There’re lots of pluses of purchasing a house or villa in Cyprus. They include reasonable prices, low taxes, and conventional procedure of property acquisition.
According to Cyprus laws, a foreigner can purchase Cyprus realty – either flat, or lots, or a house on a lot (no larger than 12 000 square meters) – only once. Purchasing commercial realty is allowed only in case, when government considers it profitable for Cyprus economy development. It is ministry, where you will have to apply to receive permit for realty purchase. However, it is easy to receive such permit – you just should prove your paying capacity. Undoubted plus: you can buy realty on trust – besides, if you decide to obtain credit in Cyprus banks, rate won’t exceed 5.5%.
However, there’s one nuance in case with Cyprus realty. You need to trace carefully which area of Cyprus you are offered houses in. The matter is that situation with real estate in the North of the island, where government of self-appointed “Turkish Republic of Northern Cyprus” (none country accepted it, except Turkey), is complicated.
During last years Cyprus government won several suits, adjudging foreign buyers’ property in Northern part of the island. By the way, that property was sold unlawfully – it still has owners in Greek part, they had to leave their housing after Turkey invasion in Cyprus in 1974. By the way, Cyprus embassy already warned foreigners from purchasing realty in this part of country. However, there’re still lots of “Northern Cyprus real estate” ads in Internet.
If you do not want to prove legality of realty you purchased juridically, you should better avoid such ads. Thus, a famous case “Apostolides against Orams” lasts for several years already. In 2004 Cyprus court invalidated living of a British couple on land, which earlier belonged to a Cyprian Greek, outcast from an occupied town Lapito. Judgement contemplated demolition of unduly constructions, return of free tenure to suitor and payment of indemnity. However, in the beginning of September Orams avoided the judgement in British court. And court determined in behalf of a British couple. Now Apostolides promises to avoid it again, already in International Court of Justice. And this time he will most likely win.
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Source: www.a1articles.com
