Buying property cyprus
The attraction of Cyprus to tourists from around the world is pretty obvious. It is a picturesque Mediterranean island that seems to have been blessed by no less than the very Gods of ancient mythology. The island is blessed with unbelievably clear climatic conditions, quaint villages, incredibly great beaches, the finest of natural greenery, and an endless list of other beautiful aspects. And for these reasons, the tourists who come to soak in the beauty of Cyprus decide to invest in the real estate market.
Some of those who have been there done, would advise the potential buyer to invest in property in the southern districts of Cyprus. They claim that the rules and regulations governing property purchase in the northern areas are quite tough, tedious, and prolonged. Even after you finally become the owner of a desired property, there may be certain strict rules. For example, if you rent out your property, you need to pay a percentage of what you earn towards tax. Nevertheless, you should not totally ignore the northern areas of Cyprus in looking for a good property. You could find a less expensive home here than in the south. So it is entirely your decision on where to invest.
Relevant Facts to know about Cyprus
South Cyprus = Republic of Cyprus
North Cyprus = Turkish Republic of Northern Cyprus
Whereas, Akrotiri and Dhekelia come under the jurisdiction of the United Kingdom.
Important things to take along for Buying Property in Cyprus
Your passport
Proof of residence- where you stay at present
Proof of your earnings and nature of your job / business
Facts to Know when Buying Property in Cyprus
The Council of Ministers will determine whether or not you are eligible to buy property in Cyprus.
You will need lots of patience to await their approval, as it often takes over a year.
Till then, you can consider yourself the owner anyway and start staying there.
Check that the title deed of the property you are buying is straightforward. This means checking that you are buying property that is not involved in any legal controversy that the owner is not in debt, etc.
If you are interested in buying more than one property, you need to find out what are the limits. How many acres of land you can purchase? And how many homes you can buy?
One of the first documents that you will be signing is the preliminary contract after the purchase price has been agreed upon. This very important document is kept in the safe custody of the land registry.
Fees & Taxes involved in Buying Property in Cyprus
Deposit fee on signing the preliminary contract
Deposit of 50% for new-build property
Stamp duty within a month of the contract, the amount depending on the property?s value
Fees of your lawyer
Property Transfer Tax as soon as the property gets issued in your name
Capital Gains Tax if you decide to dispose off the property within 5 years and you have not been staying there on a regular basis.
Some Popular Real Estate areas in Cyprus
The following areas are mere examples, and not necessarily the ideal ones for investing in property. It is up to the reader to decide whether one or the other is the suitable location.
Paphos: This bustling city that abounds with tourists basically consists of two areas- Kato Pafos and Ktima. The former has plenty of upscale hotel accommodations as well as bars and discos, while the latter is more a residential area. The fishing harbor is home to the Castle of Paphos.
Peyia: If you are planning to buy property in this charming village, rest assured you would get some of the best views of Cyprus. Moreover, it is within a short distance of the highly popular Coral Bay Resort. Plenty of people have discovered this sleepy village as an ideal place to spend an idle time for vacationing. Hence, the real estate market here is booming.
Kyrenia: This popular tourist town is located in northern Cyprus. There are plenty of restaurants dotting the landscape near the beautiful harbor, so you can enjoy local cuisine and beer outdoors. A must-see place when you are scouting for property here is the magnificent castle located on the eastern side.
Larnaca: The easy accessibility by air makes this town the starting point of many travelers to Cyprus. It is home to some really good cafes and bars. The spurt in hotels is also attracting the tourists.
Some Final Tips for Buying Property in Cyprus
As when buying property anywhere in the world, it is always advisable to employ the services of a reputed local lawyer there. This professional will have first-hand knowledge of the legal aspects governing real estate deals and will be an asset in helping out with the requisite permits and relevant documents.
It is not advisable to rush into sealing a deal. Study all aspects of the property carefully. Make sure, for example, that the home or land you are purchasing is not located at some heritage site that is protected by the Cypriot Government.
Don?t restrict yourself to a single real estate firm or agent. Take your time to see a variety of property in a variety of locations.
A lot of people buying a holiday home will look for privacy, but privacy does not imply being isolated in some remote location. It makes sense to be within reasonable commuting distance from medical facilities and provision stores, and not just a bar or disco.
Never sign any documents that are indecipherable to you, that are literally and figuratively, Greek.
Don?t forget to have enough local currency for your stay while scouting around for property (and naturally for when you shift there!). The monetary unit: Cyprus Pound.
Respect local culture at all times, especially those relating to religious beliefs.
Rest assured, when you decide to buy property in Cyprus, it will be a wonderful investment!
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