Is there a way that a non Cypriot resident can purchase more than one property? 

Under the current law in Cyprus, foreigners not residing in Cyprus can acquire the Title Deed to only one property on the island, an apartment, a villa or a house. 

At first sight, this appears to preclude multiple ownership of properties by foreign investors. The reality is that it does not!It is important to appreciate that there are two stages to buying property in Cyprus. The first stage is entering an Agreement - the Contract of Sale, to buy the property.

The second stage, taking place years down the line, is the formal transfer of the Title Deed from the developer to the buyer. It is the second stage that the restrictive law applies to i.e purchasers can not have the Title Deed to more than one property transferred into the purchasers name if the purchaser does not live in Cyprus. BUT purchasers can enter as many binding Contracts of Sale as they like. The Contracts are placed in the hands of the Land Registry and cannot be withdrawn by anyone, and therefore the property is legally registered in law as unequivocally belonging to the buyer, it cannot be leased, sold, transferred or mortgaged without the consent of the buyer - only the buyer can alter the property status. Once the Contract of Sale is at the Land Registry, the buyer acquires a right of “specific performance” against the developer meaning the developer can be compelled in law, to perform his side of the Contract. This begs the question – can a property without Title Deeds be sold?

The answer is - yes, of course. The procedure is for the original Contract of Sale to be cancelled by the original buyer and the developer entering a Cancellation Agreement. The developer then enters a new Contract of Sale with the new buyer. Many developers charge a fee for agreeing to this process.Properties are bought and sold in this manner all the time in Cyprus.

IMPORTANT: The contents of this report have been compiled in good faith by Inter – M Properties to provide assistance to investors, but do not constitute investment advice or recommendations. Investors should not rely upon the information given in order to choose types or routes of investment but should make their own independent enquiries before making choices.

 Inter – M Properties has taken reasonable care in researching and presenting the information herein but makes no representations as to its accuracy and accepts no liability for actions taken or not taken as a result.