Elias Athanasiou Agents
Registered Agent - No.227

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LEGAL MATTERS

1. Apartment
2. House
3. A piece of Land to build a House

As Cyprus completed a full membership to the European Union in May of 2004, certain restrictions apply to Non-Cypriots belonging to countries outside the EU.

These are as follows:

• After the contract of sale has been completely signed, permission to transfer the immovable property must be sought from the Council of Ministers by written application.
  
• The prospective buyer needs to apply for consent by the Council of Ministers (form 145) as well a permit from the Central Bank of Cyprus, concerning the funds transfer.
  
• Transfer of ownership from Vendor to Purchaser is accomplished by a simple procedure through the Cyprus Land Registry either by the purchaser or by a third party acting on a power of attorney.

STAMP FEES

The purchaser has to pay the following Stamp fees to deposit the Contract of Sale with the Land Registry Office.

VALUE OF Property (EUR)	TRANFER FEES (%)
Up to 170,860	0.15
170,861 and Over	0.2

TRANSFER FEES

Transfer fees are paid to the district Land Registry Office upon transfer of the property with the following scale

VALUE OF Property (EUR)	TRANFER FEES (%)
Up to 85,430	3.0
From 85,431 – 170,860	5.0
From 170,861 and Over	8.0