Purchasing Laws in Cyprus
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%
• The Cyprus Government is currently offering an incentive to buyers of 50% discount on the above prices.