Buying property in Cyprus is relatively straight forward, with a lot of similarities to the UK buying process. However it is advisable that if you are seriously interested in purchasing property in Cyprus, you first familiarize yourself with the legalities and issues involved.

For non-Cypriots there is a limit of about 4,000 square meters, on the amount of freehold property they can own in Cyprus.

You are required to pay for your property in foreign currency. Personal checks, bank drafts and transfers are all acceptable.

The same rules apply to Offshore companies wishing to purchase property in Cyprus. Property in Cyprus is registered on a land registry.

• A preliminary contract is signed. This binds both the buyer and the seller to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the buyer receiving good title to the property and obtaining the necessary permits from the Cypriot government. At this stage, a symbolical deposit or holding fee (usually a few thousand pounds) is secured with a Lawyer or a Notary, which takes the property off the market.
• The buyer’s lawyer then carries out the searches at the District Land Registry to ensure that the seller is indeed the owner making sure that the buyer will obtain good title to the property.
• Non-Cypriot citizens require permission from the Council of Ministers to purchase property in Cyprus. If this has not yet been obtained, then the buyer should apply to the council for the permission. It normally takes between 8 and 14 months for the permission to be granted, and without this the Title Deeds of the property cannot be made available to the buyer. However, this permission is granted more or less as a matter of course to all bona fide buyers. In the meantime, however, purchasers may take possession of the property without restriction, given that they have completed the purchase.
• Once the searches have proved satisfactory, the two parties then enter into the final contract, which is then registered at the Land Registry. This protects the ownership rights until the title deeds are issued and transferred to the buyer's name, until then the contract cannot be withdrawn, the property can not be leased, sold, transferred or mortgaged.
• Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money. This application is not necessary if both the buyer and the seller are foreigners.
• The transfer of the title deed is then completed, the full price is paid and the seller gives vacant possession.

• Upon signing a contract, the buyer is liable to pay stamp duty that amounts to 0.115% of a purchase price up to CYP100.000, and then at a rate of 0.2% on any purchase price in excess of CYP100.000.
• Land registry fees are payable when the ownership of the property is transferred. This is on a sliding scale, ranging from 5% to 8% depending upon the value of the property.
• Application to the Council of Ministers fee costs around CYP200.
• Lawyer's fees - these will vary according to the amount of work carried out by your lawyer. As a guide one or two percent of the purchase price is normal.
• Estate agent’s fees are usually paid for by the seller, although if you are using an estate agent it may be wise to ask if you are required to pay his/her fee.