Buying A House In Cyprus…The 10 Steps You Need To Take
June 6, 2008 – 11:51 pmAlthough 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 you may be asking yourselves what is it then that makes Cyprus so appealing to investors. Well apart from the fact that is 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 finalise a property purchase although this process only applies to properties that are purchased in Southern Cyprus.
1. Every foreign national has to obtain approval from the government before buying a house 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 start choosing your property.
2. The first thing you really need to do is to find an English Speaking lawyer and if you need a recommendation then just have a chat with a few of the local ex pats as they normally have plenty to say for themselves and usually are able to give good advice on these issues.
3. Once you have received your approval from the Council of Ministers, and have identified your property, you have to sign the preliminary contract, and post a holding deposit with a notary or with your lawyer. The deposit can be as little as 1 percent of the purchase price.
4. The next step involves the payment of a second deposit on an agreed timescale that will 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 purchase will not give you any problems at a later date.
6. The following period of time is really what the bank requires to finalise 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. Once the lawyer’s investigations are completed satisfactorily and you have 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. In the case that one of the 2 parties happens to be a national of Cyprus then it would be necessary to get official approval from the Bank of Cyprus to move those funds, although it is not necessary if both of the parties are foreign residents.
9. If you have just purchased a resale property then you become the title holder with immediate effect but if you have just bought a new build property then it will take three years, but don’t worry as you are registered as the owner at the District Land Registry.
10. Relax and enjoy your holiday or retirement home. You can get by with speaking English, but if you can manage to learn some modern Greek you will find your experienced greatly enriched.
Tags: Travel and Leisure
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