A Guide to buying a Property or Real Estate in Cyprus

Real Estate in Cyprus

Purchasing Procedure

(a) Application to the Council of Ministers

To be submitted through the relevant District Officer and the Minister of the Interior with details of:

  • The applicant and his financial standing
  • The property
  • The Owner, the sales contract and the terms of payment
  • The type of purchase

(b) Application to the Central Bank for confirmation of importation of foreign exchange for the purchase.

To be submitted together with:

  • Confirmation from the Commercial Bank that the foreign exchange for the purchase was imported.
  • Contract of sale.
  • Copy of the Council of Ministers’ approval.
  • Title Deed of the Property.

(c) Application to transfer registration of ownership.

To be personally submitted to the District Lands Office together with:

  • The Purchaser’s identity card or passport number.
  • The Title Deed.
  • Copy of the Council of Ministers’ approval.
  • Confirmation from the Central Bank re importation of foreign exchange.
  • Proof of payment of all property and other sundry town taxes to date.

The Purchaser and Seller may give specific Powers of Attorney to a third party to attend and effect transfer on their behalf.

Permits

Immigrants

The Minister of the Interior may grant a permit only if the Immigration Control Board confirms that the applicant falls under one of the following categories and meets the necessary criteria.

(a) Farming. He possesses adequate land or a permit to acquire it and at least CYP250.000.

(b) Mining. He possesses a mining permit and at least CYP200.000.

(c) Trade. He has capital of at least CYP150.000,

(d) Retirement. He has a secure income of about CYP5.000 per person and he and hid dependants will not work.

Self-employed persons must possess academic or professional qualifications, which are in demand in Cyprus and do not crate competition to the local population.

Cypriot Citizenship

Such applications are not easily approved. However the following may submit a written application to the Migration Department.

(a) Foreigners married to persons of Cypriot origin for over five years.

(b) A foreigner who has lived in Cyprus for a concentrated ten years within a thirteen year period. However this may not be granted to IBC employees, athletes, football trainers etc if Cypriots’ interests are threatened.

Permits & Citizenship

People of Cypriot origin or the foreign wives of Cypriot citizens are not regarded as foreigners.

Residence Permits

Residence permits are issued to the following providing that certain criteria are met.

Property Purchasers

Proof of foreign income to support oneself must be submitted. An annual income of CYP5.000 per person is usually considered satisfactory. Buying a property in Cyprus does not imply that a residence permit will be issued but if the Council of Ministers has given permission for the acquisition of a property an application for a residence permit may be looked upon more favourably.

Temporary Work and Residence Permits

The prospective local employer of a foreigner must submit an application for these permits, on the foreigner’s behalf, to the Migration Officer together with a curriculum vita, contract of employment, copies of qualification certificates and details of work experience in the relative field. Once the permits have been issued the foreigner may enter Cyprus to take up his employment.