So you want to buy in Cyprus? Perhaps you are one of countless others who have enjoyed a wonderful holiday there and love the idea of spending the rest of your days on such a beautiful island. Maybe you have heard about the great investment opportunities.

It is worth asking yourself some questions before you launch into your new venture. Are you aiming to live there, in order to either work or retire? Or are you just in search of a holiday home? Or are you wanting to invest?

If you do want to live on the island, you’ll need to consider the importance for you of being in a place accessible to airports and other towns. And how about schools if you have children?

If you hope to acquire a holiday home, check the laws about non-nationals renting out their homes. You’ll also need to know as much as possible about the legal implications of owning property in Cyprus as well as the practicalities of life there.

Let’s look at some of the pros and cons of buying property on this unique island.

Pros
· English is widely spoken
· Guaranteed sunshine most of the year
· Low cost of living
· Favourable taxation rates
· Friendly locals
· Relaxed and laid-back lifestyle
· Similarities between the UK and Cypriot law in financial and legal matters

Cons
· Some restrictions exist for non-Cypriot property owners
· Some issues caused by peak season crowds: traffic, pollution and occasional interruptions to the water supply in certain areas
· High travel costs to and from the island if you do not plan to live there
· Extra expense if you purchase an old property in need of more work than it first appears

It is generally felt, however, that the pros outweigh the cons.

The next step, then, if you decide to go ahead, is to find the place that’s right for you.

By far the best way to go about this is in person. When on the island, take time to locate estate agents in the area you are interested in. Better still, you could even look out for a private seller which would save money on fees.

If, however going out there is not an option, the internet is a good place to start. The more criteria you put in when searching, the fewer results you will get, which will be an easier place to start from. Newspapers and magazines dedicated to Cyprus are another useful source for properties being advertised. A quick internet search will reveal the major names, which you could consider subscribing to.

The Legal Bits

The key to a successful purchase is to find yourself a good lawyer. And to do so as early on in the proceedings as possible. Do not wait until you have paid a deposit or signed a contract. You need to be sure the paperwork is legal and as it should be.

Estate agents can advise you in appointing a lawyer, but it is good practice to verify their credentials through the Cyprus Bar Association.

You need to be sure that the person selling you the property is in fact its legal owner, and that there are no outstanding debts secured against the home. If you are looking to purchase a property that is in the process of being built, you will need assurance that all the necessary planning and building permits have been secured. The Cyprus Lands Office must be the agency through which contracts are filed.

Permission to Buy

The Council of Ministers needs to give permission for any non-resident of Cyprus to buy property there. European nationals are restricted in how many properties they can acquire (one only) but not in amount of land. Residents of other countries, meanwhile, can purchase no more than one acre of land (equivalent to approximately 4000 square metres) and again just one house or apartment.

The documentation required when you apply to the Council of Ministers includes details of your chosen property, the seller and the contract, as well as personal ID, proof of where you currently reside and income details.

Expect to find yourself waiting anything up to six months for approval. But don’t let this put you off! You can still actually assume ownership during this time. If you do happen to be turned down (though this is extremely rare), you will nevertheless have a valid contract. Your lawyer can then advise you on the next step.

In conclusion, the differences between property purchase in the UK and in Cyprus are really not that vast. But the need to obtain approval from the Council of Ministers is a factor worth taking seriously, and just one of the reasons why it is so important to hire a good lawyer. Then you will be well on the way to achieving your dream…