Safe investment in Cyprus – get this guide at "No problem" PropertyBuy
Although Cyprus is a fairly small island, you will be surprised how popular it is and especially for real estate investment by English speakers. Cyprus has virtually become the number one choice for people who want to invest in retirement homes and buy-to-let investment properties.
So you may be wondering what makes Cyprus so attractive to investors. Apart from the fact that it was a British colony for several years; meaning that the basic infrastructure of the island was established and the islanders soon learned the English language, it also offers a sense of mystery and beauty that is unique and the year-round mild climate helps the sun shine almost permanently.
Every country seems to have a different procedure when buying real estate and Cyprus is no different there either. You will learn about the exact steps that need to be taken to finalize a property purchase, although this process only applies to properties that are purchased in South Cyprus.
1. Any foreign resident will need to apply for government approval to buy property in Cyprus and as this can take up to a year, they should do so before thinking of buying property.
2. You need a lawyer and you should have no problem finding one who speaks English. If you need help, talk to some of the local expats who are always willing to give great advice based on their experiences.
3. Once you have obtained the necessary approval from the Council of Ministers and the property has been properly identified, you can proceed to sign an initial contract and the holding deposit can be placed with a notary or your own solicitor. The amount placed as a deposit can be as little as 1 percent of the total purchase price.
4. Once executed, you will need 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 do not breach the drafted contract, the property will remain off the market. 5. Your attorney 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 actually the one required by the bank to formalize your mortgage contract, which will also be signed before a notary public on the day you sign your property. There are a number of options when it comes to financing a property business, but you should always compare any privately financed business with a bank before making your final decision.
If you are one of those people who are considering selling their shop at home and starting a new life in Cyprus, then you should have enough change to start enjoying a new life of luxury. Your money will stretch much further in Cyprus, so when I say luxury, I mean luxury.
7. The final contract is drafted and notarized once your attorney has completed the investigation of the property and the financing for your purchase is in place. As soon as the signature is finalized, the relative documentation is presented in the Land Registry.
8. If one of the parties is a citizen of Cyprus, it will be necessary to obtain the official approval of the Bank of Cyprus to conclude the transfer of funds and, consequently, the purchase of the property. This final step would not be necessary if both parties were foreign citizens.
9. If the property is second-hand, you will immediately become the owner, but if it is a newly built property, you will have to wait 3 years for that process to be completed, even if you are officially registered as the owner. of the property with the District Property Registry.
10. Now you can go about your life as usual and start to get into the Mediterranean lifestyle as you will surely want to start to relax after a stressful time at the notary. As you know, you can only speak English, but if you want to enrich your experience on the island, try to learn a little Greek.