Before you buy a home in Cyprus it is important to do your research and due diligence not only on the country and location but also on the developer you are thinking of buying through. Established and reputable developers will have all the appropriate permissions and permits in order to legally build, plus adhere to quality standards such as ISO 9001. When you are researching, familiarise yourself with the build regulations, even down to the type of concrete that is typically used, understand what the minimum build standards are and ensure your developer is meeting and/or exceeding these. Look for historical evidence that your developer is financially secure and has a track record of developments, you can then view the quality of finish of the properties and check to see if they were completed on time and to the planned specifications.

There are two types of title deed to be aware of in Cyprus, freehold and leasehold. The system of leasehold ownership is very uncommon, but where it does exist the buyer will own the right to the real estate for a fixed number of years. Most people prefer and even insist on buying freehold property. You should always check with your estate agent, developer and ultimately your solicitor that your property is freehold.

The property buying process in Cyprus works like this: -

1) A buyer identifies a property that they would like to purchase and a price is agreed. A Reservation Deposit Agreement is then signed and a deposit paid. The deposit will vary but will be at least 1% of the purchase price and this money is paid ‘subject to contract,’ meaning that the deposit is lost if the buyer withdraws from the sale but would be returned if the vendor withdrew or the buyer’s solicitor found something wrong when conducting searches.

2) The property is withdrawn from the market for an agreed period that is usually a month whilst the buyer’s solicitor conducts all searches to ensure that clean title will be passed to the buyer, that the vendor has the legal right to sell and that there are no debts on the property for example. When all searches have been carried out satisfactorily, the sale proceeds to signing the Contract of Sale. The buyer then has a fixed period in which to make payment to the vendor.

3) Possession of the property comes when the home is passed to the buyer and it is at this stage that utilities are connected and the buyer can officially establish their rights in Cyprus and obtain residence etc. The title deed transfer follows. If the property is a resale then the transfer is usually immediate, if the property is a new build then the process can take a number of years but the home is secured as being owned by the buyer because the purchase contract is signed, stamped and registered with the land registry.

Those who require a mortgage to buy a property in Cyprus will be pleased to learn that the commercial banks in Cyprus lend to overseas buyers with a loan to value rate of up to 80%. More good news comes in the form of a double taxation agreement in place between Cyprus and the UK and most other European nations too. This is especially good for pensioners retiring to live in Cyprus from Britain because, according to tax experts Grant Thornton, the first EUR3417 of their pension income is tax exempt and then the rest is only taxed at 5%. Alternatively expat retirees can opt to be taxed under the standard tiered rules, resulting in the first EUR19,500 being untaxed, rising to a rate of 30 per cent on pension income above EUR36,301 and because of the double taxation agreement, no additional tax is required to be paid in the UK.

As you can see, not only is buying a property in Cyprus incredibly straightforward and simple, the most experienced, longest standing and best developers on the island guide and assist their clients through the entire process – whether they are buying a brand new home from the developer or purchasing a resale property.

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Most industry experts maintain that the real estate market in Cyprus should continue to do a brisk business well into the coming decade. With the entry of Cyprus into the European Union, more and more foreign nationals from EU member states likely will become involved in the Cypriot real estate market. Buy Henkell Wine

There are no prohibitions on foreign nationals purchasing real estate in Cyprus. However, and as will be discussed in greater detail shortly, a foreign national must obtain prior permission from a Cypriot governmental agency in advance of making the purchase of real estate in that country. Generally speaking, this approval is relatively easy to obtain — although the process of obtaining the permission can be rather time consuming

Investment Property in Cyprus

One of the primary areas that foreign nationals have become involved when it comes to real estate investment in Cyprus is in the resort and vacation property arena. Cyprus remains a very popular destination for people on holiday. As a result, foreign nationals have taken to buying apartments, single family residences and hotel properties which in turn are utilized by men and women on holiday.

Over the course of the past decade, a number of foreign nationals have profited dearly through investments in real estate used for vacation or holiday purposes in Cyprus. Indeed, because this type of venture has proven so profitable for some foreign nationals, these men and women have taken to purchasing and investing in multiple property holdings in Cyprus. Again, and has been noted, this is particular true in the area of investment in properties that are intended to be used for vacation or holiday purposes.

Residential Real Estate in Cyprus – Single Family Properties

A significant number of foreign nationals have established second homes and vacation residences in Cyprus over the course of the past thirty years. The trend towards purchasing second residences and holiday homes in Cyprus continues on to this day.

