Legal Advice
Buying Property In Cyprus
If we'll compare Cyprus to many other countries, the procedures and law of buying a property in Cyprus by foreigners are relatively simple. Non-Cypriots are permitted to buy estate for their personal use, either:
a) an apartment or a house
b) a house on a building site not exceeding 3 donums (4,012 sq. meters)
c) a piece of land not exceeding 3 donums for the purpose of erecting a house within a reasonable time.
Permission To Buy Property
In order to buy property in Cyprus, a foreigner must receive Permission to buy property that must be granted by the Council of Ministers. In order to receive it, an application must be submitted after the agreement is signed with all the necessary documents required by the Council of Ministers. It takes about a month-one and a half month time for the Council of Ministers to approve and grant this permission to a foreigner. In the meantime, however, purchasers may take possession of the property without restriction. In most cases the foreigners are using a lawyer who is receiving this permission on their behalf. In case if a purchaser wants us to receive the permission from the Council of Ministers without being engaged with a solicitor, the nominal fee should be paid when this permission will be granted.
In order to buy property in Cyprus, a foreigner must receive Permission to buy property that must be granted by the Council of Ministers. In order to receive it, an application must be submitted after the agreement is signed with all the necessary documents required by the Council of Ministers. It takes about a month-one and a half month time for the Council of Ministers to approve and grant this permission to a foreigner. In the meantime, however, purchasers may take possession of the property without restriction. In most cases the foreigners are using a lawyer who is receiving this permission on their behalf. In case if a purchaser wants us to receive the permission from the Council of Ministers without being engaged with a solicitor, the nominal fee should be paid when this permission will be granted.
Legal Safeguards For Foreign Investors
Contrary to the risks inherent in the purchase of property in some countries, Cyprus has never been involved in the nationalization of any sector of the economy, nor in the expropriation of property owned by foreigners. Indeed the Republic has often guaranteed foreign investments jointly and severally with local participants consistent with its efforts to create a favorable climate for such investments.
Contrary to the risks inherent in the purchase of property in some countries, Cyprus has never been involved in the nationalization of any sector of the economy, nor in the expropriation of property owned by foreigners. Indeed the Republic has often guaranteed foreign investments jointly and severally with local participants consistent with its efforts to create a favorable climate for such investments.
Volex