Once you have chosen your property, a minimum deposit will be required in the sum of 3.500 euros which is non-refundable.

The remainder of the purchase price is paid in four stage payments:

The first of these is paid thirty days after signing the contract of sale, and will amount to 30% of the purchase price less the 3.500 euros deposit already paid.

The next payment is due when the frame of the property is completed or on a set date to be agreed.

The third payment is normally due when the walls and plastering are completed in the property or on a set date to be agreed.

The final payment is due on completion of the property.

When buying a property in Cyprus there are certain steps which must be followed:

Within two months of its 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%

PURCHASING PROPERTY IN CYPRUS

Compared to many countries, the logistics of property purchase in Cyprus by foreigners are relatively simple provided you undertake legal advice by a serious and professional firm who will put their maximum effort into safeguarding your rights whether you are purchasing for investment purposes or a holiday home.

As a non Cypriot what am I entitled to buy?
a) an apartment or a house or,
b) a house on a building site not exceeding 3 donums (4,012.5 sq. metres) or
c) a piece of land not exceeding 3 donums for the purpose of erecting a house within a reasonable time.
d) any limitation can be overcome by registering a Cyprus limited company whereas more than 50 % of the shares will be held by a European Union citizen.

Making an Offer
Buying property in Cyprus is not complicated. Instead it is very transparent. The Purchaser makes an offer and, if it is accepted, it is normal to give a nominal deposit (between CYP 1,000 and CYP 2,000) to reserve the property, bind the owner, have the property taken off the market and secure it at that day's price.

This in Cyprus, unlike the UK and other countries, is legally binding, so there is no "guzumping." In the meantime, this gives your chosen lawyer the opportunity to do all the prep work. More specifically, to conduct a search at the District Land Registry in order to discover whether there are any mortgages, impediments or liens on the property that you intend to buy. They also proceed and determine what the building coefficient is and all necessary acts in order to prevent any mishaps which one might come across in the future.