Buying A House In Cyprus…The 10 Steps You Need To Take

Although Cyprus is quite a small island you will be amazed at just how popular it just is and especially for property investment by English speakers.

Cyprus has virtually become the number one choice for people wishing to invest in retirement homes and for buy to rent investment properties.

So you may be asking yourselves what is it then that makes Cyprus so appealing to investors.

Well apart from the fact that is was a British colony for a number of years; meaning that the island's basic infrastructure was set up and the English language was soon leaned by the islanders, it also offers a sense of mystery and beautiful that is unique and the all year round mild climate helps the sun to shine almost permanently.

But what's involved in buying a house in Cyprus?

Well, it's not especially difficult, but there is a procedure you have to go through. (This process of course applies to the Republic of Cyprus, which excludes Northern Cyprus where the legalities are quite separate.)

So these are the main steps you need to take to purchase your property:

1. Every foreign national has to obtain approval from the government before buying a house in Cyprus - specifically from the Council of Ministers. This can take 8-14 months so you would be well advised to begin the process before you even start choosing your property.

2. The first thing you really need to do is to find an English Speaking lawyer and if you need a recommendation then just have a chat with a few of the local ex pats as they normally have plenty to say for themselves and usually are able to give good advice on these issues.

3. On approval of the Council of Ministers and the property formally recognised, the purchase process may begin. A contract is drawn up with property, parties, price etc agreed upon and a 1%+ holding deposit is left with either your own lawyer or the notary.

4. Once that has been executed you will have to pay a secondary reservation deposit on the agreed date and at this point the property will officially be taken off the market. As long as you don't default on the drawn up contract the property will remain off the market.

5. You solicitor will carry out the necessary steps through the District and Registry Office that will conclude that the property can legally be sold.

6. The following period of time is really what the bank requires to finalise your mortgage contract which will also be signed before the notary on the day you sign up for your property. There are a number of options when it comes to financing a property deal but you should always compare any private finance deal with a bank before you make your final decision. For anyone who is selling up everything they own and looking at Cyprus as a new era in their life, then you should be prepared for having quite a lot of money left over from the Cyprus property purchase. It won't take you long to see that things in Cyprus are so much cheaper and that you are really able to make a big difference to your lifestyle.

7. Once the lawyer's investigations are completed satisfactorily and you have your finance in place, the parties can move to the final contract stage. When this is signed by the parties it is filed with the Land Registry Office.

8. In the case that one of the 2 parties happens to be a national of Cyprus then it would be necessary to get official approval from the Bank of Cyprus to move those funds, although it is not necessary if both of the parties are foreign residents.

9. Should the property be a second hand one then you will immediately become the title holder but should it be a new build property, then you would have to wait for 3 years for that process to conclude even though you are officially registered as the owner of the property with District Land Registry.

10. Well step 10 is basically just start relaxing and to enjoy your new life in Cyprus. Put all that stress behind you and enjoy the Mediterranean lifestyle that has so much to offer. You won't have any communication problems by speaking English, but if you would like to put a smile on the local's faces, then try learning a bit of Greek.