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Cyprus Business Permits - Operating A Real Estate Agents Office

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Information on permits required for a Cyprus real estate agents office

Cyprus Real Estate                    Photo © CyprusExpat.co.uk

Provision of Real Estate Services by Legal Persons
    
Description

In order for legal persons 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.

Eligibility Criteria

The licence to practise as a Real Estate Agent can be granted both to natural persons and to legal entities.

Every legal person 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

at least one of its directors is registered and licensed real estate agent in the Republic of Cyprus (see Practise as a Real Estate Agent).

Application Procedure

Following the registration and obtainment of the annual licence of natural person and real estate agents identity card of at least one of the directors of the legal entity, the application for the registration of a legal entity in the Real Estate Agents Register is to be submitted either electronically through the PSC Cyprus Portal 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

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 Registered Office Address;

copy of Articles and Memorandum of Association;

copy of payment receipt of the application fee of €200 (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. Upon approval, the applicant needs to pay the fee of €350 for the issuance of the Certificate of Registration. The certificate of registration is valid for an unlimited time period.

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

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 evidence of the possession of the offices by the applicant;

Certificate of Employment issued by the Department of Social Insurances for each employee;

Solemn Declaration that the already submitted certificates of legal entity have not been amended;

board of director’s authorisation to third party for the submission of the application form (if applicable);

copy of the payment receipt of the licence fee of €250 (payable via bank transfer in the case of online submission of the application, otherwise payable by cash, check or bank transfer).

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.

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.

Obligations and Supervision

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 façade 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.

Other Associations

Cyrpus Real Estate Agents Association

P.O.Box 21455,

1509 Nicosia

Tel. : +357 22 889759

Fax. : +357 22 667593

Source PSC

Last Updated 07 February 2017

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