the applicant will seen.

•  Passport

•  3 photos

•  CY£20.00

•  Copy of Rental Agreement or Sales Contract.

Mortgage and finance

All commercial banks in Cyprus are authorized to offer mortgage facilities to assist in the purchase of property.