The tiny Mediterranean island of Cyprus has an appeal out of all proportion to its size. 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. Because the island underwent some decades of British rule.
Like any other country, Cyprus too has a unique 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. Should a non-resident want to purchase a property in Cyprus, then they will need to apply for special approval from the government. This process may take up to 14 months to conclude so it is very wise to get this process underway well before you seriously look at starting the purchasing process.
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. On approval of the Council of Ministers and the property formally recognised, the purchase process may begin. A contract is drawn up with property, parties, price etc agreed upon and a 1%+ holding deposit is left with either your own lawyer or the notary.
4. A secondary reservation deposit agreement will then be executed and the property will be taken off the market. As long as you stick to the agreement, it won't be put back on the market again. 5. The lawyer will then investigate the title through the District and Registry Office.
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 purchase. It won't take you long to see that things in Cyprus are so much cheaper and that you are really able to make a big difference to your lifestyle.
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 the property is not new, the title will be transferred to you and you are now the owner. If it's a new build, the title will not be transferred for three years, though you are fully protected since the final contract is filed with the District Land Registry.
10. Well step 10 is basically just start relaxing and to enjoy your new life in Cyprus. Put all that stress behind you and enjoy the Mediterranean lifestyle that has so much to offer. You won't have any communication problems by speaking English, but if you would like to put a smile on the local's faces, then try learning a bit of Greek.
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. Because the island underwent some decades of British rule.
Like any other country, Cyprus too has a unique 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. Should a non-resident want to purchase a property in Cyprus, then they will need to apply for special approval from the government. This process may take up to 14 months to conclude so it is very wise to get this process underway well before you seriously look at starting the purchasing process.
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. On approval of the Council of Ministers and the property formally recognised, the purchase process may begin. A contract is drawn up with property, parties, price etc agreed upon and a 1%+ holding deposit is left with either your own lawyer or the notary.
4. A secondary reservation deposit agreement will then be executed and the property will be taken off the market. As long as you stick to the agreement, it won't be put back on the market again. 5. The lawyer will then investigate the title through the District and Registry Office.
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 purchase. It won't take you long to see that things in Cyprus are so much cheaper and that you are really able to make a big difference to your lifestyle.
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 the property is not new, the title will be transferred to you and you are now the owner. If it's a new build, the title will not be transferred for three years, though you are fully protected since the final contract is filed with the District Land Registry.
10. Well step 10 is basically just start relaxing and to enjoy your new life in Cyprus. Put all that stress behind you and enjoy the Mediterranean lifestyle that has so much to offer. You won't have any communication problems by speaking English, but if you would like to put a smile on the local's faces, then try learning a bit of Greek.
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Discover this Content Packed Cyprus Holiday Rental on-line magazine written by the illustrious Tim Martins and check out this Cyprus Travel Tips Blog
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