Are you thinking to buy property abroad? Or do you want to invest in property overseas or are you simply looking to retire to that dream home? If Cyprus is on your list, then look no further that this article. This article will provide you with a guide to finding properties in Cyprus.
Cyprus is an island in Europe, in the East Mediterranean of the east of Greece, south of Turkey, to the west of Syria and to the north of Egypt. Cyprus is the third-largest island in the Mediterranean Sea, and is one of its most popular tourist destinations. Cyprus is a highly attractive and popular tourist destination, with endless beaches and sunny warm climates. Tourism in climate Tourism contributes to a large part of the economy in Cyprus. In 2006, for example, it was expected to contribute 10.7% of the Gross Domestic Product or GDP. In real terms, it generated around £2,598.2 CYP MN (US$5,445.0 MN)
(annual - 2006). Employment Moreover, the total employment was estimated at 113,000 jobs (29.7% of the total employment = one of every 3.4 jobs). This gives an example of how tourism has increased in Cyprus, and popularity with the property market has also increased.
Whether you are looking for villas in Paphos, or your dream homes or whether you are want a luxury apartment in Cyprus, the Internet provides an abundance of property listings. Cyprus is one of the more popular real estate markets in the world. Foreign nationals would usually invest in the commercial, investment and residential real estate in all areas of the country. Requirements for foreign nationals There are no prohibitions on foreign nationals who are purchasing real estate in Cyprus. However, a foreign national must obtain a prior permission from a Cypriot governmental agency in advance before making the purchase of a real estate in that country. Generally speaking, this approval is relatively easy to obtain - although the process of obtaining the permission can be rather time-consuming. Conclusion
Therefore, there are no real restrictions. However, it is always best advised to research and familiarise yourself with the property law in Cyprus, as to avoid any coslty mistakes later on. It is always best advised to seek professional advice from a realtor or a solicitor who specialises in property law. Moreover, always ensure to check their credentials.