A national of an non EU Member state, and after having signed the relevant agreement for the sale and purchase of the property, will need to seek the approval from the Council of Ministers by submitting the relevant application (Form Comm 145) before the District Office. Third country nationals can acquire more than one unit of immovable property whereas EU nationals can register as many properties in their name as they wish. After the application is submitted to the District Office they shall prepare a report to be submitted to the Council of Ministers and the District Office shall either send a letter of approval or refusal.
The application however must also be accompanied by the following amongst others documents:
(i)Copies of the government survey plans
(ii)True copy of deed of sale
(iii)Copy of title of ownership
(iv)Square meters of plot to be acquired
(v) Documents proving the financial status of the applicant
(vi)If the applicant is a company then also the Certification of incorporation, certification of shareholders, registered office certificate and the Articles of Association.
These are only some of the documents that will need to be submitted.
Furthermore the law imposes certain restrictions in the sense that the Applicant applying must have a clean record in Cyprus or in its country, the immovable property must be for the applicant’s use only and the land must not exceed 4,014 meters square in total and the Applicant must have the financial means to support themselves in Cyprus. After the Council of Ministers approves the application the permit is therefore granted to the Applicant.
The next step is to submit an application to the Exchange Officer of the Central Bank of Cyprus who shall issue a certificate to prove that the price of the property has been bought by foreign funds. Furthermore the Applicant will need to ensure that all of the property taxes have been paid and evidence of such payment will need to be submitted in order to transfer the property in the name of the Applicant by the Land Registry Office at the city where the property shall be bought.
It is vital to note that the transfer of the title deed will either be completed within one year from the date when the permit was granted or within three years if the said property is still under construction when the permit is granted.
For further information on this topic please contact Ms. Nada Starovlah (email@example.com) at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461)