Cyprus Property Development
William Marind
The relatively low cost of living in Cyprus has an added appeal for the potential buyer, offering a full and inexpensive lifestyle. Recent statistics pointed to Cyprus as one of the most inexpensive countries in Europe. The local markets flaunt a wealth of colourful fresh fruit and vegetables, meat and fish, and Cyprus' modern supermarkets are fully stocked with a large range of local and imported goods. The local population is Greek speaking. Cyprus was once a British colony resulting in over 80% of the population speaking English. Street signs, direction signs, and shop signs are written in English. Knowledge of German, French, Russian is increasing with the Island tourist trade.
Location: In any particular area there are many blocks of flats under construction (this is less true for the Paphos residential areas). Try to shop around and choose a block in a good area. Of course what is a 11 good" area is relative and depends on various factors including personal judgement and taste. it is widely accepted, however, that a 11 good" area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet (not on main roads) and which is close to schools and shops.
Permission to purchase a property must be obtained from the Council of Ministers by written application. This must be submitted by the non-Cypriot purchaser after the agreement has been signed. However, the permission is granted more or less as a matter of course to all bona fide buyers. In the meantime purchasers may take possession of their property without restriction.
Cyprus enjoys a remarkably low crime rate 1/6 of the European average another reason for its popularity with foreign buyers for whom security has become a key element in the property world. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace. Under the Aliens and Immigration Law, non-Cypriots wishing to take up employment in Cyprus are required to have a work permit.
law, a non-Cypriot in Cyprus is entitled to a residence permit but is not required to hold a permanent residence permit the latter being easy to obtain once certain requirements are fulfilled. You need to submit an application and provide proof that you and your family are self supporting. The following documents must accompany your application: A copy of the sale/rental agreement Copies of pension/retirement income Any other document(s) relevant to income Three photos and passport(s) The application for permanent residence may be submitted to the local immigration office in the area of residence.
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