In comparison to many other countries, the process of purchasing property in Cyprus, by foreigners, is very simple.
Non-Europeans are entitled to the freehold ownership of a villa, apartment, or a piece of land, with a maximum area of 2676 sq. Meters (two thousand and seventy-six square meters).
It is hoped that the above restriction, in respect of Europeans, will soon be abolished due to Cyprus’ entry into the EU. It is very likely that such a change in the legal system will increase the demand of real estate even further and will reflect a rise in property prices. In respect of plots of land, Europeans can purchase as many plots as they wish, at any size. This is one of the exceptions brought about through the changes since Cyprus joined the EU.
Foreign companies can acquire premises for their business or holiday homes for their directors.
Europeans who acquire permanent or temporary permits can register as many properties in their name as they wish providing they sign a confirmation to the government that they will remain in Cyprus for the following five years.
The Title Deed
Transfer of ownership from Vendor to Purchaser is a simple procedure, undertaken through the Cyprus Land Registry Office, either by the buyer themselves or by an appointed third party with Power of Attorney.
The transfer of ownership requires a permit from the Council of Ministers.