Real Estate and Property in Cyprus - Andreas Neocleous & Co

Real Estate and Property in Cyprus
of the sale price, provided that the property has been used as the vendor’s residence
for at least 5 years prior to the sale; and
In the case of any other disposal, the first €17,086 of the sale price.
These deductions are granted once only, unless they have not been exhausted by the first
sale, in which case any balance is carried forward. An individual claiming a combination of
exemptions is allowed only a maximum exemption of €85.430.
The Rent Control Law
Property leases in Cyprus are governed by the provisions of the Contract Law, subject to the
restrictions introduced by the Rent Control Law to protect tenants against eviction under
certain circumstances.
The Rent Control Law does not apply to non-Cypriots renting properties in Cyprus.
Leases exceeding 15 years may be registered with the Land Registry and registration should
be effected within three months of the signing of the lease. Registered leases afford the
lessee certain advantages, including the right to trade the lease.
As noted earlier, non-EU citizens may not take a lease of immovable property for a period
exceeding 33 years without the prior permission of the Council of Ministers, and they are
not allowed to let their premises to tenants.
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