The Island’s split in two North to South. The North, which is Turkish Cypriot and the South Greek Cypriot.
It’s very safe to purchase real estate on either side. There are different deeds to choose from and these individually have regulations to partner them depending on which half of the island it belongs to. This entry will focus on the North of the Island.
The simplest option is to buy the foreign title deed. This is property owned by European residents and the deed is recognised internationally.
The Turkish Freehold title deed is on the North of the island and is 100% safe. An application must be made to the Council of Ministers in order for it to be registered. The property must be registered by the applicant. Foreigners are limited to what they call ‘a Dӧnum’ in Cyprus. One of these can be a married couple however they must have the same surname. This process takes about 6 months.
Leasehold is often owned by the government and available for a period of up to 49 years. No restrictions apply for this for European residents sp it is an attractive way to begin. However different laws and precedents apply so contacting a Cypriot lawyer is the best way forward.
With Cypriot estate contracts included is the price, the timescale, payment terms and the specification.
By Michael Bardgett
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