Real Estate Company

Last Update on 02/10/2020

Provision of Real Estate Services by Legal Entities

General Information

In order for legal entity to provide real estate services in the Republic of Cyprus, they need to register at the Register of Real Estates Agents and obtain a licence from the Council of the Real Estate Agents.

The term “Real Estate Agent” refers to a natural or legal person whose occupation is to act as an intermediary for a land transaction for a fee. In parallel, Real Estate transaction refers to every transaction for the conclusion of an agreement for the sale, purchase, exchange or leasing of immovable property for a period exceeding one month, including assigning the property with valuable consideration or through the transfer of company shares.

The licence to practice as a Real Estate Agent can be granted both to physical person and legal entities.

Every legal entity is eligible to register to the Register of Real Estate Agents, if the Council of Real Estate Agents is satisfied that it:

  • Has been incorporated in the Republic of Cyprus or any other EU member state;
  • Maintains its registered office or place of business in the Republic of Cyprus;
  • Is not subject to proceedings for its liquidation or dissolution; and
  • All of the company’s directors and shareholders are registered and licensed real estate agents in the Republic of Cyprus (see Practice as a Real Estate Agent).

Following the registration and obtainment of the annual licence and real estate agents identity card (for natural persons) of the director or the directors of the legal entity, the application for the registration of a legal entity in the Real Estate Agents Register can be submitted either electronically through the competent authority’s website or by hand/post to the competent authority:

Council of Real Estate Agents
Corner of Armenias & Lykourgou 1,
2001 Strovolos, Nicosia
PO Box: 28954, 2084 Nicosia
Tel. +357 22666377
Fax. +357 22518490
Email: mesitwn@cytanet.com.cy
Website: http://www.creacyprus.org.cy

  1. A. The application for the registration of a legal entity in the Real Estate Agents Register should be accompanied by the following:

    • Copy of Certificate of Incorporation;
    • Copy of Certificate of Directors and Secretary;
    • Copy of Certificate of Shareholders;
    • Copy of Certificate of Registered Office Address;
    • Copy of the Memorandum and Articles of Association;
    • Copy of payment receipt of the application fee of €200.

    Thereon, the application for the issuance of an annual licence to a legal entity is to be submitted either electronically through the competent authority’s website or by post/hand directly to the Council of Real Estate Agents.

    B. The application should be accompanied by the following documents:

    • Copy of insurance coverage of €200.000 for the current year;
    • Copy of the title of property deeds or other document (i.e. rental agreement) proving the possession of the offices by the applicant;
    • Certificate of Employment issued by the Social Insurance Services for each employee;
    • Solemn Declaration that the already submitted certificates of legal entity have not been amended;
    • Board of director’s authorization to third party for the submission of the application form (if applicable);
    • Copy of the payment receipt of the licence fee of €250.

    On-site inspections are carried out by the Council of Real Estate Agents’ inspector in order to ensure the appropriateness of the offices of the applicant.

Application fee for the registration of a legal entity in the Real Estate Agents Register is €200 (payable via bank transfer in the case of online submission of the application, otherwise payable by cash, check or bank transfer).

Upon approval, the applicant needs to pay the fee of €350 for the issuance of the Certificate of Registration.

The legal entity’s annual licence to is €250 (payable via bank transfer in the case of online submission of the application, otherwise payable by cash, check or bank transfer).

The applicant is informed regarding the registration decision within three months from the date the application form and supporting documents were duly submitted.

The certificate of registration is valid for an unlimited time period and as long as a registered and licenced real estate agent acts as a the company’s director.

Every annual licence expires on the 31st December of every year it has been issued. It may be renewed under the same terms and conditions; the renewal fee is €250.

Administrative Action Against a Competent Authority’s Decision

Any person may file an Administrative Action at the Administrative court against a decision, act or omission of any competent authority or body.

Pursuant to Article 146 of the Constitution, an Administrative Action may be lodged within 75 days from the date of the decision or act or omission or from the day when such decision or act or omission was notified to the applicant.

The Administrative Court acts as a cassation Court and not as a substantive Court. In other words, the Administrative Court may:
I. Dismiss the Administrative Action
II. Annul wholly or partially the contested decision or act
III. Compel the relevant authority or body to take a certain action

After a decision is annulled, the authority and/or public body must reverse things back to the state prior to when the concerned decision and/or act was executed and reexamine.

Appeal Information

An Appeal may be filed against the Administrative Court’s first-instance decision within a period of 42 days from the date such decision was given.

At the Supreme Court (Court of Appeal Section) hearing, the contested issue of the appeal remains the legality of the decision or act already adjudicated for. However, such revision of the legality of the decision or act is solely examined on the matters and the extent that the two parties have limited the reasons in the relevant notice of appeal.

The decision adopted by the Supreme Court is considered final in relation to the matter that has been judged.

Registered and licensed Real Estate Agents are obliged to comply with the provisions of the Real Estate Agents Law of 2010, as periodically amended, and specifically among others, with the following:

  • Mention the phrase “registered and licensed real estate agent”, followed by the registration number and the annual license number, in every document or advertisement used in the course of the profession;
  • Maintain an office with suitable furnishing and equipment and to have exhibited in a conspicuous place the certificate of registration and the license, and reveal at the facade of the office the name, the words “registered and licensed real estate agent”, the registration number, and the business name if applicable;
  • Notify the prospective buyer of the property of all the information relating to the physical condition of the property, the charges thereon, including any other restrictions on the property under any legislative, judicial, administrative or other governmental act or decision.

The Council may delegate to its officers or a committee the duty of ensuring that the registered and licensed real estate agents comply or apply the provisions of the relevant Law and Regulations.