The legal system in Cyprus is mainly based on the Anglo-Saxon legal system.The Land Registry Department in Cyprus is one of the most advanced and reliable systems in the world. All contracts and other paper work is in English, which is the most widely spoken language besides Greek among Cypriots. Purchasers of property in Cyprus will therefore be far more secure with regard to their title deeds, than they might be in another country.Furthermore legal fees/costs are reasonable and much lower than in other European countries. Banking SystemThe banking system in Cyprus closely follows the British pattern and is well developed and organized whilst being equipped with the latest technology in modern surroundings.Non-Cypriot citizens have the privilege to open foreign currency and local deposit accounts very easily.Many Cypriot Banks have branches throughout the world. International Banks also have branches throughout the island for the convenience of their customers, with major credit cards like Visa, Diners, American Express being widely used.Cyprus Banks offer flexible housing loans in foreign currency to suit a client's needs. Property OwnershipIn comparison to many other countries the process of purchasing property in Cyprus by foreigners is very simple.Non Europeans are entitled to a freehold ownership of a villa, an apartment or a piece of land, with maximum allowed extend of 4014 sq.meters (four thousand and fourteen square meters).Europeans are entitled to a freehold ownership of a villa or an apartment. The above restriction, in respect of Europeans, will hopefully soon be abolished because Cyprus entered the EU. It is very possible that such a change in the legal system will increase demand of real estate sharply with the related reflection on property prices. In respect of plots of land, Europeans can purchase as many and for any extent. This was one of the changes which took place because of the entry of Cyprus to the EU.Foreign companies can acquire premises for their business or for holiday home for their directors. Europeans who acquire permanent or temporary permit can register in their name as many properties as they want provided that they sign a confirmation to the government that they will stay for the following five years in Cyprus.
