move 2 cyprus

With the increasing complexity of the property market and the constant introduction of new concepts and measures new for the island (although not so in the European countries) it is advisable that the potential purchaser seeks professional advice prior to concluding a deal in order for hardships and disappointments to be avoided. This advice is especially useful to the foreign purchaser who has to encounter the problem of different laws and local attitudes.

Cypriots or persons of Cypriot origin and extraction are allowed to purchase real estate property without any restrictions. Aliens, however, are only given permission to acquire one of the following: an apartment, a house or a building plot or land up to approximately two donums (2,675 square metres). The permission of the Council of Ministers is required, which is obtainable in all bona fide cases, provided that the property is not intended for commercial exploitation. In certain cases, it is possible that the Council of Ministers will grant approval for the acquisition by an alien of a larger area of land, if the land is to be used for tourist development, especially if the intended project is in an area where the Government wishes to promote tourism. A similar stand is taken for certain industrial sectors.

The transfer of ownership is effected by as simple process of registration with the District Lands' Office. The prescribed application form should be completed for submission in person to the District Lands' Office together with the registration certificate of the property, a copy of the Council of Ministers' permission to acquire the said property, the Central Bank's certificate evidencing that the property was acquired in foreign exchange and the evidence of payment of all the property taxes to date (these taxes may include sundry town taxes, sewage tax and road construction tax).

The information that is required to complete this application is the following: names and addresses of seller and purchaser, an identity card or passport number of purchaser, particulars of the property.

During the course of the registration procedure the value of the property will be reviewed by the District Lands' Office valuers, for the purpose of determining the amount of transfer fees payable, who may or may not accept the purchase value stipulated in the sale contract. The purchaser is liable to the payment of transfer fees on the basis of the value of the property as assessed by the District Lands' Office valuers i.e. the open market value of the property on the date of the transaction.

The purchaser and seller may give specific powers of attorney to any third party to attend and execute the transfer on their behalf.