Offshore Companies Could Therefore, Acquire Property Within The Above Limits

Category: Finance.

Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office.

When issued, the title deed will be registered in the name of the buyer and will be recorded in the government archives- these are confidential and will not be published or made accessible under any circumstances. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date. 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. This law( expected to be fully enforced very soon) regulates development and it will supersede the liberal town planning zoning which exists at present. Any development in the future will require a Planning Permission as well as a Building Permit.

It is advisable that you buy a recent Lands and Surveys plan( a whole sheet) for the property you intend to buy, since on these plans many proposed public projects such as roads etc are shown. Try to check whether there is any road or other scheme which affects your property or the locality in general. It is best, if you suspect any schemes in the area you wish to invest, to see the District Inspector( at the District Officer s Office) and/ or pay a visit to the local Planning Office. Offshore companies could therefore, acquire property within the above limits. Permission will be granted to company for the acquisition of property, provided that it is for its own use. Generally the permission will not be granted if the property is to be used for letting to others, commercial exploitation or speculation.

Projects are developed to take the form of villages with the individual villas designed in traditional architecture. Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. There are, cases where the, of course purchaser may have a good say in the design of his villa. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area.

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