Although Cyprus is quite a small island, you will be surprised at how popular it is and especially for real estate investment by English speakers. Cyprus has virtually become the number one choice for people looking 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; which means 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 mild climate throughout the year 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, you should do this before thinking about 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 happy to give some great advice based on their experiences.
3. Once you have obtained the necessary approval from the Council of Ministers and the property has been correctly identified, you can proceed to sign an initial contract and the retention deposit can be placed with a notary or your own lawyer. The amount placed as a deposit can be as little as 1 percent of the total purchase price.
4. Once this has been 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 don’t breach the drafted contract, the property will remain off the market. 5. Your solicitor will take 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 that the bank requires to formalize your mortgage contract that will also be signed before a notary 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 private financing business with a bank before making your final decision.
If you are one of those people who are considering selling your 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 be spread out much further in Cyprus so when I say luxury I mean luxury.
7. The final contract is drawn up and signed before a notary once your solicitor has completed the research work on the property and the financing for your purchase is in place. As soon as the signing is finalized, the relative documentation is presented at the Land Registry.
8. If one of the parties is a subject 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 on with your life as usual and begin to immerse yourself in 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.