Cyprus Property Laws
The legal system is Cyprus is largely based on the British equivalent and safeguards the purchaser’s rights in many ways. For the purchaser’s protection, once the agreement of property sale has been signed and a deposit paid, the Land Registry in Cyprus provides a simple and effective legal instrument called the “Specific Performance”. This procedure protects the purchaser’s ownership rights until the title deeds are issued and transferred to their name. The contract in the hands of the Land Registry cannot be withdrawn by anyone; and therefore the property cannot be leased, sold, transferred or mortgaged. This status can only be altered by the purchaser himself.
The protection of ownership is safeguarded by the provisions of the Constitution, the ultimate Law of Cyprus, which establishes the equality of all persons and the respect for human rights, including the right to ownership, without discrimination.
According to Cyprus Law, Cypriots as well as foreigners can enjoy all rights relating to ownership of their property without any interference either from the State or from individuals.
Acquisition of Immovable Property
Under Cyprus law, Cyprus citizens as well as EU citizens who have their permanent residence in Cyprus are allowed to acquire any property without any restrictions.
The residential status is ascertained by the district offices and is obtained when a person resides in Cyprus for a total period of 185 days per year or more.
Foreigners and E.U. citizens who are not permanent residents in Cyprus, wishing to purchase immovable property in Cyprus, are obliged to adhere to special formalities and are restricted by certain regulations.
As a general rule permission is granted to applicants provided they have:
- No criminal record in their country or in Cyprus.
- The financial means to support themselves in Cyprus.
- For registering the property under his/her name the purchaser is liable to pay the following transfer fees