Under the legislation passed on 21 May 2024, foreign purchasers who received permission to purchase after that date were originally required to complete the transfer of title within six months of their permission being granted by the Ministry of the Interior. Failure to complete the transfer within this period would result in the permission to purchase becoming void.

If, at the time the permission was granted, the purchaser still had ongoing payments under the Contract of Sale, the six-month period would start from the date of the final payment. In such cases, both the purchaser and the vendor were required to pay their transfer of title taxes within 60 working days of the permission being granted to avoid voiding the permission.

New Extension (Council of Ministers Decision – 16 April 2025)

The Council of Ministers has extended these deadlines:

• • Foreign purchasers who receive permission to purchase after 21 May 2024 now have 12 months (instead of six) to complete the transfer of title.
  • If ongoing payments remain at the time permission is granted, the 12-month period begins from the date of the final payment.
  • Transfer of title taxes must now be paid within 75 working days of the permission being granted.

Consequences of Failing to Complete the Transfer

• If the purchaser does not complete the transfer within 12 months, the permission to purchase becomes void.
• Re-application is possible, but a re-submission fee will be double the normal application fee.
• If the purchaser fails a second time to complete the transfer within 12 months, a third application for the same property will not be accepted by the Ministry.