March 15, 2007
Property Ownership in Cyprus
Cyprus Property Ownership
Foreign investors looking for a property in Cyprus have free ownership to the title of the property since Cyprus has been part of the EU since 2005, and EU citizen don’t require any working permit for the foreigners.
Cyprus Mortgages
Foreign investors have no difficulty in getting a mortgage since mortgage companies in the country are undergoing a drastic change. The usual payment of properties in Cyprus is 60%-80% of the purchase price payable within 10 and 20 years.
Cyprus Property Deeds
It is in the Cyprus Land Registry Office where the transfer of the ownership takes place after a sale. You can personally accomplish this or if you want, through the power of attorney (where the process will be undergoing in your behalf). It is a requirement that the purchase must indeed present evidence of currency to prove that he has funds for the buying of the property.
The Council of Ministers usually approve the foreign purchases, however, foreigners don’t have to go through this system anymore to buy a property in Cyprus.
It is in writing where the contract of sale must be made. The contract has to be registered at the District Land Registry Office within 60 days from the beginning of the contract date to protect the rights of the owner. The new deed will be recorded in the Government archive and will be registered in the name of the purchaser.
Cyprus’ Legal System
The British system is actually the basis for the Land Registry in Cyprus and the legal system, which makes the system reliable and justly advanced and aids in the security of purchasing a property in Cyprus. The documents are actually written in English.
The Banking System
Fore foreign investors, there is no problem in depositing of foreign accounts to local banks. It is quite a good idea that before purchasing a property, foreign investors must already have opened bank accounts and are in talks with the banks.
There are various banks to choose from in Cyprus, and if you desire, you can even ask if your local bank is located in the country.
Posted on: Cyprus
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