CYPRUS Vacation/Holiday Rentals & Sales

Buying a property in Cyprus

There is something very rewarding about owning your own second home in another country and many find that this arrangement is more preferable to seeking a different destination for each holiday. Since the advent of low cost air flights the Cypriot property buying business has become huge.

There are an increasing number of property exhibitions that aim to persuade you to purchase brand new or nearly new properties in Cyprus. Sales staff are skilled in using highly seductive marketing methods to sell as many as possible. Like all other salespeople, they know that if a customer has time to go away and think about a purchase, then a sale is lost as is their commission! You should not however feel pressured into ‘signing on the dotted line’ there and then.

You should always seek expert advice when buying your first Investment Property in Cyprus. However this article aims to provide a basic insight into points to remember or consider when you embark on buying property in Greece.

The climate in Cyprus is exceptional and temperatures in the summer months can be much much higher than in countries like France or Spain. The cost of living is much lower than in the UK and this is one of the main reasons that many seek to retire to Cyprus.

Incomers to Cyprus generally fall into one of three categories. Whether you are looking for a holiday home, a permanent retirement home or a second home Cyprus has a great deal to offer. However, you will need to have sound finances before embarking on the purchase of your property in Cyprus and this is because any incomers to the country are not allowed to work or earn a living on the island and consequently you can expect careful checks to be made of your finances before you are allowed to settle. The rules that disallow incomers to earn a living in Cyprus also extend to making a business out of renting your property. You would be allowed, however, to rent out your property
to cover some of the costs. You would not be permitted to buy one holiday home for your own use and another for rental purposes.

Language is not generally a problem in Cyprus as English is widely adopted as a second language. Another big advantage for British drivers is that the Cypriot's drive on the same side of the road as in the UK! Petrol is also very cheap compared to current UK prices.

You must obtain an immigration permit if you are seeking to retire to Cyprus. No cars or household goods from other countries are allowed into Cyprus except other left hand drive cars which can stay on the island for no longer than six months.

Mortgages in Cyprus are fairly easy to come buy providing the lenders are satisfied of your ability to repay the loan. The first step after the purchase agreemnet has been signed, is to obtain, by written application, permission from the Council of Ministers. The remaining process is very similar to that in the UK with a legal representative being appointed and transfer of property ownership being made through the Cyprus Land registry Office.

The title deed will then be issued to the purchaser and once the purchase is completed, prepare yourself for an annual ownership tax levied by the government and depending on the property value, another tax may be levied by the Municipal authorities!


December 2005