In order to obtain a house in Cyprus, the applicant should submit the contract of sale of the property to the District Land Office within two months after signing the contract. Apply to the Council of Ministers in order to obtain the necessary permission. This application includes the personal details of the applicant, the financial standing, and all the details concerning the property.

After the Council of Ministers approves the application, if applicable, another application to the Central Bank has to be made in order to confirm that the purchase was made in foreign currency.

The Ministry, under the Immovable Property Acquisition (Aliens) Law Cap. 109. require for the application the following:

• Agreement (contract)
• Approval by the Council of Ministers
• A document showing clearly that the payment of the property was made by foreign currency and finally the title deed of the property
• Apply to the District Land Office for the transfer of the property to your name
• Copy of the approval of the Council of Ministers
• The certificate issued by the Central Bank
• Receipts that all taxes of the property have been paid
• Registration certificate of the property
• Transfer Fees

After the transfer of the property, the District Land Registry Office will charge transfer fees, based on the property's value. Bellow you will find a table with the rates charged.

Transfer Fees
Property Value Fees C£	Transfer fees rate per cent	Accumulated C£
0 - 50.000	3 %	1.500
50.001-100.000	5 %	4.000
100.001- +	8 %	-

A stamp duty - at the rate of CYP 1.50 per CYP 1,000 up to CYP 100,000 and thereafter at the rate of CYP 2.00 per thousand - is due at the time of signing the Contract.

The annual property ownership tax imposed by the government is approximately CYP 60 - 120 per year. The Municipal authorities annual property tax for services rendered are at a rate of about CYP 20 - 30 per year.

Property sales are subject to a capital gains tax at the rate of 20% on the gain. However the first CYP 10,000 is exempted and there is an indexation allowance.

Inheritance Tax is not payable on property purchased by non-Cypriots when the beneficiary is not in Cyprus.

Capital Gains Tax

On disposal of the property, there will be a capital gains tax at the rate of 20 per cent on any gain. The first C£10,000 (or C£50,000 in the case of one's private residence) is exempt and there is also an indexation allowance. However, there is no tax if the property was acquired between 1 August 1980 and 13 July 1990 with foreign exchange imported into the Republic.