by Neophytos Aresti 
Your Home in the Sun
A Dream or a Nightmare?
Buying that holiday or retirement home is full of excitement and the promise of a new found freedom. Most of all it is the fulfilment of a dream, which might turn into a nightmare.
Buying a property in a foreign country can have its pitfalls, with Cyprus being no exception. Having once been a British Colony, and indeed still a member of the Commonwealth, the laws involving property ownership are based upon British Law.
As you know, the people of Cyprus are renowned the world over for their hospitality and friendliness.
But, when you are showing an interest in the purchase of property DO NOT be taken in by offers of help from non-qualified people, such as taxi drivers, hotel receptionists, waiters or that “nice” guy sitting at the bar. Their main interest is in earning a hefty commission, which will be added to the purchase price of your property.
To protect your interests, it is important to be professionally represented throughout all the stages of property purchase.
This can be achieved by engaging the services of an independent Real Estate Agent, who is qualified and has been Licensed to operate as an Estate Agent by the Government of Cyprus. It is against the law to conduct the selling or buying of property as an unofficial agent, and an offence, which is punishable by a fine and a prison term.
NOTICE : Cracking down on all Pirate Estate Agents who have
Not a valid Estate Agents License in Cyprus.
Any person who is practicing, either directly or indirectly, as an Εstate Αgent, without the Valid License, which is issued by the ‘Registration Council of Real Estate Agents’, (which is a semi – Governmental Legal Body of public authority), is committing a criminal penal offense and in the event of his conviction by the Cyprus Law Courts, he is liable to be sentenced to go to PRISON for up to 12 months, or to pay a fine not exceeding three thousand five hundred Euro or both such sentences.
The ‘ Registration Council of Real Estate Agents ’, is a semi – Governmental Legal Body, of public authority applying the relevant ‘ Estate Agents Law 71 (1) / 2010 ’, and it can sue in court anyone committing a criminal penal offense.
Clearly, the Cyprus Government have your interests at heart and, at the same time, protecting the fine reputation of the island from a few unscrupulous people.
So, buying an existing property or having one built to your specifications, seeking professional advice and from the right people.
Our own experience shows that there are a number of honest, reputable and reliable developers both large and small. Often the well-regarded smaller developers are a family business with fewer overheads than the major developers.
Our office will assist you to make the right choice!
Once you feel you have found the ideal property you should not sign any sales contract until you have engaged legal advice. DO NOT accept the so-called FREE legal service from any agent or developer. It is important that your lawyer conducts all the appropriate searches and advises you accordingly prior to signing and exchanging contracts.
We have compiled a list of questions that must be raised with the vendor through your lawyer. Another example of professionalism protecting your interests!
It is worth mentioning that as a Licensed Real Estate Agent we are obliged, by law, to carry indemnity insurance to protect our clients against false or misleading information or negligence on our part.
Our policy – Honesty is the BEST policy!!
Contact us to discuss how Medallion Homes can help you find your home in the sun!
Property Purchase For NON-EU Citizens
Please note that all documents translated to English and certified by a notary public have to be then certified by the foreign affairs office (for authentification) and then they need to be certified by the Cyprus Embassy in the relevant non-EU country.
·Copy of valid passport
·Copy of temporary residence permit (if the applicant resides in Cyprus)
·C.V.
·Bank account statements
·Income declaration from sources other than employment (original documents & affidavit)
·Title of ownership or rental agreement (original or true copy). If the title deed of ownership has not been obtained yet the applicant must submit the deed of the sale and proof of payment. (at least purchase of €300,000)
·Health Insurance Policy (if Applicant is resides in Cyprus)
·Criminal record certificate (if applicant resides abroad, official translation duly valid from his country) if applicant resides in Cyprus for 6 months he is able to obtain from Cyprus.
·Marriage certificate (official translation duly translated)
·Children’s birth certificate
However, if the applicant meets the following conditions, the Minister of Interior examine his application for Permanent Residency and decide without the application having to go through the 4-member committee, something that speeds the process.
The criteria for a fast and unilateral decision by the Minister are as follows:
· The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.
· The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.
· The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period.
It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.
· The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
· The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
· The applicants should visit Cyprus at least once every two years.
For any applicants who do not meet one of these criteria, their application will be examined by the committee and they will receive a slower response.
