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Buying Property in Cyprus Frequently Asked Questions

Cyprus Property Frequently Asked Questions

Here we try to help with information about buying property in Cyprus, with the most frequently asked questions. Have a look through the questions and if you don’t see your answers then please email us with your question. We will do our utmost to find the correct answer for you! We use our extensive networks to research for the correct answers.

  1. Is it safe to buy in Cyprus 
  2. How do I buy in Cyprus?
  3. Is the property safe?
  4. What is the transfer tax?
  5. Do I have to use a lawyer?
  6. Let the buyer beware

Buying Property in Cyprus Frequently Asked Questions


 

1. How do I buy in Cyprus?

Very easy process, let us find your property, put down a small reservation fee say Euro 2000, agree the contracts and stage payments the pay your deposit of usually 30% of the cost sending the funds from the UK via a currency broker, see this site for that info, to your lawyer who will pay the vendor at the appropriate time. ^ Back to top

2. Is the property safe?

Yes as the contract is registered with the land registry in your name when signed by both parties even though the final money has not been paid. ^ Back to top

3. What is the transfer tax?

This is a government tax paid when your title deeds are issued and depends on the cost of your property. It usually take about 1 year to get title deeds but can take longer giving you more time to pay really. ^ Back to top

4. Do I have to use a lawyer?

No. All the work can be done by your self but we always recommend you seek legal advice. ^ Back to top

5. Let the buyer beware

For a Cyprus bargain one is told to look to the North of the island. Beware as this is fraught with dangers.

In the referendum in April 2004, the Turkish Cypriots voted to for a reunification of the island but the Greek Cypriots voted against what was in the plan. The Republic of Cyprus, the southern part has now joined the EU, but the Turkish side may have to wait a few years.

The economic boom that was expected has attracted British investors to the North and South driving property prices higher.

Since the border controls between North and South were relaxed, development in the North has boomed.

Beware though of the legal implications should you be considering buying in the North.

The Turkish Republic of Northern Cyprus, TRNC is only recognised by Turkey and no other country as a legal state or country. Potential property gains do not outweigh the risks and investing in this illegal state is very high risk.

The Republic of Cyprus, the South, has declared that the buyers are dealing in stolen property as most of the houses were appropriated when the island was divided with Turkish Cypriots going to the North and Greek Cypriots going to the South in 1974.

The former attorney general of Cyprus has declared that anyone buying land or property in the North run the risk of losing all their money. The Annan plan to reunite the island has complicated compensation rules for former owners and could restore the land and property to the rightful owner without any compensation to the purchaser who bought after 1974.

The plan also indicates that some land and villages under the control of the TRNC would move to the Greek Cypriot state if the two state federation idea is adopted. Therefore it is not a good idea to buy any land or property that may be subject to another jurisdiction in the years to come.

We think anyone buying in the TRNC is taking a huge financial and emotional risk and could lose everything without any compensation at all. ^ Back to top

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First, each member of our team originates from the UK so there are no communication barriers.

Second, each of us has bought property in Cyprus and understands the the processes from first-hand experience. This has enabled us to help many other people buy property in Cyprus with confidence.

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David Neal wrote
Myself and my family would like to thank yourself, Chris and Anna, for all the help and support you provided to me before and during my recent trip to Limassol.

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