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One of the first questions that most of us when we are thinking
about buying property abroad is whether or not we need to be a
resident in that country. Given that a lot of countries around
the world don’t permit non-residents to buy freehold property,
this is only a natural question to ask.
Untypically, and very much to its credit, Cyprus is not like
most other foreign countries however as it has a very relaxed
policy towards non-Cypriots buying property in Cyprus. That
said, although you do not specifically need to be a resident in
Cyprus, in order to be entitled to purchase and own property in
Cyprus, as a non-resident you will need to comply with certain
local regulations; including making an application to the
Council of Ministers to request their permission for you to put
your name, as a non-Cypriot, on the property ownership deeds.
This process, between you applying to the Council of Ministers
to put your name on the property title deed, and your request
being granted so that your name is shown on the property title
deeds, can take up to 10 months. However, although the official
process can take some time, once you have paid the purchase
price for the property in question you are allowed to move in
and live in the property you have just acquired - without
needing to wait to get permission from the Council of Ministers.
That said, if you are interested in buying property in Cyprus,
as a non-Cypriot, you should still adopt some of the prudent
measures that you would use in the UK; for example, you should
make sure that the seller is the real owner of the property
being sold. You should also check that there are no liens or
charges on the property that would make the sale more
complicated than it already is.
As you can see then, provided you stay within the very minimal
restrictions of property ownership in Cyprus, you can easily buy
that dream home in very affordable Cyprus.
About the author:
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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