Cyprus is the third largest island in the Mediterranean ocean, and lies eastwards of Greece, south of Turkey, west of Syria og north of Egypt. And while technically Cyprus is geographically placed in Asia, the island still falls under European belongings and uses the Euro as currency. Cyprus is populated by Turkish and Greek speaking people for the most part and the capital Lefkosia is conveniently placed in the middle of the island. Cyprus is a popular tourist destination, offering plenty of sun, beautiful beaches and amazing food and people.
If you are looking for a secondary home away from home, looking at properties in Cyprus could be an excellent way to achieve peace and quiet as well as good weather and the option to create great memories with the your family. To make sure the process goes smoothly there’s a few tips and things worth keeping in mind.
- Look at reliable websites showing available properties to get an idea of the market. We recommend: scala.cy – properties in Cyprus
- Consider having a licensed realtor go over the house or apartment with you before signing the papers. They will know what to look for and what to avoid.
- Alternatively you can consider hiring a lawyer or other legal expert who deals with properties to ensure the contract is properly written.
It is not necessary for foreigners to become citizens in order to own a single property on Cyprus, however there is a size limit on the land you are allowed to own in that case which amounts to roughly 4000 sqm. Once you have found the property you wish to purchase, it is necessary to do a full inspection of the house or apartment to make sure there are no hidden surprises.
Often times you will be asked to pay a deposit fee while the paperwork is being drawn up, to ensure you are serious about the purchase. Depending on the municipal regulations in the area you are looking at, it can be necessary as a foreigner to apply to the local council with a list of documents proving who you are. Such documents can sometimes include a criminal record, proof of employment, bank history and more.
Once the initial paperwork has been made ready, legal experts will go over the details and ensure everything is as it should be on both your end and the seller’s. If everything is fine you will get the option to pay the remaining amount of money for the property. Once both seller and buyer are in agreement, the local Land’s Office will approve the transaction to ensure the property is not already sold to someone else and there is no debt accrued with the deed. Once that is done and you have paid the fee for the deed transfer, you will be handed a title deed which officially makes you the owner of a new property in Cyprus. Congratulations!