The Procedure for the Purchase of Property
1. Choosing the property.
2. Signing the Sale - Purchase Agreement with the clear identification of the property and terms of payment. The Agreement has to be signed in duplicate.
3. Obtaining the Council of Ministers Permit for purchasing of property. For this, the Purchaser has to prepare and provide the following list of documents:
Application to the Ministerial Committee.
Copy of passport ( including the number, date of issue, valid period and citizenship).
4. Obtaining a Specific Performance from the Land's Registry Department for executing purchasing of property after examining ownership documents and checking the title deeds of the property regarding sale, services and other restrictions in use of the property.
5. Opening a bank account in USD or CYP or EURO for executing transactions to the property Seller. Payment has to be provided in foreign currency. Bank cheques and transfers are permitted.
The requirements are as follows:
- To provide an application to the bank according to the set form.
- To provide a guarantee of solvency.
- To obtain a Central Bank permit to open an account.
6. Payment of stamp duties for legalizing the purchasing of property in the Inland Revenue Department. The payment is made once not later than a month from the date of signing the Sale - Purchase Agreement according to the following schedule:
0,15% - for € 1708 invested into property, if the price of the property does not exceed €170,860 .
0,2% - from the price exceeding €170,860 .
1. The price of the property equals €153.774, in this case the stamp duties equal 153.774x0,15%- €230.60.
2. The price of the property equals € 256.290, in this case the stamp duties equal 256.290x0,15%+85.430x0,2%=256+170=€427.
7. Providing documents to the District Land Office not later than 2 months from the date of signing the Sale - Purchase Agreement to include purchased property into property register and execute a blockade from using your property without notice. Obtaining the Registration Certificate.
8. Finalizing transactions with the property Seller.
9. Obtaining the final Council of Minister's Permit for purchasing of property (approx. € 256 ).
10. Obtaining from the Land Department the ownership documents regarding the purchased property (Title Deeds). Informing the Purchaser.
11. Payment of the Registration Fees according to the following schedule:
Price of property, CYP Registration Fees,%
Up to €85,430 = 3%
€85,430 -€170,860 = 5%
More than €170,860 = 8%
12. Transfer the Title Deeds into the Purchaser's name. Registration of the ownership documents.