Property Investment In Cyprus…A Guide To A Successful Buy
Even though Cyprus is quite a small island you will be amazed at just how popular it just is and especially for property investment by English speakers. Cyprus has virtually become the number one choice for people wishing to invest in retirement homes and for buy to rent investment properties.
So what is the special appeal of buying a home in Cyprus? Many people find it combines ease of living with a special quality of mystery and beauty – and of course a gorgeous climate. Because the island underwent some decades of British rule.
Like any other country, Cyprus too has a one-of-a-kind system when it comes to buying property. Each of the necessary steps that are explained in detail below only apply to purchasing property in Southern Cyprus, as things are done differently in the north.
1. Each foreign national has to obtain approval from the government before buying a home in Cyprus – specifically from the Council of Ministers. This can take 8-14 months so you would be well advised to begin the process before you even begin choosing your property.
2. Get a lawyer. It isn’t a good idea to try to do without and there are good bilingual lawyers in Cyprus – if in doubt, ask for a suggestion from expatriates in the area.
3. As soon as you have got the necessary approval from the Council of Ministers and the property has been correctly identified, you might proceed to sign an initial contract and the holding deposit might be placed with a notary or your own solicitor. The amount placed as a deposit might be a little as just 1 percent of the total purchase price.
4. The next step involves the payment of a second deposit on an concurred timescale that’ll finally conclude that the property is officially off the market. If you keep up your side of the contract in full then property can not be put back on the market again. 5. The following step sees your lawyer making the necessary application to the District and Registry Office in order to establish that the property you wish to buy will not give you any problems at a later date.
6. Meanwhile you need to obtain your financing. Probably the easiest way is to finance through a bank in Cyprus. Most banks are quite westernized and will accommodate US and UK mortgage clients. Alternatively you may wish to refinance your existing home, or in the case of a new build the developers may offer their own mortgage facilities.
For anyone who is selling up everything they own and looking at Cyprus as a new era in their life, then you should be prepared for having quite a lot of money left over from the Cyprus property buy. It won’t take you long to see that things in Cyprus are so much cheaper and that you’re really able to make a massive difference to your lifestyle.
7. Once the lawyer’s investigations are finished satisfactorily and you’ve your finance in place, the parties can move to the final contract stage. When this is signed by the parties it is filed with the Land Registry Office.
8. Should one of the celebrations be a subject of Cyprus it will be necessary to get official approval from the Bank of Cyprus in order to conclude the transfer of funds and consequently the property buy. This final step wouldn’t be necessary should both celebrations be foreign nationals.
9. If the property isn’t new, the title will be transferred to you and you’re now the owner. If it’s a new build, the title will not be transferred for three years, though you’re fully protected since the final contract is filed with the District Land Registry.
10. Now you can just get on with life as usually and start to get into the Mediterranean lifestyle as you’ll certainly want to begin resting after a stressful time at the notary. As you know you can get by only speaking English but if you want to enrich your experience on the island then try and learn a bit of Greek.
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