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Buying a property in Cyprus

In recent years buying a property in Cyprus has become extemely popular, particularly with UK nationals.

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

CYPRUS HOTELS - 6 examples from our database

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10 Bedrooms

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Rooms from GBP55

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HOTEL: 4 star 200 room hotel situated only 300 meters from the beach.
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Rooms from EUR76

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HOTEL: North cyprus holidays, North cyprus car rental, North cyprus hotels and resorts
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Rooms from GBP45

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HOTEL: Antonis is a small but charming family run 28 self contained apartments
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Rooms from EUR35

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HOTEL: THE Mountain View HOTEL & Villas is just 3 miles from the beautiful harbor town.
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42 Bedrooms

Popular Towns/Cities for adverts within Cyprus

BELLAPAIS HOTELS - KYRENIA  BELLAPAIS HOTELS 2 adverts present in our database with 2 Country Hotels

KYRENIA HOTELS - NORTH CYPRUS  KYRENIA HOTELS 1 adverts present in our database with 1 Bed & Breakfast Listing

KARAVAS HOTELS - KYRENIA  KARAVAS HOTELS 1 adverts present in our database with 1 Resort Hotel Listing

OROKLINI HOTELS - LARNACA  OROKLINI HOTELS 1 adverts present in our database with 1 Bed & Breakfast Listing

PAPHOS HOTELS - SOUTH CYPRUS  PAPHOS HOTELS 1 adverts present in our database with 1 Resort Hotel Listing

DISCLAIMER: You should note that all hotel information listed on this website has been provided by the advertisers and no guarantee can be given by Structured Internet Ltd regarding any of the hotels listed. Whilst every care has been taken in publishing the information, Structured Internet Ltd is not responsible for individual content and will therefore not be liable for any misunderstandings, errors, omissions, or claims arising from any enquiries or bookings made with an advertiser. You are advised to take the necessary steps to assure yourself of the legitmacy of any information published before booking a hotel and ensure all details, booking conditions, prices etc are confirmed by e-mail or in writing with the owner or vendor. Travel Insurance is essential and you should always ensure that you get adequate cover from a reputable supplier.

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