Apartment Cyprus Living

Apartment Cyprus living is the perfect way to get the most from your holidays on this beautiful Island paradise. But before you take the plunge why not take a quick look at some of the ins and outs of Cyprus property ownership.

Cyprus became a full member of the EU on 1ST May 2004 resulting in many changes for EU Nationals planning to purchase property in Cyprus and live the Apartment Cyprus lifestyle:

1. An EU National resident in Cyprus is allowed to buy property in Cyprus without restriction and does not need to obtain approval from any authority. To prove residency in Cyprus an EU National must apply to the District Administration for certification of his residency by presenting personally to the District Administration his passport and pink slip (residency), which has already been obtained from the Immigration Department, together with Cy.£25.00 in cash.

2. EU Nationals who are not resident in Cyprus are permitted to buy as much land as they wish but are restricted to purchase one house or one apartment Cyprus style for which approval from the Council of Ministers is required.

3. In order to comply with the idea of free movements of people and goods certain restrictions have been lifted. Citizens of the EU may enter Cyprus without restriction even with only their National identity card, provided there is a photograph.

4. Exchange control restrictions are no longer in force and it is no longer necessary to prove that the Cyprus apartment or other property was purchased from External Funds.

5. Cyprus Investment Policy is liberal and allows 100% foreign participation in all sectors of the economy, not only for EU Nationals but also for investors from third countries, unless otherwise stated in the legislation; e.g. the acquisition and development of land.

COUNCIL OF MINISTERS APPLICATION

For transfer of the Cyprus apartment or other property into an alien's name, (non EU National who is resident in Cyprus) permission from the Council of Ministers is required. The Council of Ministers has authorized the District Officers to grant approvals on its behalf. The criteria taken into consideration in the process of examining an application for the purchase of property include, inter alia, the applicant's family status, financial situation, occupation, the purpose of acquiring the property, its location, etc. Approval is granted in all bona fide cases.

Applications for the acquisition of more than one Cyprus apartment or residence in Cyprus are not approved, except under very exceptional circumstances.