4 Tips for Buying a Home in Cyprus
In recent years, the number of foreigners moving to Cyprus has been increasing. In percentage terms, the small island nation has the second-biggest population of foreigners in the European Union. The first one is the tiny Luxembourg. Most of the foreigners living in Cyprus are from countries like the United States, Russia, and China. In this article, we will look at the key tips you should have in mind when buying a home in Cyprus.
Why are People Moving to Cyprus?
There are several reasons why most foreigners are moving to Cyprus. Some people are attracted to the country because of the great weather. This is because the country experiences sunlight throughout the year. Others move there because of the significantly lower cost of living compared to other western countries like United Kingdom and Germany. Others are attracted to the attractive beaches while others are attracted to its safety. Others move to take advantage of the government’s incentives to attract wealthy foreigners. The investment passport gives families that invest at least €2 million in the country. Business executives on the other hand are moving because of the country’s status as a tax haven. The corporate tax of 12% is the lowest in the European Union.
Finding the Ideal Location in Cyprus
If you live in Cyprus already, there is a likelihood that you have visited most of its cities and villages. If you have never visited the country, you need to first familiarize yourself with it. We recommend that you set aside a few days or a month to visit the country and its popular cities. Chances are that you will opt to live in one of the four cities of Paphos, Larnaca, Limassol, and Nicosia. These are the places where most expats live. Ideally, you would want a place that has decent and affordable housing, quality education facilities for your kids, quality hospitals, and excellent beaches.
Use the Internet to Research
After finding the ideal location where you want to settle, we recommend that you do your research about the price range of the properties there. Doing your research online will help you find how the properties range in that location. This is an ideal way of approaching things because most developers usually list their properties in their websites and in other portals.
Find an Experienced Local Agent
It is easy to find a property online and start the buying process. However, we recommend that you consult with an experienced local property agent in Cyprus for a Cyprus property. The benefit of using an agent that is highly-experienced is that they tend to have a huge database of properties that will interest you. In addition, as local experts, they offer qualified and competent advice on the pricing and growth of the region. Further, the agent will help you understand the legal guidelines and procedures that are required when buying the property. You should insist on comparing multiple properties before you decide on the one you want to settle in.
Some of the things to keep in mind when buying the property are the location, the size, and the price. On location, you should select a property that is located at your ideal place. On size, you should select a property that suits your needs. For example, if you are a family of three, you should not buy an ultra-large house with 7 bedrooms. On the price, ensure that the property is priced well.
Deal With Immigration
Before you make the purchase, it is recommended to ensure that you are doing everything within the law. While the agent will advice you on how to deal with immigration, we recommend that you try and find an independent attorney. This will help remove the conflicts of interests between the agent and the attorneys. If you have contacts in the country, we recommend that you use them to find excellent lawyers. Alternatively, you can use the internet to find quality immigration lawyers. After doing all these, you should now buy the property and pay all the required taxes.
Cyprus is an excellent place to buy property whether you are a retiree or a young professional. Its properties are reasonably priced and the growth rate is better than in most places. As explained in this piece, you should insist on your research and ensuring that you do everything in accordance to the law.