So, how does one acquire a sea view apartment? How difficult will it be if you’re not an EU citizen?
Putting all the cards on the table, it’s quite manageable. It doesn’t really matter what your citizenship is, you still have the means to buy property on Cyprus. However, one should be aware of the fact that should this property be situated outside the city, it must not exceed 40 hectares.
The process of acquiring the property requires no particular effort.
Well, what actually do you need to do?
- Conclude the purchase agreement using real estate services – it’ll take no more than 2 month, and your physical presence won’t be required during the registration of property (all the necessary documents will be sent to you via post).
- Obtain a mortgage on several properties – it won’t be a hardship since Cyprus real estate market offers much more flexibility in such matters than British, Russian or Chinese ones.
Still, one needs to be aware of the fact that new laws are being put into place. Their purpose is simple – to ensure that the loan will be repaid on time and without any inconvenience. One wouldn’t deny that it seems like a logical course of action.
So, what are the rules?
- To get a housing loan, you must be a citizen of Cyprus (previously It was given on more liberate conditions which suggests that the level of trust to foreigners has fallen over the years);
- If the repayment of the loan is delayed, bank reserves the right to dispossess the owner of their pledged property until the obligation is fulfilled (the rule equally applies if there are several pledged objects).
Foreigners who acquire a property are obliged to meet all the owners’ requirements. They may only acquire one property (however, some exceptions apply if the buyer of the property is planning on participating in the Cyprus citizenship-by-investment program.