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Home -> Cyprus Council of Ministers - Purchase Property

Cyprus Council of Ministers - Purchase Property

Cyprus Council of Ministers

By Andrew Sharpe

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. 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.)

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:

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

The costs to be paid in foreign currency

All taxes to be paid

The permit is issued for the specific property and use only

Process period to receive the Cyprus 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