If you are considering buying a holiday home on the island of Cyprus, you will need to know a few basics.
Firstly, you need to ascertain if you are eligible, and if not find out what you need to do in order to become eligible. Technically, unless you are a Cypriot resident, you must apply with the Council of Ministers for permission to purchase property or a home on the island. 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.
None of us like too much paperwork or hassle. 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. So once you have found your dream property in Cyprus, get things moving by finding a Cypriot lawyer to look after your interests and be your guide. This way, you can start living the dream and letting someone else deal with the process.
Resources: Visit Cyprus Law to find a Solicitor in Cyprus, or the Council of Ministers for more details.