In Cyprus, unlike other countries, the process
of registration is fairly simple. According to the law relating
to the purchase of property by, non-Cypriots are entitled
to acquire an apartment, house or plot of land for the purpose
of building , of an area of no more than 2,675 m sq. Non-Cypriots
require the authorization of the Council of Ministers for
the purchase of property. All the payments for the purchase
of property have to be declared upon arrival in Cyprus, or
made by bank transaction so that the buyer will be able to
withdraw money at any time in Cyprus without difficulty.
According to Cyprus Law the contract exist in written form
and it should be registered in Regional Land Registry Office
within two month from the date of signature to guarantee
The protection of the legal rights of the buyer in the event
of non-observance of the contract (This means that the property
belongs to the buyer and the salesman can not sell it again
to someone else. From this moment the buyer can take credit
from Bank, according Banking Low, with nominal interest of
6% per year.
Provided that the buyer has the following documents- certificate
of Cenral Bank, sanction of Ministerial Council, registration
in the Land Registry office and fulfilment of all contractual
obligation -the property passes to the buyers. This can be
done by the lawer. The conclusion of the bargain the buyer
is obliged to pay the stamp duty of 0,15% in each thousand
Cyprus Pounds, if cost of the property does not exceed 100000
CYP but, if the property cost exceeds 100000 CYP the stamp
duty is 0.2% of each 1000 CYP
TRANSFER OF TITLE DEEDS
The Title Deed of the property is a document in which details
specifies the name of the owner. The buyer can transfer the
property to his or the company's name at any time he wishes.
Such a transfer can be carried out after receiving the permission
the Council of Ministry.
The following is pend for the transfer of the title
deeds according to the cost of the property:
Up to 50 000 CYP - 3%
50 000-100 000 CYP - 5%
100 000 CYP and more - 8%
OTHER CHARGES
Our company gives you the complete list of duties
on operation of the property and its service it is such:
Payment of water and electricity depending on consumption.
Payment for cleaning of territory depending on the orders
of local authorities and it is about 50-100 CYP. in a year.
The municipal taxes are not more than 20-50 CYP per year.
In case of purchase flat in apartment story-building payments
are established for thus by communal areas, such as the lift,
ladder platforms, swimming pool and other. The sums of such
payments depends on the type and size of the property.
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