Tips for Buying Property in Cyprus
In recent years, many foreigners are relocating or buying property in Cyprus. According to the government statistics, the number of expats living in the country is currently at an all-time high. Most of the expats in the country have moved there in the past five years. In this article, we will highlight the key tips you need to remember when buying property there.
Why People Are Moving to Cyprus
There are several reasons why the inflow of expats is increasing in the country. First, after the financial crisis of 2011, Cyprus has emerged as the fastest-growing country in the region. In 2018, the country’s economy expanded by 4%, which was much higher than the EU average of 1.3%.
Second, the cost of living in Cyprus is much lower than that of other EU members like United Kingdom and France. For example, the average rental price of a townhouse in Limassol ranges between €850 and €1100. In cities like London and Paris, such townhouses rents for more than €2,000.
Third, the Cypriot government has put in place incentives to attract foreigners. For example, the investment passport gives foreigners national passports if they invest about €2 million in the country. This allows them to do business and travel anywhere in the European Union. A €200k investment gives them residency in the country. In the past few years, the country has attracted investment worth more than $4.4 billion using these passports.
Fourth, Cyprus is known to be a tax haven. This has made cities like Limassol and Nicosia emerge as leading financial hubs in Europe. The corporate tax of 12% and lax regulations have attracted thousands of companies in the country.
Other reasons why many foreigners are moving to the country are its safety, award-winning beaches, its diversity, and its strategic location.
Buying Property in Cyprus
As a foreigner the first thing you need to do is to travel to the country and experience the different places. You will likely prefer living in major cities of Limassol, Nicosia, Lanarca, and Paphos. Each of these places has its own main features, which might be of interest to you. If you are like most foreigners, Limassol will be your ideal location. Travelling to the various location will help you chose your ideal place.
After the informal survey, you need to find a property for sale in Cyprus. Like with most places, you can easily find and buy property by yourself. However, it is always recommended that you use an agent, especially if you are new to the country. Agents will have a huge portfolio of property that will be of interest to you. They have a good knowledge on the local property market. A good agent should have several qualities. First, we recommend that you chose agents from established companies. Second, the agent should have reasonable charges. Third, the agent should have good reviews from past clients.
After finding the property you love, don’t make the purchase yet. As a foreigner, you need to ensure that everything you do is in line with the law. As such, you should find a qualified law firm that has expertise in property and immigration law. On immigration, the lawyer will help you get a Cypriot passport, especially if you are using the immigration passport described above. The property lawyer will help you fill all the documents you need to acquire the property. They will also help you verify all the details you have been told by the agent.
After all this, you should now pay for your property. If you already live in the country, you can find one of the many local moving companies. These companies will help you move your property to your new home. If you are based abroad, you can use the many international moving companies. You should then start furnishing your house by buying furniture. You can read some of the tips for moving to a new house here.
Cyprus is an excellent country and in the past few years, thousands of expats have moved there. As mentioned, there are many reasons why people are settling there. As with all places, moving is a hectic thing and buying property is an expensive undertaking. Using the tips described in this article will help you find a good property, at a good location, and at a fast rate.