ACQUISITION OF IMMOVABLE PROPERTY IN CYPRUS BY ALIENS-ACQUISITION OF IMMOVABLE PROPERTY IN CYPRUS BY ALIENS-【移投策】

ACQUISITION OF IMMOVABLE PROPERTY IN CYPRUS BY ALIENS

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2017-07-12

Provided that an alien wishes to acquire immovable property is Cyprus, the following are some but not all of the documents and information which are necessary in order to submit such an application:

1. An application form (COMM 145) fully and clearly filled.

2. Cadastral Survey plan.

3. Copy of the certificate of ownership/ title of deed.

4. Copy of the building permit for the erection of the house/block of flats or for the residential development of estates.

5. Copy of the contract of sale duly stamped.           

6. Documents indicating the financial position of the applicants.

7. If the buyer is non-EU citizen, then they can only purchaser two properties per family. For a non-EU citizen to have the right to purchase a property in Cyprus, he or she will need to apply with a specific form at the District Administration Office to receive a permit before buying the property.

9)   If the buyer is a Legal Person, then you will need at the Land Registry a full set of certificates and the M & A (all originals). The contract of sale needs to be signed by all Directos of the Company.

Due to the fact that the real estate market is becoming extremely complex nowadays, the above steps and due diligence check will need to be undergone by a professional lawyer in order to examine all aspects of a transaction.

For further information on this topic please contact Ms. Nada Starovlah (nstarovlah@pittaslegal.com) at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461)


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