As from May 1st 2004 and the admission of Cyprus in the E.U. any European citizen can freely acquire any number of immovable properties in Cyprus. All previous restrictions and applications have been lifted and property in Cyprus can be purchased by simply signing an agreement between the vendor and the purchaser.

Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointed third party with a Power of Attorney. When issued, the title deed will be registered in the name of the buyer and will be recorded in the Government archives. The Government archives are confidential and will not be published or made accessible under any circumstances. At any time after the purchase, the buyer may sell or dispose of the property at will, provided that a valid contract exists.

Upon transfer of the property and registration in the purchaser’s name, the District Land Registry will charge transfer fees, which are based on the market value of the property at the time of purchase and are calculated as follows: Value up to EUR85,430 3%, EUR85,432 to EUR170,860 5% and EUR170,862 and over 8%.

Non E.U. citizens wishing to purchase property in Cyprus must apply to the Council of Ministers for a permission and when permission is granted, they must proof that the purchase consideration is from foreign currency.

LEGAL SAFEGUARDS FOR FOREIGN INVESTORS
Contrary to the risks inherent in the purchase of the property in some countries, Cyprus has never been involved in the nationalisation of any sector of the economy, nor in the expropriation of property owned by foreigners. Indeed the Republic has often guaranteed foreign investments jointly and severally with local participants, consistent with its efforts to create a favourable climate for such investments.