The Process of Buying a Property in Cyprus

HomeReal Estate

  • Author Peter Spyr
  • Published August 3, 2007
  • Word count 444

Thinking of buying a holiday home in Cyprus? A word of warning – if you fail to plan, you plan to fail. One of the best pieces of advice I can provide is do your research!

Firstly, you need to ascertain if you are eligible, and if not find out what you need to do in order to become eligible. There are certain rules and regulations that are governed by the Cypriot Council of Ministers that essentially state that you have to ask permission to duty before you even embark on the journey. It's no rare to hear of permission being denied that I have never had the experience – however it is required none the less. If you are a European national who is not a resident of Cyprus, you can buy all the land you want but are limited to one home or apartment. However, in reality this may not be a real considerations as if you are a non-European national, you are still able to purchase approximately one acre of land (about 4,000 meters square) and one house or apartment which more often than not is more than meets your requirements.

As such, it is strongly advised that you find yourself a Cypriot solicitor at the onset. Local representation is essential as you will not want to wade through all the paperwork and permits. When applying, you will have to submit the details of the identified property you want to buy as well as all the information about its current owner and contract information. In addition, you will have to reveal all your personal history like a passport, current residence and financial means of income.

Show me a man who enjoys bureaucracy and I will show you solicitor in the making. While a home in Cyprus will be worth the effort, be warned that the legal process for approval can take as long as six months – partly due to process and partly due to the pace of life in Cyprus. Fortunately, this is merely official process and you can in fact take move into your new property while waiting for approval.

Essentially, the core process of the process to buying a property is pretty much universal – give or take a few minor or not so minor details. This ‘not so minor detail' in Cyprus is the seeking and gaining approval from the Council of Ministers. Finding a dream property is the easy part – there are many of them to choose from! However, finding legal representation that you are able and comfortable to work with is also very important. This way, you can start living the dream and letting someone else deal with the process.

Cyprus Property Agents will help you to find you the Cyprus property of your dreams.Visit http://www.cypruspropertyagents.com/ to begin your search.

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