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Immovable property permit in Cyprus

29 Jul Immovable property permit in Cyprus

Posted at 07:40h in Uncategorized by

Immovable property permit by non- EU nationals

Unlike all Cypriots and EU nationals, non-European nationals face some restrictions in obtaining immovable property in the Republic of Cyprus.

Specifically, non-EU nationals must obtain the approval of the Council of Ministers before they can own any type of immovable property in the Republic of Cyprus, as provided by the Immovable Property Acquisition (Aliens) Law, Cap 109, or any amendment thereof.

According to the Council, a permit for the acquisition of immobile property by a non-EU applicant is only granted for the acquisition of up to two units, which can be located in different developments and concern either two residential units, or one residential unit and shop up to 100 sq.m., or one residential unit and office with an area of up to 250 sq.m.

Also, the permit is granted for the acquisition of a plot of land or land that has not been divided into plots with an area of up 4,000 sq.m., as long as it is intended for the construction of a residence for owner-occupancy. In case of a family, only one permit is granted.

Procedure for obtaining the immovable property permit

A non-EU applicant must complete and submit an application form at the Local District Office he/she resides, along with all the relevant and necessary documents requested regarding the said property that the applicant intents to buy.

The District Office after collecting the application and all relevant documents prepares a report that it is send to the Council of Ministers for their decision.

The Council of Ministers then informs the District Office of its decision, and the District Office shall send the applicant a letter of approval, known as the Permit, or a letter of refusal in case his application is rejected.

A non-EU applicant when applying at the Local District Office, must submit the following documents:

  • Application COMM 145 completed and signed.
  • Survey plan of the property
  • Copy of the title of deed of the property
  • Copy of the building permit for the erection of the house/block of flats or for the residential development of estates. If separate titles of ownership have been issued for the flats of the block or if the house is mentioned on the title of ownership, applicants need not submit a copy of the building permit. For plots under division, applicants must submit a copy of the division permit.
  • Copy of the sale contract duly stamped by the Inland Revenue Department.
  • Level Plan of the house or the flat.  A division plan must be submitted in the case of division of plots. In areas of residential development, the plan must be submitted showing the position of the house on the entire holding.
  • Documents stating the financial situation of the applicant.
  • Copies of the pages of the applicant’s passport and those of his spouse (the pages containing the data and the photo of the holders and stamps of arrival to and departure from Cyprus).
  • Certificate of marriage of the applicants or relevant attestation of their Embassy and in cases where the spouses do not have the same surname and when the name of the husband is not written on the wife’s passport.
  • Copy of the residence permit or work permit of the applicant in the Republic of Cyprus.

Provided that, all relevant documentation as written above are submitted along with the application form, the time period required for the examination of the application is approximately a month. As a general rule the permission is granted provided that:

  1. The applicant has no criminal record in Cyprus or in their country.
  2. The applicant has the financial resources to support themselves in Cyprus (an income of €20.000 per year per couple is considered satisfactory).

Once the permit is granted the following terms and conditions apply:

  1. The permit is given ONLY for the specific use of the property.
  2. All taxes must be paid.
  3. The transfer must be made within a year from the date of the issuance of the permit or within three years in case of constructions of a building on the property.

 

For any questions regarding the immovable property permit in the Republic of Cyprus contact us at info@cmcylaw.com

 

Nikolas Christofinis

Advocate

 

 

Note: The above article does not constitute a legal advice and may not be relied upon for such purposes. Readers are recommended to take appropriate legal advice on the above subject matter.