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:
a villa
an apartment or
a piece of land, with maximum allowed extent of 4014 m2 (four thousand and fourteen square metres)
Offshore entities may also acquire premises for their business or for residence of their foreign employees
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A Residential Permit is easily obtained for persons living in Cyprus, who have purchased property. Temporary Residence Permit: The granting of this permit requires the existence of a bank account in Cyprus and a sales agreement for 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 ..
Transfer of ownership from Vendor to Purchaser is undertaken by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with Power of Attorney.
The transfer of ownership requires two permits:
from the Council of Ministers, and
from the Central Bank of Cyprus.
Both permits can be easily obtained from the Cypriot authorities
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Transfer Fees
Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment. The rates are on a graduated scale as below.
Value of Property
Transfer fee rate
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