A preserved building is every building for which a preservation order has been issued by the Minister of Interior according to Article 38 of the Town and Planning Act (Law no. 90/1972).
The amended law on Specific Performance relating to Property Sales
Recently, the law of Specific Performance relating to Property Sales of 2017 has entered into force and has amended article 12 of the Law of 2011 and 2012...
Protection given to immovable property purchasers in Cyprus
The rapid growth of the real estate market in Cyprus and the complexity and variety of the related transactions led to the need of replacing the previous legislation regulating the specific performance of immovable property contracts.
A solution for all the “enclaved purchasers” of immovable properties with no title deeds
A prerequisite for the implementation of the provisions of the Transfer and Mortgage of Properties (Amendment) (No. 10) Law of 2015 which was published on the 04.09.2015...
Property transfer fees reduced 31.12.2016
By a decision of the House of Parliament, the transfer fees have been reduced to 1/2. A transfer subject to VAT will be exempt from the above transfer fees. For all other properties transferred by the end of 2016, the fees charged by the Department of Land and Surveys to the acquirer will be 50% less than existing charges.
Stamp Duty in Cyprus
This article examines whether a document and/or contract drafted for a transaction to be carried out is dutiable or not, based on the law of the Republic of Cyprus. The general rule will be explained which is subject to exceptions and can be interpreted differently depending on the facts of each case and the terms of each document and/or contract.
Buying property in Cyprus-Guidelines to prospective foreign buyers
In the Republic of Cyprus, a foreigner can easily proceed with the acquisition of immovable property. There are three stages which have to be followed in order for such acquisition to be effected.
Purchase of new properties in Cyprus- VAT rules
Since Cyprus’ accession to the EU, VAT is charged on all new property provided the initial application for a building permit was made after the 1/05/2004. All buildings that received the building permit prior to this date will have no VAT charge. Also all second-hand property including houses, apartments etc, have no VAT charge. Building plots/land are also exempt from VAT.
Application for permit to acquire property in Cyprus by foreigners- Documents required
Amendments to the Immovable Property Acquisition (Aliens) Law
On 16.12.2011, the Immovable Property Acquisition (Aliens) (Amendment) Law No. 161 (1)/2011 has been voted. Therefore, the restriction concerning the acquisition of secondary residence by EU nationals as well as by companies registered under the Laws of an EU member state or a state party to the E.E.A etc under the Immovable Property Acquisition (Aliens) Law, Cap 109 is no longer applicable.
Building Amnesty- Safeguarding a Title Deed at Cyprus Land Registry with a new and faster approach
Cyprus Government with its new property Amnesty Bill has taken a huge step forward with the modernization and simplification of procedures and legal provisions that eventually lead to the security of updated title deeds by respective property owners.
Acquisition of immovable property by foreigners (non EU)- rights & restrictions
Third country nationals (Non-EU) are restricted as to the size and type of the property (other than land) that they wish to purchase in Cyprus.