Steps To Follow :

1. Submit the contract of sale of the property to the District Land Office within two months after signing the contract.

2. 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 for the property.

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

4. The Ministry, under the Immovable Property Acquisition (Aliens) Law Cap. 109. will require 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

5. Apply to the District Land Office for the transfer of the property to your name "buyer" from "seller". The presence of both parties is required (except where proxy is given to someone else) and the payment of the transfer fees and taxes to the land office. The application should consist of the following documents:

- Copy of the approval of the Council of Ministers
- The certificate issued by the Central Bank
- Receipt that all taxes of the property have been paid
- Registration certificate of the property and Transfer Fees

After the transfer of the property, the District Land Registry Office will charge transfer fees based on the propertys value:
3% for up to CY£50.000
5% for CY£50.001 - CY£100.000
8% for CY£100.001 +

Stamp duty - at the rate of CY£1.50 per CY£1,000 up to CY£100,000 and thereafter at the rate of CY£2 per thousand - is due at the time of signing the Contract.

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

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

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