Although Cyprus is quite a small island you will be amazed at just how popular it 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 buying to rent investment properties.
So you may be asking yourselves what is it then that makes Cyprus so appealing to investors. Well apart from the fact that it was a British colony for a number of years; meaning that the island’s basic infrastructure was set up and the English language was soon leaned by the islanders, it also offers a sense of mystery and beautiful that is unique and the all year round mild climate helps the sun to shine almost permanently.
Every country seems to have a different procedure when purchasing real estate and Cyprus in no different there either. You will learn about the exact steps that need to be taken in order to finalize a property purchase although this process only applies to properties that are purchased in Southern Cyprus.
1. Any foreign resident will have to undergo the application for government approval for purchasing property in Cyprus and as this can take up to a year to get, you need to get this under way well before thinking about purchasing a property.
2. You need a solicitor and you should have no problems in finding one that speaks English. If you need any help just speak to some of the local ex pats that are always willing to give good advice based on their experiences.
3. As soon as you have got the necessary approval from the Council of Ministers and the property has been correctly identified, you may proceed to sign an initial contract and the holding deposit may be placed with a notary or your own solicitor. The amount placed as a deposit may be a little as just 1 percent of the total purchase price.
4. Once that has been executed you will have to pay a secondary reservation deposit on the agreed date and at this point the property will be officially taken off the market. As long as you don’t default on the drawn up contract the property will remain off the market. 5. You solicitor will carry out the necessary steps through the District and Registry Office that will conclude that the property can be legally sold.
6. The following period of time is really what the bank requires to finalize your mortgage contract which will also be signed before the notary on the day you sign up for your property. There are a number of options when it comes to financing a property deal but you should always compare any private finance deal with a bank before you make your final decision.
If you are one of those people who are considering selling up shop at home and starting a new life in Cyprus, then you should have plenty of change to start enjoying a new life of luxury. Your money will stretch a lot more on Cyprus so when I say luxury, I mean luxury.
7. The final contact is drawn up and signed before the notary once your lawyer has completed the investigation work into the property and that the finance for it’s purchase is in place. As soon as the signing is finalized the relative documentation is filed with the Land Registry Office.
8. Should one of the parties 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 purchase. This final step would not be necessary should both parties be foreign nationals.
9. Should the property be a second hand one then you will immediately become the title holder but should it be a new build property, then you would have to wait for 3 years for that process to conclude even though you are officially registered as the owner of the property with District Land Registry.
10. Now you can just get on with life as usual and start to get into the Mediterranean lifestyle as you will certainly want to start relaxing 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.