Cyprus Council of Ministers
By Andrew Sharpe - Updated 30th March 2017
The permission (permit) from the Cyprus Council of Ministers 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.
Note: If there is no title deed for the property purchased, the application to the Council of Ministers would be delayed until such time as the title deed is ready to be transferred to your name.
Your lawyer in Cyprus will arrange these matters for you together with the other documentation required when purchasing property.
An application to the Cyprus Council of Ministers should be accompanied by:
Personal details of applicant
Financial standing of applicant
Particulars of the property
Particulars of present owner
Terms of payment
Type of acquisition (i.e. freehold, leasehold, shares in property company name, etc.)
The permit is subject to the following conditions and restrictions:
The costs to be paid in foreign currency
All taxes to be paid
The permit is issued for the specific property and use only
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