One of the more recent occurrences in regard to holiday or vacation homes in Cyprus involves the creation of significant developments that are designed exclusively for people who want gracious residences on Cyprus. These developments in many instances are taking the form of gated communities for the security conscious foreign national who wants to idle away part of the year in Cyprus.

In addition, some foreign nationals have determined the benefit of purchasing older residences in the country and embarking on improvement and remodeling campaigns to bring them up to date. In some instances, these men and women are rehabbing properties and putting them back on the market — making nice profits in the process.

Residential Real Estate in Cyprus – Apartments

The Cypriot apartment market is bustling in the 21st century. With Cyprus movement into the EU, a significant number of foreign nationals from other EU nations are finding themselves in the country with some degree of regularity. In this regard, many of these business men and women have turned to spending a significant amount of time in Cyprus each and every year. Rather than hole up in a hotel, these men and women have taken to purchasing apartments in Cyprus.

Some of these business minded people have gone so far as to rent or lease out their apartment properties when they are not in the country on business — making their apartments an income generating enterprise.

In some resort communities, men and women from foreign countries have purchased apartments for vacation and holiday purposes. There is a wide range of different types of apartments of available for sale in resort areas in Cyprus.

Holiday Property in Cyprus

As referenced previously, vacation real estate sales in Cyprus is brisk business in the 21st century. One area in which foreign nationals have been active in the market is the purchase and ownership of single family, free standing residences on the island. These types of residences generally do come with some fairly hefty price tags.

In addition to larger residences that are being purchased with regularity by foreign nationals, many foreign nationals have taken to purchasing holiday apartments in the country. In some instances, these foreign nationals have turned these types of property into something of a lucrative investment. For example, when they are not in residence in Cyprus, these men and woman are turning around and leasing out these holiday residences to other individuals — including many foreign nationals — who then use these residences for their own holiday purposes

Specific steps to buying real estate property in Cyprus

The initial step that a foreign national must take before he or she can purchase real estate in Cyprus is obtaining approval from the government. Specifically, a foreign national must require permission to purchase real estate in the country from the Council of Ministers. A would-be purchaser of real estate in Cyprus needs to keep in mind that the process of obtaining approval from the Council of Ministers can take from between eight to fourteen months. A would-be purchaser also needs to appreciate that if he or she makes the purchase of real estate without the prior approval of the Council of Ministers, a title deed will not be able to issue transferring ownership of the real estate to the foreign national.

While the process of obtaining permission from the Council of Ministers is not a matter of overnight approval, the process itself is not difficult. The Council has taken steps to make the process as easy as possible for a foreign national seeking to purchase real estate in Cyprus. Time consuming in some ways, the application and approval process is not difficult to maneuver through.

Once approval is obtained from the Council of Ministers, the next step in buying real estate in the country — once a piece of real estate has been identified for purchase — is signing of the preliminary contract. At the time this agreement is executed, a holding deposit is posted with either a lawyer or a notary.

When the holding deposit is paid, a companion reservation deposit agreement also is executed. In point of fact, it is the deposit and this secondary agreement. The property is then taking off the market and remains in that position for the time spelled out in these agreements. Provided that the terms of the preliminary agreement are satisfied, the property will not return to the marketplace.

The deposit that is lodged in Cyprus normally is as low as 1%. The parties can negotiate a particular deposit amount — but, in most instances, the standard deposit is in the amount of 1% of the overall purchase price of the real estate that is being sold. The remaining balance due and owing on the overall purchase price will then be due and owing at the time of the execution of the final contract, which will be discussed shortly.

During the period of time that follows the execution of the initial, preliminary agreement, the lawyer who has been appointed to oversee the transaction will investigate the status of the title the real estate through the District Land Registry Office.

Following this period of investigation into the status of the title, and provided that the buyer has obtained appropriate financing, the parties move onward to the execution of a final contract. It is at this juncture that the closing of the real estate transaction in Cyprus becomes rather complex when contrasted with what occurs in many other countries around the world.

When the final contract is signed by the parties, the contract itself is filed with the Land Registry Office to prevent the same piece of real estate from being sold a second time. An application is then made to the Central Bank of Cyprus to approve the transfer of funds for the purchase of the real estate. (This approval is not necessary if both the seller and buyer happen to be foreign nationals. However, it is required if at least one party to the transaction is a Cypriot.)

The title will be transferred to the buyer at this juncture and the buyer will be entitled to possession the real estate. It is important to note that if the real estate is newly developed, the title itself will not issue for upwards to three years after the signing of the final contract. With that said, the buyer is protected because of the filing of the final contract with the District Land Registry Office.

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