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What type of property can I own in Cyprus?
from: by Mark VurnumOne of the best things about buying property in Cyprus is that, within certain limits, your world really is your oyster, i.e. you can buy almost anything you want!
Here, the types of freehold property that non-Cypriots are currently allowed to purchase include:
apartments. villas, land, provided that the total area of the land does not exceed 4014 square meters
Having found a property that you like, that complies with these very minimal limitations, all you then need to do is to sign a purchase agreement for your chosen piece of property. Here, agreements to purchase property in Cyprus are generally very straightforward and routine.
That said, as a non-Cypriot, you will need to submit an application to the Council of Ministers requesting their approval to transfer the property deeds to your name.
If you are not too worried about having the property deeds in your own name, you can also buy property in the name of a company, and that company (which belongs to you) is also allowed to buy property to be used as a residence for any foreign employees it has in Cyprus, e.g. you!
Once you have decided on what type of property you want to buy in Cyprus, and have submitted all of the relevant paperwork, the process of transferring the property title deeds into your name can take up to 10 months.
However, so long as you have paid for the property, there should be nothing stopping you from taking possession of the property and living in it during the time it takes for the Council of Ministers to process all of your paperwork.
All of which means that buying property in Cyprus could not be made easier - so, next time you and your mates are moaning about the cold winter weather, and are thinking of places to buy your retirement or holiday home, why not think of buying some property in Cyprus - after all, its part of Europe and has lovely weather all year round!
Mark Vurnum offers free advice and uses his experience in helping people buy their dream property in Cyprus. http://www.yourcyprusproperty.co.uk
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