1. An alien can acquire immovable property in Cyprus subject to the provisions of the Immovable Property Acquisition (Aliens) Law (Cap. 109) (the “Law”).
  2. Pursuant to section 3(1) of the Law an alien must first acquire a permit from the Council of Ministers (a power now vested in the District Administration Offices) prior to being able to acquire immovable property in Cyprus.
  3. It is noted that pursuant to section 3(3) of the Law a contract providing for the acquisition of immovable property by an alien shall not confer upon such alien or for his benefit any right or acquiring such immovable property, except only upon the granting of the permit referred to above. Therefore, any contract of sale shall make reference to the requirement to obtain such permit.
  4. Αν alien shall apply to the local District Administration Office for the relevant permit to be granted and the application will be considered as soon as practicable. Noting that any transfer of property without being granted the required permit shall be null and void (section 3(5) of the Law).
  5. The application should be made through the Form Comm 145, with the following attached thereto, as applicable:
  6. Cadastral Survey plan;
  7. Copy of the certificate of ownership/ title of deed;
  8. Copy of the building permit for the erection of the house/block of flats or for the residential development of estates. If separate titles of ownership have been issued for the flats of the block or if the house is explicitly mentioned on the title of ownership, applicants do not need to submit a copy of the building permit. For plots under division, applicants must submit a copy of the division permit;
  9. Copy of the contract of sale duly stamped (by the Stamp Duty Commissioner, applicable stamp duty payable by the party indicated in the agreement, usually the buyer);
  10. Level Plan of the house or flat. Very old houses mentioned on the title of ownership are exempted. A division plan must be submitted in the case of division of plots. In areas of residential development, the plan must be submitted showing the position of the house in relation to the entire holding;
  11. Documents indicating the financial position of the applicant;
  12. Copies of the pages of the applicants’ passports and those of their spouses. Where the spouses do not share the same surname and there is no reference of the husbands’ surname on their passport, it is necessary to present a marriage certificate or relevant certificate from their Embassy;
  13. Copy of residence and work permit (where applicable) of the applicants in Cyprus; and
  14. If the applicant is a Company or a shareholder in a company, in addition to the aforementioned documents, it is necessary to submit the Certificates of Registration, of shareholders, of Company Directors and of the Registered Office/s of the Company. Also, a copy of the Company’s Articles of Association must be submitted along with explicit information for the company’s activities at the time of application and the names, addresses, and social insurance numbers of the personnel employed at the time. Also, copies of the shareholders’ passports and those of their spouses.
  15. Pursuant to section 77A(1) of the Contract Law (“Cap 149”) a certified true copy of the contract should be lodged with the District Lands & Surveys Office within six months of its execution, thus ensuring that the contract becomes a charge on the property and that it may be specifically performed.
  16. The deposit of the contract is carried out at the District Lands & Surveys Office of the District where the property is situated. The contract must be deposited duly stamped by the Stamp Duty Commissioner and must be accompanied by the Certificate of Payment of the Capital Gains Tax.
  17. It is advisable that a buyer always seeks the assistance of a legal advisor to carry out a thorough due diligence procedure.

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