a. For the registration of immovable property on a non-Cypriot's name a permit is needed from the Cyprus Government. In this respect an application is made, preferably through a local solicitor.
b. The procedure starts with the contracts being signed. The solicitor then promotes the filing of the application and takes care of it until a permit is granted.
c. All payments should be effected through local channels (banks) and money brought in cash should be declared at the airport or seaport on arrival.
d. When property has title of its own, registration can be affected as soon as the permit is granted. If the property (flat, house) is under construction or recently built and separate title is not available the buyer is equitable owner until the title is obtained and then registration can be affected. When the registration takes place, the purchaser pays registration fees as follows:
For the amount of price up to EUR 85,430 3%
For the amount of price from EUR 85,430- EUR 170,860 5%
For the amount of price from EUR 170,860+ 8%
e. The purchaser is liable for the payment of stamp duty on the purchase price of the property as follows:
0.15% on the purchase price of the property for the amount up to EUR 170,860 and
0.20% on the purchase price of the property for the amount over EUR 170,860
f. The contract must be deposited at the Land Registry office (L.R.O.)
g. Two Certificates must be obtained:
1. A Certificate from any person in authority of the country of the applicant certifying his good character and clean criminal record.
2. A Certificate from any financial institution (bank, building society etc) as to the applicant's good economic standing. Certificates referring to minimum deposits of EUR 60,000 - 70,000 are preferable.
The above two certificates should be acquired by the applicant in his country and sent to his local solicitor as soon as possible. These two certificates will be attached to the application form.
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