Real estate—Cyprus—Q&A guide [Archived, 2020 edition]
Real estate—Cyprus—Q&A guide [Archived, 2020 edition]

The following Property practice note provides comprehensive and up to date legal information covering:

  • Real estate—Cyprus—Q&A guide [Archived, 2020 edition]
  • 1. How would you explain your jurisdiction’s legal system to an investor?
  • 2. Does your jurisdiction have a system for registration or recording of ownership, leasehold and security interests in real estate? Must interests be registered or recorded?
  • 3. What are the legal requirements for registration or recording conveyances, leases and real estate security interests?
  • 4. What are the requirements for non-resident entities and individuals to own or lease real estate in your jurisdiction? What other factors should a foreign investor take into account in considering an investment in your jurisdiction?
  • 5. If a non-resident invests in a property in your jurisdiction, are there exchange control issues?
  • 6. What types of liability does an owner or tenant of, or a lender on, real estate face? Is there a standard of strict liability and can there be liability to subsequent owners and tenants including foreclosing lenders? What about tort liability?
  • 7. How can owners protect themselves from liability and what types of insurance can they obtain?
  • 8. How is the governing law of a transaction involving properties in two jurisdictions chosen? What are the conflict of laws rules in your jurisdiction? Are contractual choice of law provisions enforceable?
  • 9. Which courts or other tribunals have subject-matter jurisdiction over real estate disputes? Which parties must be joined to a claim before it can proceed? What is required for out-of-jurisdiction service? Must a party be qualified to do business in your jurisdiction to enforce remedies in your jurisdiction?
  • More...

This Practice Note contains a jurisdiction-specific Q&A guide to real estate in Cyprus published as part of the Lexology Getting the Deal Through series by Law Business Research (published: November 2020).

Authors: Tornaritis Law Firm—Kleopas Stylianou

1. How would you explain your jurisdiction’s legal system to an investor?

Cyprus is a common law jurisdiction. Nevertheless, section 4 of the Immovable Property (Tenure, Registration and Valuation) Law provides that notwithstanding anything in section 29(1)(c) of the Courts of Justice Law, no estate, interest, right, privilege, liberty, easement or any other advantage whatsoever in, on or over any immovable property shall subsist or shall be created, acquired or transferred except under the provisions of the Immovable Property Law. Section 29(1)(c) of the Courts of Justice Law mentions that each court in the exercise of its civil or criminal jurisdiction will apply the common law and the doctrines of equity, save insofar as other provision has been or shall be made by any law made or becoming applicable under the Constitution.

2. Does your jurisdiction have a system for registration or recording of ownership, leasehold and security interests in real estate? Must interests be registered or recorded?

The Immovable Property Law was enacted in 1946 and is considered to be the most important piece of legislation relating to immovable property in Cyprus. It deals with all matters concerning the tenure, registration, disposition

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