What is the Council of Minister’s Application in Relation to Property Investment in Cyprus?

In this article G KOUZALIS LLC, your Property Cyprus lawyers, will explain to you about the council of ministers application in relation to property investment in Cyprus. The Council of Ministers application typically refers to the process of applying for permission to purchase property by non-Cypriot citizens and mostly Non-European Union Citizens

Cyprus has specific regulations governing property ownership by non-European Union citizens, and obtaining approval from the Council of Ministers is a crucial step in the acquisition process.

Legal Infrastructure:

Cyprus has implemented laws and regulations which regulate property ownership by non-European Union Citizens with the primary intention to safeguard the interests of its citizens and ensure sustainable development. The specific law which governs the ownership of property ownership by non-European Union Citizens is the Immovable Property Acquisition (Aliens) Law.

Eligibility:

Immigration Cyprus Lawyers, G KOUZALIS LLC would like to confirm that generally, subject to certain restrictions and conditions, the number of properties that can be owned, by Non-European Union citizens are only two but also are to be approved by the government – prior to title deeds for their Cyprus property (land, Houses or apartments) being transferred into their name – so these third Country nationals need to obtain the appropriate approval from the Council of Ministers. Further to that for better planning and to avoid wasting time and money, contact Property Law experts, G. Kouzalis LLC to assist you.

Application Procedure:

Property Lawyers G KOUZALIS LLC can assist you in proceeding with the application and submitting the appropriate information, in support of your application to the Council of Ministers. The application must include detailed information about the property to be purchased, the buyer’s personal or corporate details, the intended use of the property, and any other relevant documentation. You will apply from day one even if the deeds will take some time to be issued.

Criteria for Approval:

The Council of Ministers evaluates each application based on several factors, including:

Economic Criteria: The proposed investment’s contribution to the Cypriot economy, such as job creation, capital investment, or support for local businesses.
Social and Environmental Impact: The potential impact of the investment on the local community, environment, and cultural heritage.
Strategic Importance: The alignment of the investment with national development goals or strategic priorities.
Legal Compliance: The applicant’s compliance with relevant laws, regulations, and administrative procedures.

Decision Making:

Upon receiving the application, the Council of Ministers reviews the proposal and makes a decision regarding approval. The decision-making process may take several months, depending on the complexity of the application and the Council’s workload, but generally speaking, from experience G Kouzalis LLC, Cyprus Law Office, would like to advise that generally speaking a response is received within 8 weeks.

Approval and Restrictions:

If the Council of Ministers approves the application, the buyer can proceed with the property purchase. However, certain restrictions may apply, such as limitations on the number of properties that can be acquired, minimum investment thresholds, or specific conditions related to property use or development.

Conclusion:

The Council of Ministers application process is a critical aspect of property investment for non European Union Citizens in Cyprus. By following the prescribed procedures, meeting the eligibility criteria, and providing relevant information, investors can navigate the regulatory framework and obtain approval to purchase property in the country. It’s essential to seek professional advice and assistance to ensure compliance with legal requirements and optimize the chances of a successful application.

For more information on the council of ministers application, please do not hesitate to contact you Cyprus Property Lawyers, G KOUZALIS LLC on 00 357 23811788 or by email on: lawfirm@cytanet.com.cy