The Cypriot legal system is based on the English common law system, but starting 1960 the country has lined it up with the EU regulations. Cyprus has singed many international conventions and treaties starting with double taxation agreements for taxation matters to treaties for the protection of private property of both local and foreign citizens. The legislation on intellectual private property protection is also extensive as the island is part of many international conventions on the protection of copyrights and trademarks in Cyprus.
Whether you are considering of buying your holiday home, premises for organisational operation, residence for overseas employees or investing in long-term gains; Pavlos Theocharous Properties is ready to tend to your needs.
- EU citizens who are permanent citizens in Cyprus do not require permission to buy immovable property. Permission to buy property must be sought from the Council of Ministers via written application, and submitted by non-EU citizens after the sales agreement has been signed.
- The application to the Council of Ministers can be made within a reasonable amount of time after signing the contract of sale for:
- EU citizens not residing in Cyprus, who likewise need the approval of the Council of Ministers
- EU citizens with permanent or temporary permits can register as many properties as they wish under their name, provided they have signed a confirmation with the government of Cyprus that they will stay in the country for the following five years.
- Legal entities established in EU countries that are headquartered and registered office in Cyprus do not require permission to buy any immovable property.
- Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus.
For non-Cypriots seeking real estate in Cyprus, most banks are able to provide finance up to 70% of the total selling price, in any currency. The standard requirement is up to 30% to 35% of personal contribution and approximately 15 to 25 years of repayment. Expect - Libor + 1.50% to 2% p.a. For a mortgage in Foreign Currency the maximum repayment period can be 15 years, and for a mortgage in Euros the maximum repayment period can be 25 years.
Please do not hesitate to contact us so to further assist you and respond to any inquiry.