Department of Land Registry

Property in Cyprus is registered on a land registry like that of the United Kingdom. The Land Registry system in Cyprus has been continually updated and modernised to make it one of the most efficient and sophisticated land registry systems in the world. Property purchasing in Cyprus is therefore a very straightforward and simple procedure.

Property purchase permission

Permission to buy property must be obtained from the Council of Ministers with a written application that must be submitted by a foreign purchaser after the agreement is signed. Permission is usually granted as a matter of course to all bona fide purchasers. During this process purchasers may take possession of their property without restriction. Application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable period once the contract of sale has been signed.

EU citizens that are permanent residents in Cyprus do not require permission to buy any immovable property. Non-Cypriot, non-EU citizens do however require permission from the Council of Ministers to purchase property in Cyprus. This normally takes from 6 to 14 months and without this permission Title Deeds cannot be transferred to the purchaser. Although time consuming, this is a quite easy, straightforward process.

Financing property purchase

Cypriot Banks can finance you for up to 70% of the total selling price. There are many different packages available from all Cypriot banks; one option is not to pay for the first 2 years of your loan or even pay very low instalments (Grace Period). You can also design your instalments based on your financial capabilities and you can also chose be financed in Euro’s or any other applicable currencies.

Askanis Group are fully up to date on the regulations and procedures surrounding the purchase of property in Cyprus and our advisors are available to assist and guide you through the entire process.

Finance schemes are available through most banking institutions in Cyprus. The rate of interest charged by most banks is currently around     6% - 8% and is dependent on the base rate dictated by the Central Bank of Cyprus.

Legal costs

The cost of advice from an experienced property solicitor before signing a contract of sale might range between €1000 and €1700, and is usually payable upon signing the contract.

Property duties and other costs

  • Stamp Duty and Mortgage Fees: 

In case of a sales contract, the purchaser is liable for the payment of stamp duty at the rate of 0.15% on the first €170.000, and 0.20% above this threshold. The duties and fees are payable upon signing the contract of sale.

Transfer Fees

Upon transfer of the property and registration in the purchaser’s name, the district Land Registry Office will charge transfer fees, which are based on the market value of the property at the time of the purchase and are calculated as follows:

  • 3%  on the first €85.430
  • 5%  from €85.430 - €170.860
  • 8%  €170.000 +

Transfer fees are charged accumulatively and are payable at the time of issue of title deeds (usually up to 5 years after final delivery of property).

Note: For properties owned jointly by a couple, transfer fees are charged on 50% of the property value for each, providing an advantage for any property value exceeding €85.430.

New Law: Properties purchased between the 2nd of December 2011 and 31st December 2016, which are subject to VAT will be exempt from the above transfer fees. Properties not subject to VAT will be eligible for a 50% exemption from the above transfer fees.


VAT payable on property

For projects where the town planning application has been filed after the 1st of May 2004, VAT will apply on the sales price. VAT in Cyprus is currently 19%.
Clients can also apply for 5% VAT on the purchase of a residential house by providing the following information and documents:

  • Original copy of the application for town planning or building permit, true copy of the original;
  • Copy of the town planning or building permit, true copy of the original;
  • Purchase agreement or contract to build the property duly stamped (€1,71 stamped);
  • Other documentary evidence regarding the purchase or building of the property such as deposit receipts, application for/granting of loan, invoice corresponding to receipts for payments;
  • Registration certificate for building land (in case the town planning or building permits were issued to persons other than the beneficiary), if applicable;
  • Written certification by the project surveyor of the total covered area of the property (find attached the form to be completed);
  • Affirmation of the contractor or the contracting company that the annual contracting permit for the equivalent grade of work is held (find attached the form to be complete);
  • Certificate from Council for the Registration and Control of Building and Civil Engineering Works (ΕΤΕΚ) to confirm ownership of the annual license contractor during the construction period of the project;
  • Architectural drawings (elevations, floor plans) approved and stamped by the competent authority in scale 1:100;
  • A plan with the total area of the property;
  • Copy of beneficiaries’ identity cards/passports;
  • Copy of marriage certificate for married persons;
  • Within 6 months from the date of first occupation, the beneficiary must present evidence that the property is used as the main place of residence. Such evidence includes: copies of phone, water and electricity bills, municipal or city council rates or similar evidence proving that the property is used by the beneficiary as a permanent place of residence. These documents will be requested later by the VAT Authorities;
  • The application form must be signed by the beneficiary and his/her spouse in case of married persons.


Immovable Property Tax:

The registered owner of the property is liable to an annual immovable property tax calculated on the market value of the property as at 1st of January 1980.

  • Up to €170.860 > 0 %
  • From €170.861 - €427.150 > 0.25 %
  • From €427.151 - €854.300 > 0.35 %
  • From €854.300 > 0.40 %



ASKANIS GROUP has nurtured close professional relationships with most Cypriot banks and can offer support and assistance with every step of your application.

One of the country’s leading banks, the Bank of Cyprus, who we regularly collaborate with, can offer you a full range of flexible Mortgage Loans that are responsive to a range of different situations, and requirements.

Bank of Cyprus Mortgage loans are characterised by:

  • fast approval and disbursal procedures;
  • flexibility and reliability;
  • simple procedures;
  • competitive rates;
  • preferential terms and conditions.


The Bank of Cyprus housing solutions provide you with lending facilities to:

  • build a house;
  • purchase a house, flat or country house;
  • purchase a plot of land;
  • renovate or restore your house.


 All banks will help you tailor your loan:

  • to your financial ability;
  • according to how much you can afford;
  • according to how you can repay it.


Interest rates can vary by the:

  • down payment;
  • purpose of the loan;
  • currency.


Repayment period

A loan can have a repayment period of up to 40 years. In all cases it is important that the customer repairs the loan before his or her 70th birthday.


Loan Amount

Mortgage loans can be up to 70% of the property with no maximum loan amount (80% applies only for the first residence of Cypriot residents).



Instalments can vary according to customer's needs. You can choose to pay:

  • Monthly or quarterly;
  • Only a certain period of the year (i.e 10 months of the year);
  • Smaller instalments at the beginning of the loan and a bigger one later;
  • There is the option of suspending a monthly instalment, twice a year, up to 24 times during the lifetime of the loan.

For more information please contact us on [email protected] or call us on +357 25 336 171.