Requirements and steps to be taken by an alien acquiring immovable property in Cyprus

1. Obtain reliable and expert local advice.
   

2. Before entering into a contract carry out a search at the District Lands Office to check whether there is already a title-deed in the name of the seller in respect of the property to be purchased or, if not, whether the issue of such a title-deed is legally feasible, as well as, in either case, whether the property is encumbered in any way or not.

3. If the property to be purchased is a piece of land, check
   a) whether it has a road access (without it, building is not possible)
   b) if the land is included in any zone or area where building is restricted and , if so, to what extent it is restricted:
   c) whether it is subject to any street widening scheme;
   d) whether the supply of water and electricity is possible and at what expense.
   

4. If the property to be purchased is a house or a flat, check whether there is a building permit and, if completed, whether a certificate of approval for the building has been obtained from the appropriate authority.
   

5. In any case, check the possibilities and eventual availability of a telephone connection.

6. Do not enter into a contract before being assured by the lawyer that the case is one in which the relevant permissions from the authorities would, as a rule, be granted.

7. When entering into a contract, check that there are ample and proper provisions ensuring
   a) the eventual transfer of the property and the issue of a title-deed free from any encumbrances;
   b)  that the contract is subject to obtaining the relevant permissions from the authorities (this is presumed in law but it is advisable to refer specifically to it, inserting provisions for the return of money paid if permission is not obtained);
   c) that possession is delivered to the purchaser upon execution of the contract if the building is completed and, if not completed, upon completion;
   d) that in the case of a flat, there are general conditions attached to the contract applicable to and binding on all other purchasers and users of flats or shops in the building, regulating their respective rights and obligations.

8. Ensure that the contract is signed by the seller in the presence of two witnesses, themselves competent to contract, who have signed as attesting witnesses.

9. If the seller is a company, ensure that all corporate actions have been properly taken for the valid execution of the contract.

10. If the seller is a person under legal disability or if a person signs in a representative capacity on behalf of the seller, check the proper authority and legal ability of the person signing on behalf of the seller.

11. As soon as practicable after the execution of the contract ensure that:
    a) an application is made in the proper form for obtaining the permission of the Council of Ministers;
    b) an application is made to the Central Bank of Cyprus for an exchange control permit, unless the purchaser, though an alien, is a resident for exchange control purposes and the seller is also a resident;
    c) a copy of the contract is deposited with the District Lands Office within two months of its execution, thus ensuring that the contract becomes a charge on the property and that it may be specifically performed.
    

12. As soon as practicable after the permission under 11(a) and (b) above has been obtained, ensure the earliest possible transfer of the title-deed though the District Lands Office, and if a separate title-deed has not yet been issued ensure with the seller that this is done as quickly as possible.  In the case of any breach in the contract ensure that legal action is brought within six months from the date of the breach after written notice.

All the above matters should, of course, be looked after by the lawyer of the purchaser, but their enumeration and their following up by the purchaser himself is advisable and useful.