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Property Ownership in Cyprus

 

Cyprus Property Ownership

Owning Cyprus property is a relatively straightforward process. As a buyer, however, you must familiarize yourself with the laws and documentation that are required to effectively acquire Cyprus properties. The majority of Cyprus properties sold are freehold properties. 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 obtain 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 the property. 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 €10,000,00 for a single applicant and €5,000,00 for every dependent person (the Civil Registry and Migration Department may demand additional amounts as necessary)

Transferring Title Deeds: Property transfer fees are to be paid in one installment 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 installment once the title deeds are transferred into your name. Transfer fees are required for the purpose of transferring freehold ownership into your name. It is your responsibility to settle the payment of this fee.

Value of Property (€)

Transfer Fee Rate (%)

up to 85,000

3

from 85,001 to 170,000

5

from 170,001 and over

8

For property purchased for €200,000 in one name, the fees payable is €9,200.

For property in the name of one person

Up to €85,000

@ 3%

= €2,550

from €85,001 to €170,000

@ 5%

= €4,250

The remaining €30,000

@ 8%

= €2,400

Total fees payable

= €9,200

For property purchased for €200,000 in the names of two persons, the fees payable is €6,600.

For property in the names of two persons

First €85,000

@ 3%

= €2,550 (Husband’s share)

Second €85,000

@ 3%

= €2,550 (Wife’s share)

The remainder of First €15,000

@ 5%

= €750 (Husband’s share)

The remainder of Second €15,000

@ 5%

= €750 (Husband’s share)

Total Fees payable

= €6,600


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