Purchase support on Cyprus

Real estate purchase on Cyprus:

Real estate purchase on Cyprus is regulated by the Law on acquisition of the real estate by foreigners, namely — article 109 of the Cyprian Code of laws. The term "foreigner" is meant as all persons who do not have citizenship of Cyprus. Legal bodies also concern a category of foreigners — the foreign companies registered outside of Cyprus, the Cyprian international companies or the companies operated and supervised by foreigners. It is meant the last that to foreigners belongs more than 50 % of actions of the enterprise.

Under the law the foreigner can obtain the permit to purchase (new or secondary) the real estate on Cyprus for the purpose of residing or business dealing. It is authorised to buy for a private use either one apartment, or one ground under building, or one house on a site which is not exceeding 3 донума (43200 sq. foots = 4 012 sq.).

Real estate purchase on island for the business purposes (capital investment in the industry or tourism) and for manufacture is authorised only in a case when it is possible to consider acquisition and capital investment favourable to development of the Cyprian economy.

Acquisition by foreigners of the real estate on Cyprus realizable with the permission of Ministerial council. Nevertheless, any solvent buyer can receive such permission.

Legal protection of foreign investments, including purchase (as new and secondary) the real estate, is provided with the international agreements which have been signed and ratified by Republic Cyprus (for example, <the convention of the World Bank under the permission of investment disputes between the states and citizens of the different countries> which has been ratified by the Law №64 from 1966 as a part of the internal Cyprian legislation).

The certificate on the property right (Title deeds)

The certificate on the property right stands out department of registration of ground possession. At purchase of the real estate certificate check on the property right and certificates on registration is articles of prime necessity. If you buy the secondary real estate on Cyprus, the suitable variant is found, to the house of more than five years, and the title still is not received, it is necessary to find out the reason of absence of the given document from the owner.