Self-employed persons must possess academic or professional qualifications, which are in demand in Cyprus and do not crate competition to the local population. People of Cypriot origin or the foreign wives of Cypriot citizens are not regarded as foreigners. Residence permits are issued to the following providing that certain criteria are met.



Another factor which is also related to the price, is the payment terms. A developer could be asking a high price for flats but he could be offering very attractive payment terms over a long period. Compare, therefore, not only the extent, quality etc. of a flat, but also the payment terms in order to ascertain who is offering you the best deal.

The transfer of the title can be effective once the Council of Ministers' permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase - as follows: Value up to CY50,000 - 3% CY50,001 - CY100,000 - 5% CY100,000+ - 8%

The legal fees usually charged by a lawyer are approximately CY500 and cover the review and alteration if required of the Sale Agreement, revision of the General Agreement (which regulates the use of common areas, where applicable) and submission to the land registry for specific performance.Stamp duty is due at the time of signing the contract. This is levied at the rate of CY1.50 per CY1,000 up to CY100,000 and thereafter at the rate of CY2 per CY1,000. The purchase contract must be stamped within 30 days of its dated signature or a fine will be imposed.

As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t.Credit terms on villa/building site/land/cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1-2 years (at 9% interest on the reducing balance).