Buying Property In Cyprus
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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.
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