Property investments experts Limassol, Cyprus today: You have contacted Cyprus Developers Alliance – an official provider of the Cyprus Investment Programme accredited with the Government of the Republic of Cyprus. The Alliance is primarily one of the most distinguished licensed operators of the Cyprus property market. The Alliance is a member of the Cyprus Chamber of Commerce, FIABCI and SKEK. If you have purchased a property in Cyprus for the purpose of holiday making there is no need to apply for a residence permit. The visa granted on the grounds of property ownership will allow you to stay in the Republic of Cyprus altogether 180 days a year, 90 days every six months. In case you plan to live in Cyprus on more or less permanent basis you should apply for a residence permit. Cyprus offers probably the best conditions in the European Union for this. Read more details on houses for sale in Cyprus.
On your arrival you will meet one of directors or a manager of the Alliance. In course of communication your requirements will become more specific and will be more thoroughly discussed and opinions will be exchanged. Then the sales managers will show you those properties that have been discussed at previous stages. As a result of site visits you will meet our directors in order to summarize the impressions of the visits and outline a plan of further activities. Surely, sometimes our clients happen to find a house or an apartment they have long dreamed of on the pages of our web site. Then it would come to nothing more than viewing that property. Anyway once you finally fix upon this or that property(ies) and say: “This is it! I am buying this!” we will proceed to transaction execution.
In case you purchase a new immovable property then, as a rule, it still has no Title Deed. To date the process of issuing Title Deed for property is a prolonged bureaucratic procedure lasting 1-3 years. Nevertheless this very prolonged and thorough governmental inspection of validity of all the aspects related to construction makes Title Deed a document that irrevocably guarantees your ownership rights. Normally an application for obtaining a permit from the Council of Ministers is submitted right upon signing and depositing a contract of sale.
Here is an example. Suppose a developer has built an apartment house having obtained a credit from a bank to the amount of euro 500 thousand. A customer purchases one of the apartments amounting to euro 200 thousand from the developer. The bank calculates whatever share of the developer’s debt falls on this apartment as per the approved formula. Suppose this value comprises euro 40 thousand. The customer pays the apartment value in the following way – he/she transfers 160 thousand to the developer and 40 thousand to the bank. In response the bank prepares a document (that is called a waiver – assignment of claim) that implies that the bank does not have any claims related to this apartment. This document shall be issued prior or simultaneously with contract depositing.
Cyprus banks offer quite loyal terms for obtaining a mortgage to property purchasers provided certain conditions are met. In recent years one of such conditions is that a borrower should have income in EUR, USD or in any other hard currency. The mortgage rate is usually 3.5%-4% per annum. The collateral to obtain mortgage for property acquisition in Cyprus is the very property to be purchased. To obtain mortgage you are definitely required to submit evidence of your ability to repay it to the banks.
The environmental conditions are as good as the climate. Cyprus population is only 1mln people. There are no large industrial enterprises, which could pollute the environment. Car park is modern and uses only petrol/diesel of European quality. Fourty nine Cyprus beaches, i.e. hundreds of kilometres of coast line have been awarded the international certificate of environmental friendliness “Blue Flag”. In Cyprus there is one of the lowest crime rate in the European Union. There are no places where it is not recommended to purchase property due to proximity to this or that problematic area. There are no steel entrance doors as a notion. Fencing height is limited to 1.2m. Read additional details at cyprus-alliance.com.
