Recent Statistics Pointed To Cyprus As One Of The Most Inexpensive Countries In Europe

Category: Finance.

The relatively low cost of living in Cyprus has an added appeal for the potential buyer, offering a full and inexpensive lifestyle. The local markets flaunt a wealth of colourful fresh fruit and vegetables, and Cyprus, meat and fish modern supermarkets are fully stocked with a large range of local and imported goods.

Recent statistics pointed to Cyprus as one of the most inexpensive countries in Europe. The local population is Greek speaking. Street signs, and shop signs, direction signs are written in English. Cyprus was once a British colony resulting in over 80% of the population speaking English. Knowledge of German, Russian is increasing, French with the Island tourist trade. Please note that most of the above problems do not exist in case you buy a building site( as opposed to a plot of land/ field) .

If there is a building on the plot you are buying, ask for the building permit in order to make sure that the structure is not illegal, as well as to ascertain the terms and conditions of the building. Even if the title deed registers the property as a building site, it is recommended, however that you go through the motions of checking the various prerequisites for development. This must be submitted by the non- Cypriot purchaser after the agreement has been signed. Permission to purchase a property must be obtained from the Council of Ministers by written application. However, the permission is granted more or less as a matter of course to all bona fide buyers. Cyprus enjoys a remarkably low crime rate 1/ 6 of the European average another reason for its popularity with foreign buyers for whom security has become a key element in the property world. In the meantime purchasers may take possession of their property without restriction.

Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace. 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. Under the Aliens and Immigration Law, non- Cypriots wishing to take up employment in Cyprus are required to have a work permit. 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.

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