Buying Property in Cyprus as a Foreigner: Legal Steps & Documents

Legal Guide by E. CHATZIDIMITRIOU LLC for International Buyers and Cypriots Abroad

⚖️ Can Foreigners Buy Property in Cyprus?

Yes, foreigners can purchase property in Cyprus, but legal conditions vary depending on nationality:

• EU citizens are entitled to buy unlimited residential or commercial real estate without restriction.

• Non-EU citizens can purchase:

  • One house or one apartment, or

  • One plot of land not exceeding 4,014 m²

  • Only after approval from the Council of Ministers

This approval is generally granted if the property is used for residential purposes, and the buyer has no criminal record or legal restrictions in Cyprus.

Legal Steps to Purchase Real Estate in Cyprus

Step 1: Find and Reserve the Property

• Sign a Reservation Agreement (non-binding), to secure the property.

• Pay a reservation deposit (typically €2,000–€5,000), deducted from the final purchase.

Step 2: Due Diligence by Lawyer

• Title search at the Land Registry Office

• Ensure the seller has legal ownership and no mortgages or encumbrances

• Verify that planning permission and building permits are in place

• Review building zone and permitted usage

Step 3: Sign the Sale Agreement

• The contract is signed by both parties and stamped at the Tax Department

• Stamp Duty is calculated based on the value of the contract:

  • 0.15% up to €170,860

  • 0.20% over €170,860

  • Maximum: €20,000

Step 4: Apply for Permission (if Non-EU Buyer)

• Non-EU citizens must submit an application to the Council of Ministers

• The application includes:

  • Personal details

  • Description of the property

  • Intended use

  • Criminal record check

• Processing time: 2–3 months (average)

Step 5: Transfer of Ownership

• Once approval is granted, the lawyer proceeds with the transfer of the title deed

• Transfer fees range from 3% to 8% depending on the value and number of buyers

Required Documents for Foreign Buyers

• Valid passport or ID card

• Proof of income (bank statements, payslips, tax returns)

• Signed Contract of Sale

• Application for Council of Ministers approval (non-EU only)

• Power of Attorney if the process is conducted remotely

• Proof of address in country of residence

• Bank reference or letter of creditworthiness

Taxes and Other Costs

⚠️ If the property is resold, Capital Gains Tax (20%) may apply.

Can You Buy Property Remotely?

Yes. If you’re abroad, you can issue a Power of Attorney to a lawyer in Cyprus. At E. CHATZIDIMITRIOU LLC, we can manage every aspect of your property purchase without your physical presence in Cyprus:

• Conducting due diligence

• Handling bank procedures

• Submitting all applications

• Signing documents and completing registration

• Setting up utilities and municipal registrations

⚖️ How We Can Help

Our legal office provides:

• ✅ Property title investigation

• ✅ Contract drafting & review

• ✅ Council of Ministers application submission

• ✅ Land Registry title transfer

• ✅ Full representation with Power of Attorney

• ✅ Tax consultation & post-purchase legal advice

• ✅ Communication in Greek and English

USA Phone: +13474034789

Email: info@hatzidimitriouvirtuallaw.com

Website: www.hatzidimitriouvirtuallaw.com

❓ Frequently Asked Questions (FAQs)

Can foreigners rent out the property?

Yes. Rental income must be declared in Cyprus and in your country of tax residency.

How long does the property purchase process take?

Typically between 2 and 4 months, depending on the Council of Ministers’ decision.

Can I open a bank account in Cyprus?

Yes. You’ll need proof of address, passport, and possibly a local reference.

✅ Conclusion

Buying property in Cyprus as a foreigner is absolutely possible with the right legal guidance. Whether you’re an investor, retiree, or a Cypriot abroad, E. CHATZIDIMITRIOU LLC offers comprehensive, remote legal services to ensure a secure and successful transaction.

Schedule your online consultation today and let us help you buy your home in Cyprus with confidence.