Buying Your Cyprus Home...Top 10 Tips For A Successful Purchase

By: Timmartins
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.

The question obviously arises to why Cyprus is such a popular choice for property investment. The English language is spoken throughout the Island thanks to the influence of the British colonialists, who also set up the initial infrastructure of the island. You will also se straight away that this island has a mystical feel about it and a unique beauty that will make your heart beat faster. The critical reason for it being such a popular tourist destination is the mild climate it has throughout the year and the sunshine never seems to stop beating down.

Every country seems to have a different procedure when purchasing real estate and Cyprus in no different there either. You will learn about the exact steps that need to be taken in order to finalise a property purchase although this process only applies to properties that are purchased in Southern Cyprus.

1. Every foreign national has to obtain approval from the government before buying a house in Cyprus - specifically from the Council of Ministers. This can take 8-14 months so you would be well advised to begin the process before you even start choosing your property.

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. Once that has been executed you will have to pay a secondary reservation deposit on the agreed date and at this point the property will officially be taken off the market. As long as you don't default on the drawn up contract the property will remain off the market. 5. You solicitor will carry out the necessary steps through the District and Registry Office that will conclude that the property can legally be sold.

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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