Permission (Permit) from the Council of Ministers in Cyprus
The permission (permit) from the Council of Ministers in Cyprus is required for the transfer of the real estate property, new home, or investment property to a non-Cypriot's (foreigner's) name, except EU citizens permanently living in Cyprus, who do not need the council of ministers approval. This process is a formality and granted in all cases unless you have a dire criminal record or are on the FBI's most wanted list. Your lawyer in Cyprus will arrange these matters for you together with the other documentation required when purchasing property.
An application to the Council of Ministers in Cyprus should be accompanied by:
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Personal details of applicant
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Financial standing of applicant
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Particulars of the property
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Particulars of present owner
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Terms of payment
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Type of acquisition (i.e. freehold, leasehold, shares in property company name, etc.)
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Copies of the government survey plans. The completed application form is submitted to the District Officer in the district where the property is situated. The District Officer, together with other relevant government departments, will make further enquiries and prepare a report that is submitted to the Council of Ministers through the Minister of the Interior.
The permit is subject to the following conditions and restrictions:
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The transfer to be effected within a year from the date of the permit, or within three years in the case of construction of a building on the property
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The costs to be paid in foreign currency
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All taxes to be paid
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The permit is issued for the specific property and use only
Process period to receive the Council of Ministers Approval - Permit
The whole application procedure to the Council of Ministers can take from 10 months up to one year. However, during that time there is no restriction on taking possession of the property and, as the legal owner, you would be entitled to resell or rent the property.
See Also: Cyprus Property Lawyer | Cyprus Estate Agents | Cyprus Transfer Fees | Cyprus Property VAT | Cyprus Stamp Duty | Cyprus Council of Ministers | Cyprus Property Tax | Cyprus Capital Gains Tax | Bank of Cyprus | Mortgages in Cyprus | Purchase Contract | Cyprus Land Registry | Cyprus Chartered Surveyors | Making a Cyprus Will | Cyprus Title Deeds | Cyprus Certificate Final Approval
