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Property Abroad - Cyprus

With its long hot summers and mild winters, Cyprus is at the top of many property hunters' lists. It is a very popular holiday destination where English is widely spoken, driving is on the left and they even use the same electric plugs as in the UK. There are plenty of regular flights from London and journey time is a little over four hours.

Since Cyprus became a full EU member in May 2004, the potential for property investment has increased dramatically. UK intending to live in Cyprus citizens will need to obtain a resident's visa. If you plan to retire to Cyprus you will be encouraged to take up residence.

Following hostilities in 1974, the island is divided into two parts separated by a UN buffer zone. Since then, the northern part of the island remains under the jurisdiction of Turkish Cypriots although this is not an internationally recognised state. An attempt at re-unification failed in March 2003 however, with the possibility of future political changes, if you are considering purchasing a property in the north, you would be well advised to take legal advice first.

 

Once you make an offer on a property in Cyprus, it is normal to pay a deposit to reserve it. This is usually somewhere in the region of CY£1,000 to CY£2,000. At the time contracts are signed, a further payment of between 20% and 30% of the value of the property will be due, with the balance paid on completion.

Before Cyprus joined the EU, non-Cypriots could buy property or land for their personal use, but were not allowed to let the property for personal gain. Becoming an EU member has helped to relax these restrictions and thus improved the investment potential on the island.

Below are links relating to holidays in Cyprus:

To find out more, complete a Quick Enquiry Form and one of our advisers will contact you.

For advice about how to arrange your mortgage for your dream home abroad visit us at www.mortgages.co.uk

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