For non-Cypriots, the process of purchasing properties in Cyprus is very simple, especially when compared to other countries. Stylianides Group will be with you all the way, assisting you with anything that you may need. |
Permission to Buy Property in Cyprus
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If requested, CCS Stylianides Group can assist with submission of your application on your behalf. |
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Contract of Property Sale in Cyprus The legal system in Cyprus is based on the British system. When purchasing a property the contract you sign is a private agreement between you and Stylianides Group. All contracts of sale are in English, but we can provide you with an official translation in any language you require. This is a simple procedure and all you have to do is ask us to take care of it for you. |
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Legal Property Advice for Buying in Cyprus
We recommend that you appoint an experienced property advocate to represent them in the purchase procedure.
The advocate will undertake all the necessary searches on your behalf, including those ascertaining that the land belongs to the vendor, is free of charges, has the necessary planning and building permissions and that the contract you intend to sign is fair and legally correct. |
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Filing the Contract of Sale to the Land Registry Department Once the contract of sale is signed and stamped, your advocate, files within two (2) months a certified copy of the contract at the Land Registry Department to ensure the transfer of the acquired property into your name. Specific Performance Law safeguards a purchaser of immovable property from a transaction between a seller and a purchaser, especially when the purchaser is not allowed to immediately transfer the acquired property into his/her name even though payment of the consideration has been made. Depositing a copy of the contract to the Land Registry gives the purchaser, according to the above law, the right to seek “specific performance” of the terms and conditions of the contract and thus to register the property into the purchaser’s name. The contract of sale deposited with the Land Registry can be withdrawn only with your consent. |
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Cyprus Stamp Duty In the case of a sales contract, you, as the purchaser, are liable for the payment of Stamp Duty at the rate of: Value Rate
Example Purchase Price: €400.000
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Cyprus VAT Payable on Property
Since Cyprus’ accession to the EU in 2004, VAT must be paid when buying a new build property. A rate of VAT (5%) has been introduced for properties purchased by permanent residents of Cyprus, provided that the property will be used as the main residence of the purchaser. This is applicable only to contracts of sale which are conducted from October 1st 2011 onwards. The rate will apply for the first 200 m2 of residences of total covered area of up to 275 m2. Normally the standard rate of VAT is 19%. VAT on the purchase of commercial land 19% |
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Title Deeds in Cyprus Transfer of ownership from Vendor to Purchaser is a simple procedure undertaken through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with a power of attorney. By purchasing your property from Stylianides Group, you are guaranteed your Property’s Title Deed. When the Title Deeds are issued, Stylianides Group transfers the Title Deed of each unit in the name of the purchaser. From the minute your Contract of Sale is deposited at the Land Registry Department, you the purchaser can prevent the owner/developer from transferring the property elsewhere or changing it. Furthermore no burdens, charges or encumbrances can affect your right to seek specific performance after the contract has been deposited with the Land Registry, since you are the beneficial owner. |
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Property Transfer Fees in Cyprus The fees charged by the Department of Land and Surveys for the transfer of immovable property are:
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