Individuals Cannot Obtain Permission For More Than One Property

Category: Finance.

As stated previously, non Cypriots must obtain permission from the council of Ministers before purchasing property. Individuals cannot obtain permission for more than one property.

For individuals, this will be granted, bone fide cases, as a rule where individuals wish to acquire flat, a house or piece of land for the erection of a house intended for residency, or regular use as a holiday home. In the case of acquiring land with a view to building, the area allowed will usually be approximately two thirds of one acre. They are based strictly on the consumption of each unit. Charges for utilities are payable to the respective authorities at regular intervals throughout the year. While the cost will vary, approximately CY180 per year can be considered a rough guide. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace. Cyprus enjoys a remarkably low crime rate 1/ 6 of the European average another reason for its popularity with foreign buyers for whom security has become a key element in the property world.

Under the Aliens and Immigration Law, non- Cypriots wishing to take up employment in Cyprus are required to have a work permit. You need to submit an application and provide proof that you and your family are self supporting. By law, a non- Cypriot in Cyprus is entitled to a residence permit but is not required to hold a permanent residence permit the latter being easy to obtain once certain requirements are fulfilled. The following documents must accompany your application: A copy of the sale/ rental agreement Copies of pension/ retirement income Any other document( s) relevant to income Three photos and passport( s) The application for permanent residence may be submitted to the local immigration office in the area of residence. Our Cypriot team or your lawyer will be able to recommend a surveyor to you. A survey on any resale property is strongly recommended, just as it would be in the UK or elsewhere.

He will inspect the property and prepare a report, eventually showing any defects, which would not be visible to everyone s eyes. One thing is for sure. It will save you unpleasant surprises at a later stage, and depending on the type of defects stated( if any) , you may get a reduction on the price or you maybe in a position to request the vendor to repair them, or insist additional guarantees be inserted in the contracts. You will know what you are buying. A surveyor will not allow his love for a property to cloud his judgement as you may have done.

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