| The tiny Mediterranean island of Cyprus has an | | | | again. |
| appeal out of all proportion to its size. Especially | | | | 5. The lawyer will then investigate the title through |
| for English speakers looking to buy an overseas | | | | the District and Registry Office. |
| property - for investment, retirement, holidays or | | | | 6. Meanwhile you need to obtain your financing. |
| holiday rental - Cyprus seems to come near the | | | | Probably the easiest way is to finance through a |
| top for choice. | | | | bank in Cyprus. Most banks are quite westernized |
| So what is the special appeal of buying a house in | | | | and will accommodate US and UK mortgage |
| Cyprus? Many people find it combines ease of | | | | clients. Alternatively you may wish to refinance |
| living with a special quality of mystery and beauty | | | | your existing home, or in the case of a new build |
| - and of course a gorgeous climate. Because the | | | | the developers may offer their own mortgage |
| island underwent some decades of British rule, | | | | facilities. Some people of course want to sell up in |
| English is widely spoken, which makes it easy for | | | | their home country and move to Cyprus to live. |
| English speakers to move to. At the same time, | | | | If you are doing this, you are very likely to find |
| its almost unearthly beauty, combined with its | | | | that the proceeds of your home are more than |
| history stretching back thousands of years and its | | | | enough to cover the cost of buying a house in |
| connection with ancient myths and legends, | | | | Cyprus. |
| provide a magnetic attraction for visitors. | | | | 7. Once the lawyer's investigations are completed |
| But what's involved in buying a house in Cyprus? | | | | satisfactorily and you have your finance in place, |
| Well, it's not especially difficult, but there is a | | | | the parties can move to the final contract stage. |
| procedure you have to go through. (This process | | | | When this is signed by the parties it is filed with |
| of course applies to the Republic of Cyprus, which | | | | the Land Registry Office. |
| excludes Northern Cyprus where the legalities are | | | | 8. If one of the parties is a Cypriot, an application |
| quite separate.) | | | | then has to be made to the Central Bank of |
| So these are the main steps you need to take to | | | | Cyprus to approve the transfer of funds for the |
| purchase your property: | | | | purchase of the property. If both parties are |
| | | | foreign nationals, this is not necessary. |
| 1. Every foreign national has to obtain approval | | | | 9. If the property is not new, the title will be |
| from the government before buying a house in | | | | transferred to you and you are now the owner. |
| Cyprus - specifically from the Council of Ministers. | | | | If it's a new build, the title will not be transferred |
| This can take 8-14 months so you would be well | | | | for three years, though you are fully protected |
| advised to begin the process before you even | | | | since the final contract is filed with the District |
| start choosing your property. | | | | Land Registry. |
| 2. Get a lawyer. It is not a good idea to try to do | | | | 10. Relax and enjoy your holiday or retirement |
| without and there are good bilingual lawyers in | | | | home. You can get by with speaking English, but if |
| Cyprus - if in doubt, ask for a recommendation | | | | you can manage to learn some modern Greek |
| from expatriates in the area. | | | | you will find your experienced greatly enriched. |
| 3. Once you have received your approval from | | | | Buying a house in Cyprus is easier for foreigners |
| the Council of Ministers, and have identified your | | | | than in many countries and is highly worthwhile in |
| property, you have to sign the preliminary | | | | terms of both enjoyment and profit. One word of |
| contract, and post a holding deposit with a notary | | | | warning - some people are tempted to try to do |
| or with your lawyer. The deposit can be as little | | | | private deals without bothering with the legalities |
| as 1 percent of the purchase price. | | | | or getting a title deed. Don't even think about it. |
| 4. A secondary reservation deposit agreement will | | | | Not only could you get into trouble, but you could |
| then be executed and the property will be taken | | | | lose all your money as your property will be |
| off the market. As long as you stick to the | | | | unsaleable. Be patient and stick to the law - it's |
| agreement, it won't be put back on the market | | | | well worth it. |