Property Acquisition

Buying a property in Cyprus is relatively straight forward compared to many other countries the process of buying property in Cyprus by foreigners is very simple. Once you have chosen your property in Cyprus a reservation fee is paid to hold the property while your solicitor draws up the relevant paperwork and applies for your residency permit if you intend to live on the island. During this time the contract will be drawn up which will be agreed between the buyer and the vendor. The contract will need to be signed as soon as possible and either a further deposit or full amount will be paid depending upon the agreement between buyer and seller. Once the final payment has been made to the seller, the property then becomes yours. Non-Cypriots on having signed a purchase agreement for a property, as a formality and routine procedure, are obliged to make an application to the Council of Ministers. The Council of Ministers is the body that grants its approval for a non-Cypriot to transfer a property to his or her name. The entire process may take 5-10 months, however in the meantime there are no restrictions in signing a contract, taking possession of your purchased property, and living in it, as you are the legal owner of the property according to contract law. The Council of Ministers application procedure is undertaken by your solicitor.