Obtaining Council of Ministers approval
Nationals of EU Member States are permitted to own as much ‘immovable property’ (a term that includes both land and property) as they wish. Once the Title Deeds for the property they are buying become available, they are required to provide proof of their citizenship by taking their passport to the District Lands office when they pay the Property Transfer Fees.
A non EU citizen must seek the approval of the Council of Ministers before they can own any type of immovable property. Furthermore, unless there are exceptional circumstances, their ownership will be limited to:
- An apartment
- A house
- A building plot or land up to approximately 4,014 sq.m.
In exceptional circumstances, the Council of Ministers will grant permission to own more than one building, for example, if you’re property developer and wish to take over a hotel.
To get Council of Ministers approval to own property in Cyprus our firm will complete an application form and submit it, together with information about yourself and details of the property you want to buy, to the local District Office.
The District Officer makes further enquiries and prepares a report that is submitted to the Council of Ministers for their consideration. In the meantime, any contract you have signed and deposited at the Land Registry for Specific Performance to purchase a property remains valid and you may take possession of the property while your case is being considered.
The Council of Ministers advises the District Officer of its decision. In turn, the District Officer sends you a letter of approval (a permit) or refusal. The approval process may take between three to six months.
It is unusual for the Council of Ministers to refuse permission to bona fide foreign nationals.
When applying to the Council of Ministers, the following documents & information must be submitted:
- Survey plan.
- Copy of the title of ownership.
- 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 mentioned on the title of ownership, applicants need not submit a copy of the building permit. For plots under division, applicants must submit a copy of the division permit.
- Copy of the deed of sale.
- Sectional view of the building or the 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 on the entire holding.
- Area in square meters of the plot which is to be acquired.
- Documents proving the financial situation of the applicant(s).
- Copies of the pages of the applicants’ passports and those of their spouses (the pages containing the data and the photo of the holders and stamps of arrival to and departure from Cyprus).
- Copy of residence permit and work permit of the applicants in Cyprus.
- Application COMM 145, completed clearly and in full.
- If the applicant is a company or a shareholder in an offshore company, it is necessary to submit the certificates of registration, of shareholders and of the registered offices of the Company.
- If the applicant is a Company, a copy of the company’s Articles of Association must be submitted and written information must be furnished on the company’s activities in Cyprus and the staff it employs, both Cypriots and foreigners with the social insurance number.