Cyprus has one of the quickest, most efficient, Land
Registration Departments in the world. If the funds
are available, it is possible to view a property and
become the legal registered owner in the same day! Not
too many other countries can boast this efficiency!!
To own a holiday home, non-nationals are required by
law to obtain permission from the Council of Ministers.
This is a formality if no other real estate is owned
by the individual, however, transfer of title cannot
be effected without this permission being granted.
Transfer fees are charged on a rising scale according
to purchase price, which is as follows;
| UP TO €85,430 -CY£ 50,000
|
= |
3% |
| €85,430 - €170,860 -
CYP 50,000 – CY£
100,000
|
= |
5% |
| €170,860 -CY£ 100,000 +
|
= |
8% |
