The importance that exchange rates have on the cost of overseas property and the currency risk that is associated with an overseas purchase is neglected by many people or even yet is unknown. That’s where Beltax comes in! We can connect you with our personal associates, whose job is dedicated to providing essential advice and support in this field.
Legal information
Below is a very brief overview of the law relating to property and stating who can and can not purchase property in Cyprus. With our own specialized lawyers we are able to help you with legal advice and services to your specific needs.
CYPRUS LEGAL SYSTEM - AN OVERVIEW
The legal system abides by those principles as those applicable in the United Kingdom and all statutes regulating business issues and measures are based fundamentally on English law, making property purchase and other legal transactions understandable to most expatriates.
AMENDMENT TO LEGISLATION
Cyprus became a full member of the EU on 1st May 2004 ensuing many changes for EU Nationals scheduling to purchase property in Cyprus:-
An EU National resident in Cyprus can buy as much property in Cyprus without any restriction and without the need to acquire approval from any authority.
EU Nationals who are not resident in Cyprus are allowed to buy as much land as they desire, but are constrained to buy one house or one apartment where by approval from the Council of Ministers is mandatory.
In order to conform with the idea of this free movement of people and goods, specified limitations have been repealed. Citizens of the EU may freely enter Cyprus without any restriction so long as they have their National identity card with a photograph.
Exchange control boundaries are no longer in effect and it is no longer compulsory to provide evidence that property was purchased from external funds.
Cyprus Investment Policy is freely open and accepts 100% foreign involvement in all sectors of the economy, not only for EU Nationals, but also for investors from third countries, if not otherwise stated in the legislation.
