Table of Contents
Introduction
Any Purchaser who is a non-EU National and/or a holder of a non-European Passport and/or a non-citizen of the Republic of Cyprus is required to apply for the Acquisition Permit of the Immovable Property, which is subject to the approval of the Council of Ministers. The approval needs to be given to the applicant before proceeding with the finalization of the transfer of the Property in his/her name, according to the Immovable Property Acquisition (Aliens) Law, Cap 109. It is critical to state that each non-EU National is limited to applying for up to two different Properties in the Republic.
Restrictions
According to the Regulation on 12/12/2012, all third-country nationals are bound with specific restrictions regarding purchasing Immovable Property in Cyprus. The permit might concern the following:
- The acquisition of an Apartment and/or a House and/or Villa;
- A Plot of Land and/or Commercial Property (e.g., a Shop or Land which is not divided into other plots with an area of approximately 4,000 square meters);
- A residence unit and/or a shop which does not exceed 100 square meters;
- A residence unit and/or an office which does not exceed 250 square meters;
- Non-EU Nationals are not allowed by the law to obtain a permit for the acquisition of Agriculture Land; and,
- In the case of a married couple, only one permit will be granted, as they are considered one applicant.
Documents Preparation
Vasiliou Law Firm can assist the potential Purchasers from A to Z with the procedure and inform them in advance to prepare and/or translate and/or certify and/or apostille all the required documents. Such documents must be provided to the public authorities to submit the application successfully.
Procedure for obtaining the relevant Permit
The completed applications, along with all the requested documents, shall be submitted to the competent District Office where the Property is situated on behalf of the Clients. The District Office, after the collection and examination of the application and of the relevant documents, proceeds with the preparation of a report for the consideration of the Council of Ministers. The District Office, once informed about the decision of the Council of Ministers, provides the applicant with a letter of approval and/or permit.
Time Frame
It is imperative to note that there is currently no estimated timeline for the issuance of the requisite approval. However, it is expected that the process will not exceed two (2) months from the date of the application submission.
Once the permit is granted and the applicant obtains possession of the Property, he/she is responsible and obliged to settle all the taxes and dues related to it. The permit, which has already been given to him/her, can be used and submitted at the Land Registry for the specific Property.
Conclusion
Obtaining an acquisition permit for immovable property in Cyprus can be complex, especially for non-EU nationals. It is essential to ensure that all necessary documents are in order and that all legal requirements are met.
Vasiliou Law Firm is well-equipped to provide this service and can assist you with a seasoned professional with extensive experience in this field. This will help to ensure a smooth and successful acquisition process, leaving you with peace of mind and confidence in your investment.
This is an informative article. For any further information and legal advice regarding the relevant documents and the completion of the application, please contact us at +357 24727313 or our email address [email protected]
