With all the wonderful property options available to you, buying is a cinch. Buying property in Cyprus is definitely a sound investment. Buying property in Cyprus for your own needs or for future investments, you could never go wrong in Cyprus.
Unlike other countries the method of buying property in Cyprus is quite easy and simple.
For Non-Cypriot buyers, freehold ownership is allowed in acquiring Cyprus villa, apartment and a plot of land with maximum area of four thousand fourteen square meters (4,014).
Companies based abroad are allowed to
own property in Cyprus in order to conduct business or to be used for residence of its expatriate employees. For people who living and buying property in Cyprus, the steps to acquiring residential permit is made easier.
There are two kinds of residential permits that a person contemplating on buying property in Cyprus can avail of. These are: temporary residence permit and the permanent resident permit.
For those who are buying property in Cyprus and want to avail of temporary residence permit, a bank account and a sales agreement on property purchase are required to be able to secure the permit. Temporary residence status for those who are buying property in Cyprus could be for a period of one to four years.
Permanent residence permit is issued to persons buying property in Cyprus if the applicant can furnish evidence that their annual income is not less than CYP 5,300 total for a couple.
Transfer of ownership of
property from Vendor to Purchaser is approved by the Cyprus Land Registry Office. This can be processed by the buyer personally or by a third person through issuing a Power of Attorney document. Two permits must be secured before transfer of ownership is put in effect. These permits come from Council of Ministers and Central Bank of Cyprus.
The buyer then needs to pay real estate transfer tax after the deed of tile is issued and payment is completed.
