Purchasing Laws in Cyprus
Purchasing Laws in Cyprus
Cyprus has one of the quickest, most efficient, Land Registration Departments in the world.
Efficiency
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!!
Council of Ministers Approval
To own a holiday home, non-europeans 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
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.
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