Once permission is granted and the property registered in the name of the alien, there is no restriction on the alien selling the property or disposing of it by Will. Furthermore, no permission will be required for the legal heir to have the property transferred into his name. Under the Cyprus Law such Law contracts must be in writing. It is also advisable that contracts of sale be deposited in the relevant District Lands Office within two months after the signing of the contract so that the purchaser s right to pursue the remedy of specific performance in the event of breach can be protected. Leases exceeding 15 years can be registered and registration should be effected within 3 months of the signing of the lease.
Transfer fees are payable by the purchaser on the sale price of the current market value.
With regard to the purchase of immovable property in Cyprus, Central Bank approval is required on the transfer of property to aliens. Such approval is granted if it can be proved by the applicant that funds for the purchase were imported from abroad. Note that without the approval, on a subsequent sale, permission to remit the proceeds out of Cyprus will not be allowed. On the sale of property, exportation of the purchase price will be allowed. The first CYP100,000 is exempt.