a. For the registration of immovable property on a non-Cypriot's name a permit is needed from the Cyprus Government. In this respect an application is made, preferably through a solicitor.

b. The procedure starts with the signing of contracts and then the solicitor promotes the filing of the application after obtaining all relevant documents that they will be attached to the application and takes care of it until permit is granted.

c. All payments should be effected through official channels (banks) and money brought in cash should be declared at the airport or at any port on arrival.

d. When the property has little of it's own, registration can be affected as soon as the permit is granted. If the property (flat, house) is under construction or recently built and separate title is not available the buyer is equitable owner until the title is obtained and then registration can be affected. When the registration takes place the purchasers pays registration fees as follows.

For an amount of price up to £50.000, 3%
For an amount of price of up to £50.000 - £100.000 5% For an amount of price up to £100.000 - upward 8%
e. The contract needs stamps, which are of £1,50 for each one thousand pounds of the price (e.x for £20.000 price £30 stamps are needed).
f. The contract can be filed at the Lands Registry Office (L.R.O) for specific performance.
g. Until Separate deeds are issued the property cannot be mortgaged.


TWO CERTIFICATES NEEDED

1.Α Certificate from any person in Authority of the Country of the applicant as to his good character of clean criminal record. (Police or magistrate or solicitors or accountants e.t.c)


MISCELLANEOUS

Rates e.t.c Annually: Refuse collection fees £20 - £40. Community tax £20 - £40. Immovable property tax 1, 1/2°/ο (per thousand) on the cost of the property for a value more than £35.000. Electricity and water according to consumption. For the electricity and water consumption bills, you may arrange to be paid through your bank.
The above is not an official document of information. Its purpose is to help our clients, or prospective clients only and it is for them personally.


INFORMATION FOR CITIZENS OF
EUROPEAN UNION STATES

Α. The procedure starts with the signing of contracts and then the solicitor has them duly stamped.

Β. All payments should be effected through official channels (banks) and money brought in cash should be declared at the airport or at any port on arrival.

C. When the property has title of it's own, registration can be effected as soon as the permit is granted. If the property (flat, house) is under construction or recently built and separate title is not available the buyer is equitable owner until the title is obtained and then registration can be effected. When the registration takes place the purchaser pays registration fees as follows:
For an amount of price of up to £50,000 3%
For an amount of price of up to £50,000 - £100,000 5°/ο For an amount of price of up to £100,000 - upwards 8%

Ε. The contract needs stamps which are of £1.50 for each one thousand pounds of the price (e.x. for £20,000 price £30 stamps are needed).

F. The contract can be filed at the Lands Registry Office (L.R.O.) for specific performance.

G. Until separate deeds are issued the property can not be mortgaged.

Η. Legal fees range according to the time spent, money involved etc. between £500 to £2.000.


MISCELLANEOUS

Α. Rates e.t.c. Annually: Refuse collection fees £20 - £50. Community tax £20 - £50. Immovable property tax 1.1/2%ο (per thousand) on the cost of the property for a value more than £35,000. Electricity and water according to consumption. For the electricity and water consumption bills, you may arrange to be paid through your bank.

Β.The law as to private rights and obligations is very similar, sometimes identical to the English Common Law.

C. Matters that are not our responsibility: (a) the estimated value of the property (b) whether there are any problems with the building authorities (c) when the deeds will be issued.