Things you should know when buying property in Cyprus
Cyprus Residence Permit
Residential permits are easily obtained by persons who have purchased property in Cyprus. Nationals of any Member State of the European Union who move to Cyprus enjoy their full rights and privileges as EU citizens, including the right to establish residency, buy property, work or open a business. Application forms for the issue of a residence permit are available at the Civil Ministry of Interior and or Immigration branches of the Police, and must be submitted within 3 months of entry into the Republic of Cyprus. Non-EU citizens are required to complete and submit an application along with proof that he and his family are self-supported. In addition, the following documents must accompany the application, which can be lodged at the local immigration office in the area of their residence:
- A copy of the sale/rental agreement
- Copies of a pension/retirement income
- Any other document relevant to income
- Three photos
- Copy of passport
Property Ownership in Cyprus
The process of purchasing in Cyprus is very simple and safe and can be completed within a reasonable amount of time after signing the contract of sale. An EU National is permitted to purchase property without restriction and does not require approval from any authority.For purchase of property by a non-EU National who is resident in Cyprus, permission from the Council of Ministers is also required. However, approval is granted in all bona fide cases and property without restriction. Non Europeans are entitled to freehold ownership of villa, apartment or plot of land with a maximum extension of 4.014 sq.meters (four thousand and fourteen square meters).
Financing Your Property in Cyprus
Most commercial banks in Cyprus are authorized to offer mortgage facilities to local as well as foreign applicants, to assist in the purchase of their property. A loan can be granted in Euro or in the Foreign Currency of the income of the borrower. Purchasers are also able to obtain financing for the purchase of property in Cyprus, from banking and finance institutions based abroad.D. Zavos Group has strong relationships with most local banks represented in Cyprus and can assist purchasers by providing introductions to ancillary expertise and services from banking and mortgage specialists.Cyprus banks: Bank of Cyprus, Laiki Bank, Hellenic Bank, Alpha Bank, National Bank of Greece and Pireus Bank.
Guaranteed Title Deeds for Cyprus
The transfer of ownership from a Vendor to a Purchaser is a procedure that takes place at the District Land Registry Office. In case where the Purchaser is not available, he/she may appoint a Power of Attorney and let a solicitor undertake the transaction of the transfer. D. Zavos Group can assist you in every step of the way.