After the Republic of Cyprus joined the European Union (2004), restrictions on the purchase of real estate objects were gradually removed in accordance with EU regulations. At the beginning of May 2009, people with citizenship in EU member states and companies that are part of the European Economic Area began to be considered local residents. This enables them to buy property without certain restrictions. Also, these citizens can register in their own name as many properties as they want, without obtaining permission for this.
Residents of countries outside the European Union must obtain special permission from the Council of Ministers. In fact, this procedure is a mere formality, because such a document is issued without restrictions. At the same time, only the presence in the property of the buyer of a residential property previously registered in his name in Cyprus and the absence of problems with the law are checked.
According to the circulars issued by the Ministry of Internal Affairs, the directives of the Cypriot Central Bank and the provisions of the “Law on the purchase of real estate by foreigners” (Art. No109), citizens of those countries that are not members of the European Union, or foreign organizations that want to purchase Cypriot property, are required to obtain permission from the Council of Ministers with the help of a local official on whose site the object is located. For this reason, if a person is not a resident of a country outside the European Union or the EEA, then he must write an application to the local administration of the county where the residential or commercial assignment that the citizen plans to purchase is located.
Legal matters relating to real estate received in connection with death are controlled by the law of inheritance.
What can third-country nationals buy?
A permit is issued to an applicant to purchase a plot of land, a house or an apartment not exceeding 3 real estate units (approximately 4,014 square meters) for the construction of only one residential building for the purpose of accommodating the buyer, her/his spouse and dependents. The Ministry of Internal Affairs in Cyprus allows you to own a maximum of a couple of objects in one or in different buildings.
Such property can be:
- residential block + office area less than 250 square meters;
- residential block + store area less than 100 square meters;
- 2 residential blocks.
A multi-office floor or an entire commercial building with a shared title issued is one unit.
When acquiring more than a couple of properties, the title will not be issued. Although the property can be used in the standard mode (for sale, rent, residence, etc.), it is unrealistic to take a loan for it.
In addition, family members of the original buyer (not counting the husband/wife) will also be able to buy the property if they are not financially dependent on the buyer. The permit is issued only for the purpose of personal residence , and not for commercial exploitation or the conclusion of a lease.
However, these restrictions are not so difficult to get around. For example, citizens of foreign countries will be able to open a company and register real estate for it or register it with one of the family members.
Benefits of buying a property by a foreigner?
Those who own real estate on the island of Cyprus will be able to obtain a multiple national visa. Moreover, without a special visa, they cannot travel around the states of the Schengen agreement, since Cyprus joined the European Union, and not the Schengen.
There are 2 basic schemes. The first is suitable for a simple inexpensive living space. The second – “fast track” – makes it possible to obtain a residence permit in an accelerated mode for those people who have purchased real estate for more than 300,000 euros. The acquisition of objects that cost more than 300,000 euros immediately gives the owner the right to receive a permanent residence, which does not have to be renewed. In addition, having lived on the island of Cyprus for seven years or more, you can apply for citizenship of this country by naturalization.
In 2020, the citizenship by investment program was suspended, which made it possible to become a Cypriot in a short time. However, the possibility of obtaining permanent residence in Cyprus for investment is still preserved.
What changes have been made in 2022?
For residents of Russia, the road to the territory of Cyprus is complicated by the lack of a direct flight and, as a result, the inability to arrive in the country on a ” provision ” (a simplified way of issuing a visa). However, there remains the possibility of obtaining a national visa for Cyprus, and you can also visit Cyprus on a Schengen visa. You can get to the island with a transfer in Yerevan, Kutaisi, Dubai, Belgrade and other cities.
In the context of a pandemic that has lasted for more than three years, foreign investors have adapted to the situation on the market and began to view the property they are interested in via the Internet and remotely conclude transactions. Now the inhabitants of Russia have other problems – some Russian banks have turned off the SWIFT system. In addition, services such as Mastercard and Visa also stopped working on the territory of the Russian Federation. Also, Russians have limited transfers of funds in foreign currency to personal foreign bank accounts.
In such a very difficult environment, many people became interested in buying real estate with the help of cryptocurrency . Since such a procedure is still quite new, and there are always more than enough scammers in the real estate market, as in any other, it is advisable to look for land plots or other objects with the help of special real estate agencies. To protect yourself from scammers, before cooperation, you need to check whether such a company has permission to provide such services.
Of course, almost everyone has the opportunity to find the perfect house or apartment in Cyprus on their own, but it will be much easier, faster and more efficient to use the services of a specialist who knows the features of the local market, who is able to check the documents for the selected object and advise on all the necessary issues related to the purchase of real estate and its registration.
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