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1. Will the property we buy be freehold? |
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Yes, all of our properties are freehold. |
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2. Do I have to be in Cyprus for every stage of the legal process? |
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No, you can instruct your Lawyer to act and sign documents on your behalf. If you don’t have a lawyer in Cyprus we can get you in touch with an excellent English speaking lawyer, who will determine the property’s legal status, validate the contracts, make the necessary application to the Council of Ministers and advice you on every personal or business problem you may have. |
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3. Should I take all of my furniture from my country out to Cyprus? |
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Our general advice is to bear in mind that in Cyprus the cost of furniture is relatively cheap compared to the UK and most other European countries. Certainly take personal effects and smaller items, but the cost of transporting and storing furniture can sometimes be as much as replacing it with new furniture. |
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4. Can I bring my pets with me? |
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Yes, you can bring your dog or cat with you, provided that they have had all their vaccinations and a license has been obtained in advance from the Department of Veterinary Services. A period of 6 months house quarantine may be imposed. |
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5. Can I get a mortgage in Cyprus? |
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Yes, all commercial banks in Cyprus are offering mortgage facilities to assist in the purchase of property by non residents. The loan will be in foreign currency and the amount ranges from 60%-80% of the value of the property. |
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6. How about the Legal System? |
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Due to the facts that Cyprus was once a British colony, the Land and Property Registration system, as well as the whole Legal System in general, have been mainly based upon the British legal system. |
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7. How about Medical Services? |
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Cyprus has a very high standard of medical services. Hospitals, private clinics and medical centers are equipped with the latest facilities. Private Health Care Insurance is relatively inexpensive and can be arranged through an Insurance company or through a local Bank. Also the Public Hospitals offer health care to foreigners (once they become permanent residents) for a small annual fee. |
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8. How about the Banking System? |
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A prerequisite to living and working in Cyprus is to open a Local Disbursement Account (LDC) with a local bank as it is intended to provide for the foreign residents living expenditure on the island. LDC accounts can be debited for cash withdrawals and living expenses but cannot be debited for the purchase of property. There are convertible accounts known in Cyprus as External Accounts, which can be traded in any currency, and it is these accounts that should be used for payment of property.
Local currency is not accepted for deposit in an LDC. These accounts may only be credited with amounts transferred from convertible accounts held in Cyprus or abroad. Upon departure from Cyprus any residual balance in an LDC account can be transferred to any convertible account either in Cyprus or abroad. |
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9. Can I sell my property and take the money out of Cyprus? |
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Yes, you can sell the property at any time and with no restrictions. However there are two different cases:
a. If the property is sold to a non-Cypriot who is paying from external funds, then the whole amount can be repatriated without any requirements.
b. If the property is sold to a Cypriot, who is paying in Euros then the seller is entitled to repatriate an amount equal to:
- What he paid to buy the property,
- Plus any other (proved) costs involved with additions or extensions of the property,
- Plus the transfer fees,
- Plus the inflation,
- Plus EUR 85,430 per person per year.
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10. Do we have to pay you any money? |
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No, our commission is paid by the property owner/developer. We receive no payment from buyers. |
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11. Which areas of Cyprus do you cover? |
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We cover every area of Cyprus (Paphos, Limassol, Larnaca, Nicosia, Pissouri, Polis, Troodos, Protaras, Ayia Napa and all rural areas) except Northern Cyprus (the part of Cyprus that is under Turkish occupation since 1974). |
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12. Do you sell commercial properties? |
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Yes, we do sell commercial properties as well and we can also help you set up a business in Cyprus. |
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13. Do you sell resale properties? |
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Yes, we have a vast portfolio of new and resale properties. However our advice is, unless you want to move into your new house immediately, to consider buying an off plan property. This way you can have a house built exactly to your taste and at a cost that is usually 20% lower than buying the same house after completion. |
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