What type of property can I own in Cyprus?Written by Mark Vurnum
One of best things about buying property in Cyprus is that, within certain limits, your world really is your oyster, i.e. you can buy almost anything you want! Here, types of freehold property that non-Cypriots are currently allowed to purchase include:
∑apartments ∑villas ∑land; provided that total area of land does not exceed 4014 square meters
Having found a property that you like, that complies with these very minimal limitations, all you then need to do is to sign a purchase agreement for your chosen piece of property. Here, agreements to purchase property in Cyprus are generally very straightforward and routine. That said, as a non-Cypriot, you will need to submit an application to Council of Ministers requesting their approval to transfer property deeds to your name.
If you are not too worried about having property deeds in your own name, you can also buy property in name of a company, and that company (which belongs to you) is also allowed to buy property to be used as a residence for any foreign employees it has in Cyprus, e.g. you!
Do I need to be a resident of Cyprus to buy property in Cyprus?Written by Mark Vurnum
One of first questions that most of us when we are thinking about buying property abroad is whether or not we need to be a resident in that country. Given that a lot of countries around world donít permit non-residents to buy freehold property, this is only a natural question to ask.
Untypically, and very much to its credit, Cyprus is not like most other foreign countries however as it has a very relaxed policy towards non-Cypriots buying property in Cyprus. That said, although you do not specifically need to be a resident in Cyprus, in order to be entitled to purchase and own property in Cyprus, as a non-resident you will need to comply with certain local regulations; including making an application to Council of Ministers to request their permission for you to put your name, as a non-Cypriot, on property ownership deeds.
This process, between you applying to Council of Ministers to put your name on property title deed, and your request being granted so that your name is shown on property title deeds, can take up to 10 months. However, although official process can take some time, once you have paid purchase price for property in question you are allowed to move in and live in property you have just acquired - without needing to wait to get permission from Council of Ministers.