The most important aspect of owning a property is ensuring that you legally own the property you are purchasing. To ensure that, you need to be in possession of the title deeds.
In some nations obtaining the full rights to the property can be difficult. Luckily for people buying a villa in Cyprus obtaining the title deeds to your property is relatively straightforward if you follow the correct legal advice.
Cyprus Land Registry for Villas and Apartments
Cyprus maintains a land registry system in which all villas and apartments are registered. The term ‘Immovable Property’ is a used locally to refer to land, buildings, trees, plantations, rivers, wells and all rights relating to the land and the buildings upon the land.
Cyprus Property Title Deeds are also known as ‘Certificates of Registration of Immovable Property’, These formal Government issued documents serve as evidence of property ownership. Each piece of immovable property has an associated title deed which contains information such as its registered owner, size and location.
Transfer of Ownership Registration for Villas and Apartments
‘Transfer of Ownership’ from the vendor to the purchaser is undertaken through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with power of attorney, such as a firm of solicitors. The Transfer of Ownership requires a permit from the Council of Ministers, but this is merely a formality for most developments.
If you wish to represent yourself in person then the forms required are available (in Greek only) online. Otherwise, Property Shop Cyprus will be pleased to arrange legal assistance for your purchase.
Ownership Rights for Buying Property in Cyprus
Non-Europeans are entitled to freehold ownership of a villa, apartment or a plot of land, with the maximum allowance to extend to four thousand and fourteen square metres.
European Union citizens are entitled to unlimited ownership of freehold properties. With regard to land plots, Europeans can purchase as many plots as they want and there are no restrictions on the allowance to extend.
Foreign companies can acquire premises for their business or for holiday homes for their directors and employees.
Real Estate Transfer Fees for Villas and Apartments in Cyprus
Real Estate Transfer Fees are imposed by the Land Registry Office in order to transfer FREEHOLD ownership to the name of the Purchaser. The transfer fees are due for payment when the transfer of the Title Deed in the name of the Purchaser takes place. The Purchaser is solely responsible for the payment of the Transfer Fees. The fees are payable on a graduated scale.
|Value of Property (€)||Transfer Fee Rate (%)|
|up to €85,000||3%|
|€85,001 to €170,000||5%|
|€170,001 and over||8%|
Joint Ownership of Villas and Apartments in Cyprus
If the property is in joint names e.g. a couple – husband and wife or two individuals, then the purchase value is divided into two parts which result in reduced Transfer Fees.
In addition, no transfer fees will be payable for properties which are subject to VAT and transfer fees are reduced by 50% for those who do not pay VAT on their purchase.