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