The legal system in Cyprus is based on the British system. It protects the purchaser’s rights in many ways. For the purchasers protection theCyprus land registry provides a simple and effective legal "instrument specific performance”. Once the contract of sale is signed and the deposit has been paid, the contract is registered at the land registry. This protects the ownership rights until the title deeds are issued and transferred to the purchaser’s name. Once the contract is lodged with the land registry it cannot be withdrawn by anyone. The property cannot be leased, sold, transferred or mortgaged unless by the purchaser.
Cyprus property Ownership
Purchasing property in Cyprus by foreigners is very simple.
There are no restrictions on European citizens on buying property in Cyprus. In other words Europeans can deal in property as Cypriots do.
Indiniduals that are non Europeans are entitled to a freehold ownership of a villa, an apartment or a piece of land. The area of land of the property must not exceed 4014 sq. meters (four thousand and fourteen square meters).
Europeans are entitled to a freehold ownership of a Cyprus villa or an apartment. These restrictions should soon be abolished because of Cyprus’ entrance to the EU. It is likely that a change like this in the legal system will increase demand of real estate resulting in an increase in property prices. Europeans can purchase land in Cyprus in any size or quantity that they wish. This was one of the changes which took place when Cyprus entered the EU.
Foreign companies can purchase offices for their business and holiday homes for their directors.
Europeans who have a permanent or temporary permit can register as many properties as they want provided that they sign a confirmation to the government that they will stay for the following five years in Cyprus.
Title Deeds and the Cyprus Land Registry Office
It’s a simple procedure to transfer the ownership from Vendor to Purchaser and is done at the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with a Power of Attorney.
You are required to provide a permit from the Council of Ministers in order to transfer ownership.
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