The article "Cyprus, Buying Property - Want to Buy More than One Property but can't Wait until 2009?" is about real estate, it has been released by John R F Mason.
Although Cyprus joined the ECC in 2004, the Cyprus Government restricts the amount of propetry that foreigners may own, even Eu Nationals. This will change in 2009 but if you wish to purchase more than one apartment, condo or villa as investments right now then you need to learn how you can do so legally.If you are a national of an EU member counrty and you are resident in Cyprus, the government ownership rules allow you to own as much ‘immovable property’ (a term that includes both land and property) as you wish.
To confirm your residency, take your passport and Temoprary Resident Permit to your local District Administration Office where the officers will issue a ‘Certificate of Permanent Residence’ confirming your status.
(Please note that this is not the same as the Certificate of Permanent Residence issued by Immigration)If you are a national of an EU member country and you are not resident in Cyprus, the government ownership rules permit you to own as much land as you wish (and I think commercial premises such as a shop). However, if you wish to buy any other sort of ’immovable property’ your ownership is restricted to one condo or one apartment for which approval from the ‘Council of Ministers’ is needed.If you are a national of a non-EU country, then the government ownership rules require you to seek the approval of the Council of Ministers beofre you can own any type of immovable property. Furthermore, unless there is exceptional circumstances, your ownership will be limited to:An apartmentA houseA building plot or land up to approximately three dnoums (4,014 sq.M.)On its accession to the EU Cyprus abolished many of the restrictions placed on investments in real estate by citizens of other EU member states. But to protect its sensitive property market, it agreed a five-year transitional peirod with the EU preventing EU citizens who are not permanent residents of the island from owning secondary residences.It is widely anticipated that the current government ownership rules applicable to non-resident EU citizens will be relaxed by the time this five year EU transitional ends in 2009.So how do you get a Temporary Resident Permit? Here is how to do this:http://moi.Gov.Cy/newscontent.Php? Id=128A quick breakdown:MEU1 Application for issue of Resident permit, for Employment activity in CyprusMEU2 Application for issue of Resident permit, for self-employed activity or for providing or receiving servicesMEU3 Application for permanent resident permit, after having pursued a self employed activity in Cyprus.MEU4 Application for issue of Resident permit, for employees and self-employed E.U. State Nationals who have ceased their occupational activity in the E.U.MEU5 Application for issue of Resident permit, by a student for vocational training in Cyprus.MEU6 Application for issue of Resident permit, for person who is not entitled to that right based on other provisions of the Community Law.MEU7 Application for issue of Resident permit, or document for dependent persons or members family who have/do not have the Nationality of E.U Member State.MEU8 Application for renewal of Resident permit, or document of Residence in Cyprus.MEU9 Declaration of presence in Cyprus by an E.U.
member State National, for employed activity for up to 3 months.MEU10 Declaration of presence in Cyprus by an E.U.
member State National, for providing or receiving services for up to 3 months.As far as I know, below are the most frequently used forms:MEU 1: If you want to work
MEU 2: If you want to be self employed
MEU 4: If you are retired
MEU 7: If you are not employed, self employed or retired and are considered dependant on somebody else.In all cases, you must go to your local immigration office and request the form or forms which apply to you and/or your partner.
While you are there, ask for an appointmnet. They will give you a date to come back, probably in about 2 or 3 weeks time.Fill in the forms accurately and try to provide as much information as possible.When you go back for your appointment, take photocoipes of everything that they ask for in the forms, (depending on which form the requirements differ slightly) 4 passport size photos of each person plus anything else you can think of that proves who you are and where you live, e.G. rental agreement, condo deeds, bank statements, recent utility bills even if it is not asked for in the form.
You never know what extra they might ask you for this is not listed.Also a pokcet full of cash.
For two it will cost £25 each.John Mason is the owner and author of http://downtoearthcyprus.Net Down to Earth,Cyprus provides all you need to know about property purchase and finance in Cyprus.Your Definitive Guide to Buying Real Estate in the Republic of Cyprus.You may freely distribute this article on condition that you keep this Author bio intact with an active link to my website.
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