Any Development In The Future Will Require A Planning Permission As Well As A Building Permit

Category: Finance.

By law, a non- Cypriot in Cyprus is entitled to a residence permit but is not required to hold a permanent residence permit the latter being easy to obtain once certain requirements are fulfilled.

The following documents must accompany your application: A copy of the sale/ rental agreement Copies of pension/ retirement income Any other document( s) relevant to income Three photos and passport( s) The application for permanent residence may be submitted to the local immigration office in the area of residence. You need to submit an application and provide proof that you and your family are self supporting. As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t. Upon the issue of the covering permit or, if this is not required, an application must be made to the Appropriate Authority for the issue of a certificate of final approval. Credit terms on villa/ building site/ land/ cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1- 2 years( at 9% interest on the reducing balance) . When this is issued, it will have to be deposited at the District Lands Office so that the registration of the building on the title deed of the land is effected. This law( expected to be fully enforced very soon) regulates development and it will supersede the liberal town planning zoning which exists at present.

The Town Planning Act. It requires the preparation of local plans for development and prior to any acquisition/ development of property, the inspection of these plans is a must. The relatively low cost of living in Cyprus is definitely one of the advantages that appeals to the potential buyer. Any development in the future will require a Planning Permission as well as a Building Permit. The island offers a full but comparatively inexpensive lifestyle. The local markets flaunt a wealth of colourful fresh fruit and vegetables, meat and fish locally grown and produced whilst the modern supermarkets are fully stocked with a large range of local and imported goods.

In fact, recent statistics pointed to Cyprus as being one of the most inexpensive countries in Europe.

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