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The geographical location of Cyprus between Europe, Asia, the Center East and Africa along with the well-established authorized, banking and accounting infrastructures urge native and international enterprise individuals to spend money on immovable property. A substantial benefit of the Cyprus authorized system is the safety of possession with out discriminations. That’s to say, based on Cyprus law, Cypriot residents and foreigners could get pleasure from all rights related to possession of their property with none intervention from the State or people. Moreover, Cyprus is an EU member-state since 2004 and adopted the euro in 2008. Consequently, the acquisition of immovable property in Cyprus turned simpler.
Cypriots and EU residents:
In line with the Cyprus law, Cypriots and EU residents Cyprus could purchase any property with out restrictions.
Non-EU residents:
For non-EU residents there are restrictions on kind and dimension of actual property they’re allowed to purchase. Exactly, non-EU residents could buy a home/a flat/ a constructing plot/land as much as 4.014m2. It must be underlined that non-EU residents might also purchase a store beneath the situation that the store shall be used just for enterprise functions. Moreover, it must be highlighted that Cyprus Corporations whose shareholders are non-EU residents could acquire enterprise places of work and residence for his or her international workers provided that they keep a fully-fledged workplace.
In line with the provisions of the Acquisition of Immovable Property (Aliens) law (Cap.109), non-EU residents wishing to purchase immovable property in Cyprus should submit an Software to the District Workplace of the District the place the property is positioned.
The Applicant ought to submit along with the Software the next paperwork/particulars:
• Kind Comm 145 accomplished and signed
• Contract of sale
• Monetary standing (i.e. a financial institution assertion)
• Particulars of the property and of the present proprietor
• The phrases of cost and the way in which of acquisition
• A replica of the Applicant’s and the partner’s passport. In case the partner doesn’t have the identical surname because the Applicant then a wedding certificates must be submitted
• Copies of the governmental survey plans
The letter of approval/refusal by the District Workplace could take roughly as much as six months. However, the Applicant could within the meantime take procession of the immovable property he/she purchased.
Switch of Possession:
The switch of possession of actual property property is performed on the Division of Lands and Surveys. The next paperwork should be submitted:
• Software Kind N207;
• The registration deed of the true property property;
• Copy of the District Workplace approval;
• Proofs that every one property taxes have been paid;
Charges and Expenses:
When a purchaser registers the immovable property beneath his/her title on the District Land Workplace, he/she must pay the corresponding switch price which is calculated primarily based on property’s market worth on the time of the signing of the contracts. For extra info, see Desk 1.
Property’s Worth in Euros / Switch Price (%)
Lower than €85.430,10 / 3
€85.430,10- €170.860,14 / 5
Greater than €170.860,14 / 8
Desk 1
Immovable Property Tax:
In line with Part 3 of law 24/1980 the proprietor of a property is obliged to pay an annual immovable property tax as illustrated under.
Worth (€) / Annual Tax (%)
Lower than 40.000 / 0.6
40.001-120.000 / 0.8
120.001-170.000 / 0.9
170.001-300.000 / 1.1
300.001-500.000 / 1.3
500.001-800.000 / 1.5
800.001-3.000.000 / 1.7
Greater than 3.000.000 / 1.9
Stamp Obligation:
Often, the customer is obliged to pay a stamp responsibility of 0.15% of the worth of the property as much as €170.860,14 and 0.20% for greater than €170.860,14. The contract must be stamped inside a interval of 30 days from signing. It must be considered that if you don’t pay the stamp responsibility on time, then you’ll have to pay the stamp responsibility plus a high-quality.
