Real Estate Agents
Having local representation is heavily recommended when purchasing overseas. It can be troublesome having to go through all the requirements of paperwork for permits and legalities that you may or may not be aware of. This process of completing the required paperwork and approval can take as long as 6 months to finish, but you can move into your new property while waiting for approval on many occasions.
Currently there are 2 local real estate agents in Southern Cyprus that are licensed and governed by the International Real Estate Federation. They include the Cyprus Real Estate Association (CREA) and the Cyprus Land and Building Developers. You will want to be sure that when choosing to enlist in a real estate agent they are fully licensed and legal for real estate business transactions for Cyprus.
Permission to Purchase Property
The first thing you must do when entertaining the idea of purchasing a Cyprus property is to find out if you are eligible. Unless you are a Cypriot resident, you must apply with a written application to the Council of Ministers for permission to purchase a property or a home on this island. If you are a European national who is not a resident of Cyprus, you are eligible to buy all the land you want, but are limited to only 1 home or apartment. If you are a non-European national, you are still able to purchase approximately 1 acre of land and 1 house or apartment.
Residency
By law, a non-Cypriot who own property in Cyprus is entitled to a residence permit but is not required to hold a permanent residence permit. For EU citizens there are no such restrictions. All they need to do is complete an application form at the immigration office for formality purposes, and automatically they receive their residence permit. There is a straightforward but simple procedure for those who need to obtain their residence permit and are non-EU citizens. Submission of the application and proof that he and his family are self-supported need to be complete as well as have accompanying documentation such as the sale/rental agreement, copies of income sources, as well as 3 photos and a valid passport. For non-EU citizens, an application for permanent residence may be submitted to the local immigration office in the area of residence.