Cyprus Investment Property – Investments in the Island of Aphrodite

For over 10,000 years, civilizations have appeared and disappeared in Cyprus. Everyone from Alexander the Great to Cleopatra has claimed their rights, but the latest invasion has been spearheaded by a British real estate investor. Approximately 60,000 Britons own a second home on the island and are attracted by a standard of living comparable to that of Britain, but improved by more than 300 days of sunshine a year.

Aphrodite settled in Cyprus, and travelers in ancient times came here only to pay tribute to her. Cyprus today is a modern country that seamlessly blends European culture with ancient charm. It offers seductive beaches and fragrant mountain peaks, olive-grove vineyards and ancient ruins, as well as citrus groves and old stone.

This juxtaposition of cultures and beliefs, seascapes and countryside makes it the fifth most popular overseas destination for UK residents. Despite the fact that property prices have risen by about 20% year on year, joining the EU in 2008 promises to open an earlier railroad for foreign investors.

Having already taken their place in the sunny loving heart of the country, anyone considering investing in real estate in North Cyprus would be wisely advised to consider buying for rent and to keep an eye on the growth of their investments accordingly. The relatively low cost of living in Cyprus is a clear argument in favor of the continuing British romance and, accordingly, high rental yields. The latest statistics indicate that Cyprus is one of the cheapest countries in Europe, contributes to a better quality of life and marks the Mediterranean hotspot as a favorite all year round.

There are many new developments in northern Cyprus offering two bedroom properties most suitable for the rental market. Look for well-equipped apartments close to amenities, swimming pool and parking to make the most of your short and long term rental potential.

Oroklini Village Apartments are well-suited for a market holiday, with sea and countryside views and just two minutes’ walk from the lively village square. Prices start at 54,000 Cypriot pounds. Each of the three blocks has a communal pool and an adjoining children’s pool. The interiors are equipped with air conditioning, ceramic tiles and double glazing.

At the other end of the rental market, the Poseidon luxury villa complex consists of luxurious detached villas with two and three bedrooms. Each villa has its own spacious garden and private pool, which increases rental potential.

Foreign investors in Cyprus benefit from a well-developed, modern and efficient banking system. Financial institutions often offer good mortgage packages to investors, although permission to buy real estate must first be obtained from the Council of Ministers by submitting a written application.
The non-Cypriot buyer must provide it after signing the agreement. However, permission is issued more or less as a matter of course for all bona fide buyers. In the meantime, buyers can take possession of their property without restriction. By law, a non-Cypriot Cypriot citizen is not required to hold a permanent residence permit, but it is easy to obtain after meeting certain requirements.

The fees usually charged by a lawyer are around 500 Cypriot pounds and cover the administrative costs of the Sales Contract and General Agreement. Stamp duty is payable upon signing the contract. This levy is levied at a rate of CYP 1.50 per 1,000 to 100,000 Cypriot pounds, followed by a rate of 2 Cypriot pounds per 1,000 Cypriot pounds. The sales contract must be stamped within 30 days from the date of signing, otherwise a penalty will be imposed.

The transfer of ownership from seller to buyer is carried out by a simple procedure through the land registry. The sales contract must be in writing and it is desirable that such contracts be registered with the County Land Office within 60 days of the date of the contract. Once issued, the title deed will be registered in the buyer’s name and will be registered in the government archives – they are confidential and will not be published or available under any circumstances.

The transfer of ownership may take effect after obtaining permission from the Council of Ministers, together with confirmation of receipt of foreign funds. When transferring and registering in the buyer’s name, the District Land Registry Office will charge a transfer fee based on the market value of the property at the time of purchase, namely: Value up to CYP 50,000 – 3%, value – CYP. 50,001 – 100,000 Cypriot pounds – 5%, and the cost of more than 100,000 Cypriot pounds – 8%.

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