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The Cypriot legal system is based on the English common law system, but starting 1960 the country has lined it up with the EU regulations. Cyprus has singed many international conventions and treaties starting with double taxation agreements for taxation matters to treaties for the protection of private property of both local and foreign citizens. The legislation on intellectual private property protection is also extensive as the island is part of many international conventions on the protection of copyrights and trademarks in Cyprus.
Like in all democracies, the right to own property is protected by the Constitution in Cyprus. Article 23 in the Constitution allows each individual to purchase real estate property in Cyprus. The right of holding real estate extends to foreign citizens wanting to live in Cyprus. The right to private property is also protected by the international conventions Cyprus adopted, but also by the Charter of Fundamental Rights of the European Union.
Other general legal frameworks referring to the protection of private property in Cyprus are the Contract Law that regulates transactions that also include property. The Cypriot Civil Code also contains provisions regarding the protection of private property. Moreover, general rules regarding private property are contained by the Wills and Succession Law and the Trustees Act.
If you want to buy a property and need legal assistance you can rely on our attorneys in Cyprus. The procedure to buy a property in Cyprus can take a few days. When your offer is accepted, you should aim to exchange the contract of sale as quickly as you can and pay the deposit (which is often approximately 10%). After the deposit has been paid and the contract of sale has been exchanged, you will need to register the property with the Land Register.
Cyprus has specific laws that refer specifically to immovable property. The first and most important law for the protection of private property is the Immovable Property Law or Chapter 224. The Cypriot Immovable Property Law contains provisions about the registration, disposition and valuation procedure of an immovable property. It also contains provisions about the Cypriot Land Office system that is unique. The Sale of Land Law or Chapter 232 refers to the conditions immovable properties can be sold in Cyprus. The last specific law on the protection of private property in Cyprus is the Acquisition of Immovable Property Law or Chapter 109 that was adopted by the government in order to prevent exploitation of land. However, foreign entities are not affected by these rules enjoying the same benefits as Cypriot citizens when purchasing a property.
You can contact our law firm in Cyprus for accurate information on the current legislation on purchasing real estate.