Provision of Real Estate Services
In order to temporarily and occasionally provide cross border real estate services in the Republic of Cyprus, one needs to notify 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.
Who is Eligible
Any natural person or legal person is eligible to notify the Council of the Real Estate Agents and temporarily provide cross border real estate services, provided that the Council of the Real Estate Agents is satisfied that he/she/it:
- is a citizen of the member state or has been incorporated according to the legislation of another EU member state, in the case of a natural or legal person respectively;
- is lawfully established in another EU member state, other than the Republic of Cyprus, and in the case of a legal person it does not have its place of business (professional/business premises) within the Republic of Cyprus;
- lawfully conducts real estate agent activities in the EU member state of establishment, or in the event that the real estate agent’s profession is not regulated in the member state of establishment, has conducted real estate agent activities on a full time basis in the member state of establishment for at least two years within the last ten years.
Where to Declare
A European Professional Card (EPC) is available for the temporary provision of these services and can be obtained through the Internal Market Information (IMI) System. Please follow the link above for more information.
Alternatively, the declaration form concerning the temporary provision of services for regulated professions in the Republic of Cyprus can be submitted either through the PSC Cyprus or by post/hand 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
Which Certificates must be Submitted
The declaration form should be accompanied by the following documents:
- copy of proof of nationality of the provider (identity card or passport);
- copy of certificate that the applicant is lawfully established in an EU member state for practising as a real estate agent and is not subject to prohibition, not even temporarily, for providing real estate agent activities/services at the time he or she has acquired the certificate ;
- copies of evidence of his or her professional qualifications;
- copies of evidence that he or she has practised as a real estate agent on a full time basis in the member state of establishment, for at least two years within the last ten years (only in the event that the real estate agent’s profession is not regulated in the member state of establishment).
Legislation & Obligations
Which Laws and Regulations Apply
- Directive 2005/36/EC on the Recognition of Professional Qualifications
- Directive 2013/55/EU amending Directive 2005/36/EC on the recognition of professional qualifications and Regulation (EU) No 1024/2012 on administrative cooperation through the Internal Market Information System (‘the IMI Regulation’)
- The Real Estate Agents Law of 2010 (71(Ι) / 2010)
What are my Obligations
Natural persons or legal persons providing real estate services in the Republic of Cyprus 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:
- 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;
- maintain an insurance coverage of €200.000 in the Republic of Cyprus or an insurance coverage of equal amount by an insurance company that lawfully conducts business in another EU member state that cover the liability of the real estate agent, within the Republic of Cyprus, in the event of a breach of the real estate agents legal obligation to fully inform the buyer mentioned above.