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The geographical location of Cyprus, its excellent climate and the friendliness and hospitality of its people, together with the relatively low cost of living, are just some of the reasons that have made Cyprus popular with foreign investors for over 20 years now.

Buying a new home is one of the important financial and lifestyle decisions a person has to make. The experience of home buying process depends entirely on how well you are prepared for making various decisions.
Under Cypriot Law, Contract of Sale must be in writing. It is also advisable that Contracts of Sale be deposited at the relevant District Lands Office within 2 months of signing the contract, so that the buyer's right to pursue the remedy of specific performance in the event of breach, are protected. Ownership in Cyprus is denoted by title deeds issued by the District Land Office. Therefore, all contracts must provide for the transfer and registration of the property in the buyer's name and to ensure title deeds are obtained.
For non-Cypriots, the process of purchasing property in Cyprus is very simple, especially when compared to other countries.

Non-Cypriots are permitted to buy:

  • Apartment
  • House
  • A piece of Land to build a House

As Cyprus completed a full membership to the European Union in May of 2004, certain restrictions apply to Non-Cypriots belonging to countries outside the EU.

These are as follows:

  • After the contract of sale has been completely signed, permission to transfer the immovable property must be sought from the Council of Ministers by written application.
  • The prospective buyer needs to apply for consent by the Council of Ministers (form 145) as well a permit from the Central Bank of Cyprus, concerning the funds transfer.
  • Transfer of ownership from Vendor to Purchaser is accomplished by a simple procedure through the Cyprus Land Registry either by the purchaser or by a third party acting on a power of attorney.

Non-EU citizens are entitled to freehold ownership of properties, while offshore entities may buy premises for their business or as a residence for their foreign employees. Permission to buy property must be sought from the Council of Ministers by written application, submitted by the non-EU purchaser after the agreement is signed. 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 amount of time after signing the contract of sale.