What Happens To Non-Resident Aliens Under The New Tax Code Acquisition Of Real Estate in Cyprus

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Acquisition Of Real Estate in Cyprus

Cyprus’ geographical location between Europe, Asia, the Middle East and Africa, as well as a well-established legal, banking and accounting infrastructure, make local and foreign businessmen to invest in real estate. A significant advantage of the Cypriot legal system is the non-discriminatory protection of property rights. This means that under Cypriot law, Cypriot citizens and foreigners can enjoy all the rights related to the ownership of their property without interference from the state or private individuals. In addition, Cyprus has been a member of the EU since 2004 and introduced the euro in 2008. As a result, acquiring property in Cyprus has become easier.

Cypriots and EU citizens:

According to Cypriot law, Cypriots and EU citizens can acquire any property without restriction.

Non-EU citizens:

There are restrictions on the type and size of property that can be purchased for non-EU citizens. To be precise, non-EU citizens can buy a house/apartment/building plot/plot up to 4,014 m2. It should be emphasized that non-EU citizens can also purchase a business, provided that the business is used exclusively for business purposes. Furthermore, it should be emphasized that Cypriot companies whose shareholders are non-EU nationals may obtain a business office and residence for their foreign employees, provided they maintain a full-fledged office.

According to the provisions of the Real Estate Acquisition Act (Cap.109), non-EU citizens wishing to purchase property in Cyprus must submit an application to the district office where the property is located.

The Applicant must submit the following documents/details together with the Application:

• Comm 145 form completed and signed

• Contract of sale

• Financial situation (i.e. bank account statement)

• Details of the property and the current owner

• Payment terms and method of purchase

• Copies of the Applicant’s and spouse’s passports. If the spouse’s last name is not the same as the Applicant’s, a marriage certificate must be submitted

• Copies of government survey plans

The approval/rejection letter from the Immigration Office can take about six months. However, the Applicant may display the property he purchased in the meantime.

Transfer of ownership:

The transfer of ownership of the property takes place at the Surveying and Land Surveying Department. The following documents must be submitted:

• Application form N207;

• Registration document of the property;

• Copy of Regional Office approval;

• Certificates that all property taxes have been paid;

Awards and Prizes:

If the buyer registers the property in his name at the district land office, he must pay the appropriate transfer fee, which is calculated based on the market value of the property valid at the time of signing the contracts. See Table 1 for more information.

Property value in euros / transfer fee (%)

Less than €85,430.10/3

€85,430.10 – €170,860.14 / 5

More than €170,860.14/8

Table 1

Property tax:

Pursuant to Section 3 of Law 24/1980, the owner of the property is required to pay an annual property tax as follows.

Value (€) / annual tax (%)

Less than 40,000 / 0.6

40,001-120,000 / 0.8

120,001-170,000 / 0.9

170,001-300,000 / 1.1

300,001-500,000 / 1.3

500,001-800,000 / 1.5

800,001-3,000,000 / 1.7

More than 3,000,000 / 1.9

Stamp duty:

In general, the buyer is obliged to pay 0.15% of the value of the property up to €170,860.14, and a stamp duty of 0.20% above €170,860.14. The contract must be sealed within 30 days of signing. Please note that if you do not pay the stamp duty on time, you will have to pay the stamp duty with an additional fine.

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