Buy your Own Little Piece of Paradise on the Island of Cyprus
Quite a few people who go on holiday to the Mediterranean island of Cyprus never
want to leave! Besides the decidedly European feel to the island, Cyprus boasts
beautiful weather all year round. That makes it a prime spot for relocation, investing in properties, retirement or all three! Cyprus is also in an opportune
location being close to three continents – Europe, Asia and Africa. And despite
some political upheaval when Turkey invaded the northern part of Cyprus in the
1970’s, it is still a desirable area which boasts a growing real estate market.
A number of reasons abound for wanting to buy property in Cyprus; it’s important
to note however that you should be fully informed in all matters from standard
of living to the legal aspects of attaining a property. Being a non-resident of
Cyprus and owning property there can get a bit complicated. You need to ask
yourself why you want to buy property in Cyprus in the first place. Do you want
to work and live there or maybe spend your retirement in this idyllic island
setting? Perhaps you are looking for a holiday home or investment property.
Depending on your reasons, be sure and look into the cost of living as well as
the cost of buying a home or property. Does it fit within your financial means?
If you plan to permanently relocate, do you need to look into schools for your
kids? What about accessibility to major roads and towns? And if this is going to
be an investment property, have you looked into the laws of Cyprus about foreign
non-residents not being able to rent it out for short-term leases like holiday
sublets?
Advantages and Disadvantages of Buying Property in Cyprus
As with most real estate situations, there are always advantages and
disadvantages to purchasing property in a foreign land. Buying in Cyprus comes
with those same conditions.
Advantages of acquiring a property in Cyprus include:
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The weather is beautiful with lots of sunshine for the majority of the year.
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Cost of living is low as well as the taxation rate in comparison to other European countries.
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English is by far the most spoken language in Cyprus.
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The people are friendly and accommodating on this island and life is laid-back and relaxing.
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For British people looking to purchase property or live there, the financial and legal aspects of Cyprus law are similar to that of the United Kingdom.
Disadvantages might be:
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Travel costs to and from Cyprus can be exorbitant if you are not a resident of the island.
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There are restrictions for foreign property owners.
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Tourist season can be a bit crowded which can cause traffic and pollution problems within populated areas.
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Unexpected expenses if you buy an old property that needs more renovating than you envision.
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There are some water shortage issues in certain areas during the height of the summer season.
Many people who are interested in buying property in Cyprus are undaunted by
the disadvantages proposed above. They feel that the benefits far outweigh any
problems that might crop up. If you too are undaunted, then your next step is
searching for a desirable property.
Identify your Dream Home or Property in Cyprus
There are a number of ways to identify potential properties in Cyprus with the
most desirable, of course, being on the island. When you visit Cyprus, be sure
to cultivate real estate contacts in the area in which you are seeking a home or
property. Plus, by visiting Cyprus in person, you may even find private sellers
who do not wish to spend the extra money on a middleman like a real estate
agent.
If the notion to buy or relocate to Cyprus hits you after you return home, there
are other ways to find out about listed properties. First, use internet search
engines and to seek appropriate properties. This method of searching will bring
thousands of results. Try and narrow down your search parameters to cull those
results to a manageable few. You will find that many properties are linked to
real estate websites in Cyprus. In addition, you might get some results through
a real estate investment firm who specializes in identifying properties for
clients. Be sure to do your homework before signing any contract with an
investment firm! You don’t want to lose any money.
Finally, you can search the internet to determine which are the most popular
magazines and newspapers devoted to Cyprus. You will likely find publications
devoted to listing properties in the Cyprus area. Subscribe to several of these
newspapers and/or magazines for an additional link to your destination dream
island.
Finding a Legal Leg to Stand On
Purchasing property in a foreign land can be a tricky proposition, especially on
the island of Cyprus which has a number of legal hoops to jump through. While
their legal system is fairly similar to Britain’s, navigating it alone can be
unwise. Hire legal counsel for your own peace of mind. Be sure to hire a lawyer
in Cyprus who understands the laws and business practices of the island. If you
are going through a real estate agent, ask them for legal recommendations.
However, don’t take their word that the lawyer is on the up and up. Check with
the Cyprus Bar Association for verification.
Whatever you do, do not sign anything or pay money until your Cyprus lawyer
provides counsel to you and looks over any paperwork. Many people end up hiring
a lawyer only after they have run into problems once they have paid a deposit
and signed contracts. Save yourself some headaches and hire a lawyer before
declaring interest in a property.
Be sure that your lawyer checks into all aspects of the property you are
interested in. You don’t want any unforeseen surprises. First of all, ensure
that the seller of the property is the legal owner and that there are no unpaid
debts against the home. If you have chosen a property that is under
construction, your lawyer should make sure that all the proper planning and
building permits have been obtained by the builder. Verify that all paperwork
like contracts is filed through the local Cyprus Lands Office.
Obtaining Permission to Purchase Cyprus Property
Unless you are a Cypriot resident, you must apply with the Council of Ministers
for permission to purchase property or a home on the island. If you are a
European national who is not a resident of Cyprus, you can buy all the land you
want but are limited to one home or apartment. If you are a non-European
national, you are limited to the equivalent of approximately one acre of land
(about 4,000 meters square) and one house or apartment.
These restrictions are why having a Cypriot lawyer is stressed strongly. You
need local representation that can wade through all the paperwork and permits.
When applying, you will have to submit the details of the identified property
you want to buy as well as all the information about its current owner and
contract information. In addition, you have to reveal all your personal history
like a passport, current residence and financial means of income.
The process for approval can take as long as six months but the great thing is
that you can take over the property in question while waiting for approval. Of
course, there is always that minute chance that you might not be approved. If
this does happen (which it rarely does), the contract on the property is still
valid, but you will have to be advised by your lawyer on the next step.
As you can see, most of the process to buying a property is similar to your own
home country. There is just that extra (but significant) hoop to jump through
with the Council of Ministers for property purchase approval. In review, besides
identifying your dream property in Cyprus, the most important move is retaining
a lawyer to look after your interests. After all, you don’t want your idyllic
island paradise to be marred by legal problems.
