CYPRUS LAW

WHO CAN BUY PROPERTY IN CYPRUS?

According to the Cyprus law, every foreign person or company holds the right to buy property (house, apartment, land) in Cyprus, up to 3000 square meters.

WHAT A "TITLE DEED" IS ?

A title deed is a document that certifies a person's ownership of a property, with the appropriate details related with that property.

HOW CAN A PURCHASER GET A TITLE DEED AFTER THE PURCHASE?

The title deed of a property can be transferred from the seller to the purchaser after the following have been taken place:

1.     The purchaser has received an approval from the council of ministers, in Nicosia, in order to have property in Cyprus. This is a matter of routine and it usually takes three to twelve months.

2.     The purchaser has paid in full the price of the property, in foreign currency.

Notice: In the case of transferring of a title deed from a foreigner to another, or from an overseas company to another, the terms remain the same as above.

IMPORTANT THINGS THAT THE PURCHASER SHOULD HAVE IN MIND.

1.     The company that sells the property should be a registered and reputable company.

2.     The property to be sold should be registered on the name of the selling company.

3.     After the purchaser signs the contact and pays the first instalment, he has the right to deposit the contact to the Land Registry Office, so that:

a)      the seller can not sell the property to someone else again and
b)     the purchaser can receive the necessary approval from the council of ministers.

4.      All the money for the purchase of the property has to be declared at the airport, or be sent through the bank, so that the purchaser can take money out of Cyprus easily in the event of selling the property.

HOW CAN CHR. ATHANASIOU LTD. HELP YOU?

Our company is able to offer you assistance in anything that matters you from the moment you arrive in Cyprus.

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