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Cyprus Business Permits - Operating As An Estate Agent

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Information on Cyprus permits required to operate as an Estate Agent

Cyprus Real Estate                                     Photo © CyprusExpat.co.uk

Practise as a Real Estate Agent

Description

In order to practise as a real estate agent in the Republic of Cyprus, one needs to register at the Register of Real Estates Agents and obtain a licence from the Council of 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 natural person is eligible to register to the Register of Real Estate Agents, provided that the Council of Real Estate Agents is satisfied that he/she:

(a) is a citizen of the Republic or of any other EU member state (or a spouse or a child of a citizen of the Republic of Cyprus that has his/hers habitual residence in the territory of the Republic of Cyprus);

(b) is not subject to bankruptcy or any other legal disability under any judicial decision;

(c) has not been convicted of any offence involving dishonesty or moral indecency;

(d) has obtained after a minimum three-year course, a recognised diploma, degree or title from a university or professional body in a subject related to the profession of a real estate agent and thereafter one year’s experience in the Republic or in any other EU member state related to real estate business or holds a masters degree or title of at least one year studies in subjects related to real estate agents profession;

(e) has sufficient knowledge related to the real estate and town planning legislation of the Republic of Cyprus, necessary for the correct and responsible exercise of the profession of a real estate agent.

Application Procedure

Initially, the application for the registration of a natural person 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 natural person in the Real Estate Agents Register should be accompanied by the following documents:

two recent photographs (in the case of online submission of the application, one photograph is to be attached);

copy of Certificate of Secondary Education Institute;

copies of degrees/ diplomas/ certificates related to the field of real estate agents;

original Certificate of Clear Criminal Record (in the case of electronic submission of the application, a copy of the certificate is to be attached whereas the original certificate is to be shown to the Council of Real Estate Agents before the ranting of the relevant licence);

copy of payment receipt of the application fee of €300 (payable via bank transfer in the case of online submission of the application, otherwise payable by cash, check or bank transfer).

The applicants will be requested to attend written examinations organized by the Council of Real Estate Agents in order to ascertain the qualification in paragraph (e) mentioned in eligibility criteria.

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 issued provided that the applicant has attended and successfully passed the above mentioned written examinations and paid the fee of €350; the certificate of registration is valid for an unlimited period.

Thereon, the application for the issuance of annual licence of natural person and real estate agents identity card must is to be submitted either electronically through the PSC Cyprus’ portal or by post/hand directly to 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;

copy of the payment receipt of the licence fee of €250 and real estate agents identity card fee of €20 (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 and €20 for the real estate agents identity card.

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

Cyprus Real Estate Agents Association

P.O.Box 21455,

1509 Nicosia

Tel. : +357 22 889759

Fax. : +357 22 667593

Source PSC

Last Updated 12 February 2017

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