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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. 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. 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. It is usual for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement - 1/3 of the total value; during construction - 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion) There is an increasing tendency by the local and the foreign market (in particular the British market) to acquire old village houses which are subsequently improved/converted into modern residences.Before the "craze" of village cottages started, there were some real bargains for this nature of property. Nowadays cottages of character and colour are relatively expensive and they may amount, together with the repair improvement bills, in excess of what a new villa of the same size would cost. Check whether the property you intend to buy is affected by any town planning zones. If you intend to build a house in a certain area, you may find that the building density is so low that you will not be able to erect a satisfactory unit. In addition, the zones may exclude the use you have in mind in that locality.There have been cases where a person acquired his dream holiday spot only to find out afterwards that it was sited within an animal farming zone of the parish in question (which implied that his neighbour could very well be a pigstry).
Article Source: http://www.fubrus.com
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