| Financial
Services > Mortgages
> Holiday
Homes > Cyprus
Buying
property in Cyprus
- The Buying Process
In Cyprus the purchase
of a property by
a non-cypriot requires
the approval of
the council of ministers
under the immovable
property acquisition
law. The approval
is in most cases
a formality provided
the buyer(s) can
prove the financial
means to support
themselves in cyprus
and do not have
a criminal record
in either their
country of origin
or cyprus. Non-cypriots
are restricted to
buying one apartment,
house or building
plot not to exceed
4013m2. Permission
for larger property
must be sought from
the council of ministers
- this may be considered
favourably in the
case of an area
where the government
wishes to promote
tourism for instance.
An initial contract
of sale is drawn
up confirming the
name and address
of seller &
purchaser and property
details including
the agreed sale
price. Transfer
of ownership will
be registered at
the land registry
as soon as the title
deed is issued by
the relevant government
authority and the
account has been
settled.
|
RealVacances
Last
Minute & Special Offers