In The Meantime Purchasers May Take Possession Of Their Property Without Restriction

Category: Finance.

Cyprus is an independent and sovereign republic with the elected president( 5 year election cycle) as head of state.

The legal system is based on the British/ European system with independent power exercised by judiciary. The legislation power lies with the elected House of Representatives and appointed council of ministers. Cyprus is a member of the UN, the non, the British Commonwealth- aligned movement, World Bank and IMF, and shortly to be a full member. The municipal authorities also levy an annual property tax of CY20- 30 per year and other authorities may also require CY20- 40 sewage tax. The annual immovable property tax imposed by the government is approximately CY60- 120 per year. Common expenses are usually paid monthly or quarterly in advance.

They cover an owner s share of the cost of cleaning and maintaining common areas and gardens, electricity in common, swimming pool expenses areas, rubbish collection and, management fees repairs. They vary from development to development and depend on the area and type of property. The estimated total is in the region of CY150 to CY300 per year. This must be submitted by the non- Cypriot purchaser after the agreement has been signed. Permission to purchase a property must be obtained from the Council of Ministers by written application. However, the permission is granted more or less as a matter of course to all bona fide buyers.

By 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. In the meantime purchasers may take possession of their property without restriction. You need to submit an application and provide proof that you and your family are self supporting. Firstly, a preliminary contract is signed. 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. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed.

At this stage, a deposit is lodged with a Lawyer or a Notary. This is subject to the purchaser being able to receive good title to the property and obtaining the necessary permits from the Cypriot government. The purchases lawyer will now carry out the searches at the District Land Registry to ensure that the vendor of the property is indeed, the owner and ensures that the purchaser obtains good title to the property.

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