Buying A House In Cyprus

In the last post we noted that before buying a house in Cyprus (as a non-Cypriot), you need to obtain permission from the Council of Ministers. It takes 8-14 months so you should wait to choose your property till it has come through.


Once you have received your approval and identified your property, you can then start the purchase process.

1. First you have to sign the preliminary contract and post a holding deposit with a Notary, or with your lawyer. The deposit can be as little as 1 percent of the purchase price.


2. Your lawyer then draws up a secondary reservation deposit agreement which both parties sign. The property is then taken off the market and it won't be put back on provided you stick to the agreement.


3. The lawyer will then investigate the title through the District and Registry office. Once the investigation is complete, the parties can move to the final contract stage. The contract is signed by both parties and then filed with the Land Registry.


4. If the seller is a Cypriot, an application then has to be made to the Central Bank of Cyprus to approve the transfer of funds. If you are buying from another non-Cypriot, this isn't necessary.


5. If the property is not new, the title will be transferred to you straight away 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 as the final contract is filed with the Land Registry.

Of course, before getting to the final contract stage, you need to have your finance in place. The easiest way is probably through a bank in Cyprus - most banks will provide mortgages to US and UK clients. Also, if it's a new build, the developers may offer their own mortgage facilities. Alternatively you may prefer to refinance your existing house - for help with this, try http://www.bizwrite.co.uk/realestate/lending.html To find some gorgeous Cyprus properties, visit http://www.bizwrite.co.uk/propertyabroad.html

Buying Properties Abroad - Think of Cyprus

Cyprus is the top choice - or near the top - for many people looking to buy an overseas property, whether it's for investment, retirement, vacation or rental.

There are many reasons for its popularity. Living there is easy and relaxed, especially for English speakers, as English is widely spoken there. It is incredibly beautiful, with a special quality of mystery and romance that comes from its connection with ancient myths and legends and its history stretching back thousands of years. Whether you choose the gorgeous coastal areas or the stunning mountain regions, you can be fairly sure of finding a fantastic property at a price you can afford.

So what's involved in buying a house in Cyprus? Well it's not difficult, but there is a specific procedure to go through. The first thing you have to be aware of is that every foreign national has to obtain permission from the government before buying a house in Cyprus. This permission is obtained from the Council of Ministers. You will need a lawyer to help you with the purchase process, so your best plan would be to hire a lawyer now to advise you as to how to go about getting this permission. The process takes 8-14 months so it's best to begin the process before choosing your property.

(Remember that this applies to the Republic of Cyprus. The legal process in Northern Cyprus is quite different.)

In the next post we will look at the process of buying a house in Cyprus. Meanwhile if you are ready to choose your property you can start your search at http://www.bizwrite.co.uk/realestate/propertyabroad.html