The Editor saw this scenario and felt that it was the basis of a wider article explaining this particular issue and looking at the present mortgage position in Cyprus.
“We have contacted the developer and have been informed by Mr. ***** that the mortgage is there, which is not due to anything outstanding to the bank but purely so that any buyers on the project can borrow from the bank without needing any extra security or any additional cost. This additional cost is usually 1.8% of the loan amount per annum.”
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STOP PRESS – As of May 2009 this is not required for EU Citizens
When Cyprus joined the EC there was an announcement that the requirement to obtain a Permission from the Cyprus Council of Ministers would be removed in 2009.
The idea was to protect the Cyprus Property Market and Cyprus Residents from non resident investors. How the Cyprus Government might now wish that with the falling demand and the credit crunch that this decision had not been taken and that Cyprus Property Inc., had sold all it had when it had the chance.
This is a preview of
Permission to own property from the Cyprus Council of Ministers
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