Online Investing Daily

If you’re thinking of buying property, Cyprus has a lot to offer. Of course the wonderful climate is one of the first aspects that people think about, but there is also the mellow way of life, the warm sea to swim in, the healthy foods, the rustic landscape and the welcoming people.

There are daily flights from many UK airports to Cyprus so you will always be able to hop on a flight with little notice. Cyprus is a modern day European country with all the mod cons that you are accustomed to and most of all you can get Sky TV there so you will be able to keep up with whatever soap you are hooked to.

The advantage of buying a property in Cyprus is that you will can use it as a holiday home too as well as being able to let it out for extra rental income over the long mild period, which is about 10 months of the year. Imagine it, you get free holidays, pay the mortgage and money left over after all outgoings are taken into account.

Loans and Mortgages - You will find the local banks very welcoming in Cyprus if you are looking to invest in buying a property on the island. The banks will often finance the new build developments in the area you are looking at, so try and get your mortgage from the same bank that is also financing the new development property that you are interested in.

The alternative would be to use a different bank but this would then include a bank guarantee payment that is equivalent to a 1.5% to 1.8% of the property value annually up until you sign the final deeds.

Legal Procedures When Buying Property - Thankfully the legal system in Cyprus is a virtual copy of the British system and you will soon feel safe when you see how well protected a purchaser is. As a way to protect purchasers, once the sales contract is signed and sealed and the deposit is paid, the Land Registry in Cyprus gives an easy and effective legal instrument known as the ‘Specific Performance’.

This procedure protects the purchaser’s ownership rights until the title deeds are issued in their name. The contract cannot be withdrawn by anyone and therefore the property cannot be mortgaged, leased, sold or transferred. This status can only be changed by the purchaser.

To handle the legal issues an English speaking lawyer should be appointed and if you’re buying a new build in Cyprus, ensure the lawyer is not concerned with any aspect of the property development so that conflict of interest does not arise. The fees of the lawyer are generally 1% of the property price.