Whether you’re considering buying a property in Cyprus or you’re looking to invest in a holiday home, there are several things to consider before finalising your decision. You’ll want to make sure you understand the local real estate market before purchasing a property. Cyprus property prices are highly competitive, and some areas may be more expensive than others. In addition, legal fees may be an expense to consider, particularly when you’re buying a property abroad. Check out – ilisters.com/cyprus/
Whether You’re Considering Buying A Property In Cyprus
Firstly, if you’re not a European citizen, you will need formal permission from the Council of Ministers. It shouldn’t be too difficult to obtain. After securing formal permission, you can proceed to signing the sale contract. It will also be important to pay the appropriate stamp duty. Failure to pay this will lead to a fine. Then, you’ll need to submit the agreement to the District Land Office within 2 months.
If you are not a Cypriot citizen, you must apply for an immovable property permit with the Council of Ministers. In order to apply for this type of residency, you’ll need a bank reference, criminal history, and a declaration that you intend to live in the property as your primary residence. The application process can take several months, but you’ll need to wait until it is approved. Once you’ve obtained permission, you’ll need to pay the stamp duty and register the property.
Renting a Cyprus property is very easy and affordable compared to the rest of Europe. Cyprus traditionally has a custom that allows women to pass on their property to their daughters as a dowry. However, there are fewer women in Cyprus today who are passing on their property as a dowry. Consequently, there are still several properties on the market that are awaiting young girls to claim them. Prices for renting property in Cyprus vary by area, type of house, and who you know.