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Should I use an Attorney when buying property in Cyprus?

Should I use an Attorney when buying property in Cyprus?

It is a known fact that if you are contemplating spending your hard earned cash on buying property in Cyprus, you should do so through a reputable attorney. There are a lot of unscrupulous people in the property industry who are looking for the opportunity to separate you from your money! You could end up paying a lot more for your property in the long run by being scammed, rather pay the extra funds to a recommended property Lawyer, so that you have peace of mind and also to expedite the whole process. Having someone experienced to act on your behalf will ensure that all the proper documentation is filled with the correct government offices and that the whole transaction is above board. A good lawyer will offer you advice and guide you through the whole process.

Taxes and Cyprus Real Estate

Taxes and Cyprus Real Estate

Like anywhere else in the world, taxes and fees are added onto the costs of property purchases in Cyprus. When you take into consideration the new laws and the fees that you, as a buyer, are liable for, the cost is moderate in comparison to other countries. When purchasing property in the Republic of Cyprus, you should be aware of what these extra charges will be. The costs start the minute you accept an offer, as you will be required to put down a small deposit which is not refundable. After the contract is signed it is expected, in most cases, that 20% - 30% of the purchase price is paid as a deposit. The remainder will be paid according to your agreement with the seller, which will be clearly stated in the contract. 

Power of Attorney in Cyprus

Power of Attorney in Cyprus

Many people who have bought property in Cyprus have found it necessary to appoint someone to take care of their transactions while they are away. To be able to do this legally it is necessary to give your representative a power of attorney. It goes without saying that if you are going to give someone the authority to act on your behalf, especially with financial matters, it is of the utmost importance that this person is trustworthy. Unfortunately there are some unscrupulous people who have taken advantage of this powerful document and managed to embezzle money and property from their rightful owner. Finding someone you can rely on to do what is necessary, must be a person that you can trust to act in your best interests.

Why Invest In Cyprus Property

Why Invest In Cyprus Property

The Location and its PeopleCyprus has a unique geographical location. Situated at the crossroads of Europe, Asia and Africa, this strategic position makes the island a well-known and respected financial center. Cyprus has always had good relations with its neighbours and a co-operation between countries such as Greece, Israel, Lebanon, Syria and Egypt still exists and is mutually beneficial. Apart from its enviable position in the Mediterranean Sea, Cyprus enjoys the most amazing weather with over 300 days of sunshine a year. The low cost of living, and the comparatively low crime rate, makes Cyprus a place where quality of life is almost guaranteed. The Cypriot people are friendly and very hospitable and they will make you feel welcome in their country. Medical facilities are considered to be some of the best in the area, and there are public and private hospitals in all the major cities with highly qualified medical staff. The Cypriots put a lot of emphasis on education and spend over 7% of the GDP on education. The result is excellent private and public schools throughout the island and Colleges and Universities are well known and said to accommodate over 10,000 foreign students from the area every year.

Who Can Buy Property in Cyprus?

Who Can Buy Property in Cyprus?

The process of purchasing property in Cyprus is relatively simple, in comparison to other European countries. All foreigners can buy property in Cyprus, there are no restrictions, as long as the correct documentation is supplied, and the applicant does not have a criminal record. All non-Cypriots need to apply to the Council of Ministers for permission to buy property, and as long as they fit into the following criteria, the granting of permission is more or less guaranteed.

Property Maintenance  in Cyprus

Property Maintenance in Cyprus

All homes need to be maintained, especially if you only use them for a few months of the year. Now that you have purchased your dream home in Cyprus, your priority will be to keep your property in tip top shape, and the only way to do this is to find trustworthy and reliable people to take care of your investment while you are away. Apart from keeping the property in good shape, ideally you will want your home clean and well maintained when you arrive back in Cyprus.

Lawyers in Cyprus

Lawyers in Cyprus

The professional body that represents over 2700 lawyers in Cyprus, is The Cyprus Bar Association which was established in 1960. All lawyers that are members of the Association are issued with identity cards which they present in Court or to any other Public Authorities. If you are looking for a lawyer in Cyprus, its best to make sure that they are members of the Cyprus Bar Association.

Where to stay in Cyprus

Where to stay in Cyprus

With so many outstanding choices, were you stay when on holiday in Cyprus will depend on mainly two things, Seaside or Mountain and off course the all-important budget. Accommodation costs can vary from €20 a night to €1000, so there is something suitable for everyone who visits this beautiful holiday destination. Make sure to book well in advance and take advantage of special packages that are offered from time to time.

Flights to Cyprus

Flights to Cyprus

Larnaca International Airport (LCA) is the main airport in Cyprus and it is located 5km from Larnaca. Larnaca Airport was built in 1974 after the invasion of Cyprus by Turkey which forced the closure of the Nicosia International Airport. Hastily built prefabricated structures were built and the airport officially opened in February 1975. The airport was rebuilt in 1998 in order to be able to service the millions of tourists that arrived on the island yearly. Substantial upgrades were completed in 2006 and today LCA is a fully-fledged International airport that the Cypriots can be proud of. In July 2016 the airport was renamed Larnaca International Airport – Glafcos Clerides in honor of the former president of the Republic of Cyprus. Geographically situated between Europe, Africa, Russia and the Middle East, Larnaca airport has become an important airline hub between these countries and currently services over 30 international and 30 charter flights with passengers and cargo services. Currently 67 airlines fly from Larnaca Airport and nonstop flights are available to 83 cities in Europe, the Middle East, UK and Russia amongst others.

Car hire in Cyprus

Car hire in Cyprus

If you intend to hire a car in Cyprus please bear in mind that you must have a valid driver’s license from your country of residence as well as an International driver’s license. Cars will not be hired to anyone under the age of 21 years and a minimum of 3 years driving experience is required if the driver is under the age of 25. Driving in Cyprus is done on the left hand side of the road and strict rules are in place regarding seatbelts, which must be worn at all times, and the use of mobile phones while driving is prohibited, unless it is hands free. Petrol stations are readily available in all the larger residential areas and you can travel from one side of the island to the other in a few hours. If you search on the internet, you will car hire companies in all major towns, Nicosia, Limassol, Larnaca, Famagusta and Paphos. Most of these companies will meet you at the airport so you will have your rental car the minute you arrive. It is always better to book online before you travel to Cyprus as this will most likely cost you less.

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