Holiday
and Investment Properties In Cyprus
Buying property in Cyprus is not allowed to foreigners except
in cases where an already owned residence is rented to a permanent
resident of more than 28 days (see EU members exemptions).
Local property values has shown a steady upward movement over
the years and property, especially near the beach, has shown
a considerable appreciation. This appreciation holds mainly
for particular projects and not so much for the odd property
here and there. Beach property is much in demand and we forsee
a considerable appreciation over the near future. With Cyprus
now (May 2004) in the EU, a sharp appreciation of local properties
value is expected. In addition, local holiday home projects
are priced 20% - 30% lower than comparable properties in Spain
or Portugal. Local property is therefore believed to offer
good value for money and the island's increasing popularity
by the international market futher supports this.
As a generaal rule we could say that property
income returns are in the region of 5% - 8% p.a. on the current
value. In addition, the annual appreciation on real estate
values are in the region of 5%-10% p.a.(depending on location,
type of property, etc.) Total return 10%-18% p.a.
Buying property in Cyprus does not imply the
issue of a resident permit nor of a work permit. The fact
however, that a council of ministers' permission for acquiring
property was given to a foreigner, will make an application
for residence permit be looked upon more favourably by the
Immigration Control Board (and in fact this is rarely refused).
To obtain a Cyproit citizenship, a written application must
be submitted to the Immigration Department. Each case is looked
at individually. Successful aplications are usually the ones
made by:
(a) Foreigners married for
over five years with persons of Cypriot origion.
(b) People residing in Cyprus
that have totalled 10 years of stay on the island within a
13 year period.
|
|
BUYING
PROPERTY IN CYPRUS
Compared to many countries,
the logistics of property purchase in Cyprus by foreigners
is simple.
Non – Cypriots are permitted to
buy, for their personal use, either:
1. an apartment or a house
2. a house on a building
site not exceeding 3 donums (4,012.5 sq. metres) or
3. A piece of land
not exceeding 3 donums for the purpose of erecting a
house within a reasonable time
|
|
