HOW BREXIT IS AFFECTING PURCHASING A PROPERTY IN CYPRUS - PART 3

IN THE THIRD PART OF OUR FOUR (4) PART SERIES WE ARE EXPLORING HOW A Deal or no deal will affect THE REAL ESTATE MARKET. 

Brexit: How Deal Or No Deal Affects Purchasing Properties In Cyprus

Even if the Brexit talks end in deal or no deal, the British will be added to the "third-country nationals" mentioned above. This simply means that British nationals do not have to worry about buying properties in Cyprus. Basically, the four freedoms; goods, capital, services, and work are the main part of the EU. Clearly, property ownership is not included, which means that you are able to buy and own properties in Cyprus without having to worry about how the Brexit talks end. While UK nationals cannot work in Cyprus without a work permit by the end of 2020 (that is if the Brexit pulls through), they can own properties in the country.

Your choice of buying and owning properties in Cyprus is not controlled by the EU as it is not stipulated in its four freedoms principle. However, since British nationals would be classified as "third country nationals," they would have to follow a number of ways to buy properties in this country. You will have to submit a written application to the Council of Ministers to get a legal permit to purchase the property. Interestingly, this application is granted in almost all cases, so you do not have to worry about having your application rejected for any reason. In addition, just like American and Australian citizens are able to stay in the country for up to 180 days without a visa since they have been classified as "third-country nationals," British nationals would be able to enjoy these benefits as well. On the other hand, British nationals that have moved to this country before the Brexit talks and have doubts about their legibility

to live in Cyprus full time may decide to get themselves registered. This simply means that they have to apply for a permanent residence in the country. Two schemes have been designed by the country to enable UK nationals in the legitimize their stay in the country.

British nationals seeking to purchase properties in Cyprus should bear in mind that the entire process is quite tedious and time-consuming. To make this application, you will definitely be expected to present the following documents;

· They would have to submit documents that contain the details of the property they plan on buying.

· They would be required to present information about the present owner as well as his or her contact information

· The buyer will be required to present his personal history, current residence, as well as means of income.

British nationals seeking to buy properties in Cyprus would have to hire the services of lawyers that are well grounded in the laws of the state as they would help them to conveniently navigate the complex channel of paperwork, permission, as well as the tracking of the title deeds of the said property.

Stay tuned for the final Part 4.

Copyright. C.N. Property Canvas Ltd.

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “HOW BREXIT IS AFFECTING PURCHASING A PROPERTY IN CYPRUS - PART 3” and is a certified advance negotiator.