Who buys what

The procedure of acquiring real estate property in Cyprus by foreigners is relatively simple comparing to other EE countries. Although Cypriots or persons of Cypriot origin are allowed to purchase immovable property without any restrictions, aliens are permitted to acquire only one of the followings:

1. Non-Cypriots are permitted to buy, for their personal use and not for commercial use, either:
· One apartment
· One villa on a site not exceeding 2 donums (2,675 sq. metres)
· A building plot or a piece of land up to 3 donums (4.014sqm)
* Please note that a couple (husband and wife) can only purchase one house, not one each.

2. Offshore Companies may acquire a property to locate their businesses without limits to the extent as well as residence for their foreign employees, provided the house is registered on the employee’s name. In certain circumstances, a non-Cypriot may be given permission to own a property that exceeds these dimensions or to be used for commercial purposes if the particular project aids tourism.

How Do I Make The Offer?
The procedure is pretty much the same everywhere. You make an offer, and if it is accepted, then a nominal deposit of about CYP 1,000 to CYP 2,000 is being paid to reserve the property. Signing the contract follows after all parties involved have agreed to all terms. Upon signing the contract, the buyer must pay the vendor approximately 20% - 30% of the value of the property. The remaining amount is paid according to the terms agreed previously with the seller. (All terms and agreements are subject to negotiations)

How Can I Pay For My Property?
You are required to pay for your property from external funds. Personal checks, bank drafts and telex are all acceptable