Legal Info
The legalities for the purchase of a property are relatively simple. An approval from the government is required for foreigners when buying property. It is always approved.
Non Europeans purchasers have to submit a written application to the Council of Ministers to grant permission for acquiring immovable property in Cyprus. The application should be submitted after signing the property sale contract.
The Cyprus Land Registry Office is responsible for the transfer of ownership from vendor to purchaser through by a simple procedure, either by the purchaser in person, or by appointing a third party with a Power of Attorney.
For a non foreigner purchaser, the requirement for registration is to provide verification of payment for the property with foreign exchange, as well as the signed contract of sale.
Upon the issuance, the title deed will be registered in the name of the purchaser, and will be recorded in the Government archives, which are confidential and inaccessible.
The land fee is 3% in the first €50,000, 5% on the next €50,000 and 8% on everything above that.
There is a capital gain tax of 20% on the net profits from the sale of land, apartment and house.
Legal entities such as companies are taxed on their net income at 20%.
Persons are taxed at maximum 30% on their net income.
Registration of a company takes only a few days and the formalities are minimal.
There us a very well organized Land Department Office in Cyprus, which safeguards the possession and ownership of land absolutely.
There are many hundreds of qualified lawyers in Cyprus trained and capable of handling all your legal needs.
Our banking system is very fast and efficient and one of the best in the world. You can secure a loan in a matter of days.
Lending interest rates are between 4% and 7%.
