Non-Cypriot citizens are permitted to acquire one of the following: an apartment or house or a building plot of land up to three donums (4,014m2 ). Offshore entities may also acquire premises for their business (with restrictions) or as a residence for their non- Cypriot employees, provided the premises are registered in the company name. These restrictions on the acquisition of property will be lifted for EU-citizens from 2009.

For a reservation fee of CY £1,000 to £2,000 you can fix the price and take the property off the sales market.
Contracts of sale are based on the English system but can be completed much quicker; a contract of sale can be drawn up by a solicitor and must be in writing.

His contract of sale must be filed with the land registry within 60 days after signing for a nominal fee of CY £1. Once the contract of sale has been filed by the land registry office the property, cannot be leased, sold, transferred or mortgaged by anyone other than the purchaser.

Cost to purchasers

Stamp Duty

This is a one off charge, which the purchasers have to pay to the land registry office at the district offices for the area the land is in.

Up to CY £100,000 0.15%
Over CY £100,000 0.20%

Transfer fee

Again, a one off fee, which the purchasers have to pay to the land registry office at the district offices for the area the land, is in. The amount based on a scale depending on the cost of the property on the day purchased. This fee is to be paid when the title deed is transferred into the purchaser’s name.

Up to CY £50,000 3%
From CY £50,001 to CY £100,000 5%
Over CY £100,000 8%

If two owners the cost of this fee can be reduced, as each will only pay for half the cost of the property, purchase the property each based on the scale above.

Obtaining the title deed.

Final costs to be added are:-
CY £1 for Registration of the property.
CY £200 for Application to the Council of Ministers
Legal fees that are about 1% SO SHOP AROUND.

Example: Property value CY £150,000.