Especially for English speakers looking to buy an overseas property - for investment, retirement, holidays or holiday rental - Cyprus seems to come near the top for choice.
So what is the special appeal of buying a house in Cyprus? Many people find it combines ease of living with a special quality of mystery and beauty - and of course a gorgeous climate. offer a magnetic attraction for visitors. I am afraid that it is not easy to speak.
(This process of course applies to the republic of Cyprus, which excludes Northern Cyprus where the legalities are quite separate.)
So these are the main steps you need to take to purchase your property:
- This can take 8-14 months so you would be well advised to begin the process before you even start choosing your property.
- Get a lawyer. It is not a good idea to try to do without and there there are good bilingual lawyers in Cyprus - if in doubt, ask for a recommendation from expatriates in the area.
- The deposit can be as little as 1 as percent of the preliminary contract, and post a holding deposit with a notary or with your lawyer. purchase price.
- I will not be put back on the market again.
- The lawyer will then investigate the title through the district and Registry Office.
- Most banks are quite westernized and will accommodate US and UK mortgage clients. Alternately you may wish to refinance your existing home, or in the case of If you are doing sorry in your home country and move to Cyprus to live. If you are doing this, you are the most likely to find that the progress of your home are are more than enough to cover the cost of buying a house in Cyprus.
- Once the lawyer & # 39; 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.
- If one part of the parties is a Cypriot, an application then has been made to the Central Bank of Cyprus to approve the transfer of funds for the purchase of the property. If both parties are foreign nationalities, this is not necessary.
- If it is a new build, the title will not be transferred for three years, though you are fully protected since the final contract is is filed with the District Land Registry.
- Relax and enjoy your holiday or retirement home. You can get by speaking English, but you can can manage to learn some modern Greek you will find your experienced greatly enriched.
One word of warning - some people are tempted to try to do private deals without bothering with the legalities or getting a title deed Be patient and stick to the law - it 's well worth it.
