Buying property in Cyprus - Step by step instructions When buying a property in Cyprus there are certain steps which must be followed: Within two months of it’s being signed, the Contract of Sale for the property must be submitted to the District Land Office. An application must be made to the Cyprus Council of Ministers for permission to purchase property*. This application must include the personal details of the applicant, their financial standing and full details of the property. After the Council of Ministers has approved the application another application to the Cyprus Central Bank must be made in order to confirm that the purchase price was paid in foreign currency. The Ministry of the Interior, under the Immovable Property Acquisition (Aliens) Law Cap. 109. requires for the application the following: Agreement (contract) Approval by the Council of Ministers. A document showing clearly that payment for the property was made in foreign currency The title deed of the property. The next step is to apply to the District Land Office for the transfer of the property to your name from that of the seller (the presence of both parties is required except where proxy is given to someone else) and the payment of the transfer fees and taxes must be made to the land office at the time of transfer. The application must include the following; Copy of the approval of the Council of Ministers. The certificate issued by the Central Bank. Receipts that all taxes on the property have been paid. Registration certificate of the property. Transfer Fees (see below) Upon transfer of the property, the District Land Registry Office will charge transfer fees based on the property's value: For up to CYP 50.000 3% For CYP 50.001 - CYP 100.000 5% For CYP 100.001 - and over 8% A stamp duty - at the rate of CYP 1.50 per CYP 1,000 up to CYP 100,000 and thereafter at the rate of CYP 2 per thousand - is payable at the time of signing the Contract. The annual property ownership tax imposed by the government is approximately CYP 60-120 per year. The Municipal Authorities annual property tax for services such as refuse collection are about CYP 20-30 per year. Property sales are subject to a capital gains tax at the rate of 20% on the gain. However the first CYP 10,000 is exempt and there is an indexation allowance. Inheritance Tax is not payable on property purchased by non-Cypriots when the beneficiary is not in Cyprus. *Residential Permits are easily obtained for persons living in Cyprus who have purchased property. Temporary Permit: The granting of this permit requires the existence of a bank account in Cyprus and a sales  agreement of the property purchased. Temporary residence status can be from one to four years. Permanent permit: In addition to the above requirements, the applicant must establish evidence of a secured annual income of not less than CYP 5,000 (five thousand Cyprus pounds) for a couple.