Our firm deals with most aspects of real estate. We conduct the negotiations, we advise on the method and form in which the agreement should be made, we draw up all the relevant documents necessary for the sale, purchase or any other agreement, we we represent our clients to the relevant authorities, the District Lands Office and to all the competent authorities. Moreover, we undertake the management and administration of the estates after the completion of the transactions and the signing of the agreements.
The real estate work undertaken by our firm includes:
- Sale agreements for the acquisition of property by foreigners and locals
- Property management for non-residents
- Estate planning and administration
- Administration of estates
- Creation, registration and enforcement of mortgages, debentures, guarantees, legal and equitable charges
- Obtaining residential permit from the Council of Ministers for non-EU nationals
- Joint – ventures for real estate projects.
- Advice on Cyprus law and practice for real property in Cyprus.
Under Cyprus Law, Cypriot citizens as well as E.U. citizens who have their permanent residence in Cyprus are allowed to acquire any property without any restrictions. The residential status is ascertained by the district Offices and is obtained when a person resides in Cyprus for a total period of 183 days per year or more.
Non-EU citizens wishing to purchase immovable property in Cyprus, are obliged to adhere to special formalities and are restricted by certain regulations. After the permission has been obtained and the property is registered in the name of the purchaser, there are no other restrictions for the foreigner. The owner of the immovable property can sell or dispose of the property as he wishes, as any bona fide repeat purchaser will be granted a subsequent permit.
According to Cyprus Law, foreigners must obtain the permission of the Council of Ministers prior to the acquisition of real estate property. Recently these powers have been assigned to the pertinent authorities of every district, in order for the procedure to become speedier.
A foreigner – the law uses the term “alien” – is any person who is not the citizen of the Republic, including an alien controlled company. The term does not include the non Cypriot spouses of the citizens of the Republic.