Please Note That Most Of The Above Problems Do Not Exist In Case You Buy A Building Site( As Opposed To A Plot Of Land/ Field)

Category: Finance.

Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. There are, cases where the, of course purchaser may have a good say in the design of his villa.

Projects are developed to take the form of villages with the individual villas designed in traditional architecture. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area. Please note that most of the above problems do not exist in case you buy a building site( as opposed to a plot of land/ field) . If there is a building on the plot you are buying, ask for the building permit in order to make sure that the structure is not illegal, as well as to ascertain the terms and conditions of the building. Even if the title deed registers the property as a building site, it is recommended, however that you go through the motions of checking the various prerequisites for development. Application is made at the Central Bank at this time for the necessary permit for the transfer of purchase money.

The contract in then longed with the Land Registry within two months if being signed which will prevent the vendor from selling the property on a second time, and will be a charge on the property pending completion. This application is not necessary if both the purchaser and the vendors are foreigners. Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office. The transfer of the title deed is then completed, the full price is then paid and vacant possession is given by the vendor. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date. The banking system in Cyprus closely follows the British pattern.

When issued, the title deed will be registered in the name of the buyer and will be recorded in the government archives- these are confidential and will not be published or made accessible under any circumstances. The banks have many branches throughout the island which are efficient, modern and well equipped with the latest technology. Major credit cards, such as those within the Visa and Mastercard networks, are widely accepted in Cyprus. Non- Cypriot citizens may open foreign currency and local deposit accounts without difficulty, although you will also find branches of many international banks at your disposal.

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