3 Easy Steps To Acquire Property In Cyprus

1. Application to the Council of Ministers or to the District Officer of the area the property to be purchased is situated.
The above application form should be completed and submitted to the District Officer in the district where the property is located. In order for the applicant to complete the above described form the following information is needed:

• Personal details of the applicant and his/hers financial standing.
• Particulars of the property.
• Particulars of the present owner, the sales contract and terms of payment.
• The type of acquisition, whether a freehold, long lease, by share etc.

After submitting the application form, the District Officer in coordination with other Government Departments will make further enquiries and prepare a report for approval. This procedure may take up to 3 months, but there is no restriction in taking possession in the meantime.

2. Application to the Central Bank
Upon receiving the approval from the District Officer to acquire the property in question, an application should be submitted to the Exchange Control Officer for confirmation that the purchase was paid for in foreign currency. This application should be submitted together with the following documents:

• Copy of receipt or evidence of the foreign exchange importation. The Central Bank of Cyprus will provide the required certificate, providing that the said purchase was paid for in foreign currency.
• The sale contract.
• Copy of the Ministerial Council’s permission to acquire the said property.
• Registration certificate of the property if this is available.

3. Application of transfer to the District Lands’ Office
The transfer of ownership is concluded by a simple procedure at the District Land Registry. The above application should be submitted in person to the Land Registry together with the following:

• The Registration certificate of the property.
• Copy of the Ministerial Council’s permission to acquire the said property.
• The Central Bank’s certificate proving that the property was acquired in foreign currency.
• Receipts of payments of all property taxes to date (these taxes may include, town taxes, sewage tax and road construction tax).

The information needed for completing this application is:

• Name and address of both the seller and purchaser.
• The buyer’s identity card or passport number.
• Particulars of the property.

The purchaser and the seller may give specific powers of attorney to any third party to attend and effect the transfer on their behalf. If very document that is required is in order, the transfer procedure takes a few hours.