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Buying Properties in Cyprus. Buy Cyprus Properties

The information provided below should be used as a guideline only, and can vary with regard to individual circumstances.

Cyprus has flexible property buying procedures. Non-Cypriots are entitled to FREEHOLD ownership of a villa, apartment, or a piece of land of up to 4,000 sq.m. International business units may also acquire premises for their activities or for residence of their foreign employees.

Steps To Follow after you found the property of your choice:
1. Submit the contract of sale of the property to the District Land Office within two months after signing the contract.
2. Apply to the Council of Ministers in order to obtain the necessary permission. This application includes the personal details of the applicant, the financial standing, and all the details for the property.
3. After the Council of Ministers approves the application another application to the Central Bank has to be made in order to confirm that the purchase was made in foreign currency.

The Ministry, under the Immovable Property Acquisition (Aliens) Law Cap. 109. require for the application the following:
- Agreement (contract)
- Approval by the Council of Ministers.
- A document showing clearly that the payment of the property was made by foreign currency and finally.
- The title deed of the property.
- Apply to the District Land Office for the transfer of the property to your name "buyer" from "seller" (the presence of both parties is required except where proxy is given to someone else) and the payment of the transfer fees and taxes to the land office.

The application should consist of the following documents:
- Copy of the approval of the Council of Ministers.
- The certificate issued by the Central Bank.
- Receipts that all taxes of the property has been paid.
- Registration certificate of the property.
- Transfer Fees (payable by the buyer).

Buying property in Cyprus is a simple procedure and you may fill standard contract documents and application forms by yourself, however, we, as developers suggest that in a transaction of thousands you better have one.

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