PROPERTY IN CYPRUS
According to Cyprus Law the purchasers need a written contract of sale, which will be stamped and lodged at the Land Registry Office for Specific Performance purposes. This gives the purchasers the security of a legal charge over the property, which will remain up until the time of transfer of the title deeds to them. The purchasers must lodge the contract of sale at the Land Registry Office within two months from the date of signing. Otherwise the purchasers will not be able to specifically enforce the transfer of the property to them through the Court, but will only have a claim in damages for breach of contract, in the even that the Vendor fails to transfer title to them.
Non-European citizens and European non-residents of Cyprus must apply to the Ministry of Interior for permission to acquire immovable property in Cyprus.
European citizens can buy land without having to obtain any form of permission.
As soon as the above permissions have been obtained and as soon as a separate title deed has been issued by the Land Registry Office, the Purchasers will then be in a position to accept transfer of the title deed into their names.
Any Company that is registered in any member country of the European Union, and has its registered address and/or activities in Cyprus will be allowed to purchase immovable property in Cyprus without having to apply for the above said permissions/permits.
Stamp Duty and Fees...
Tax and Loans...