Cyprus Investment character – Investing In The Island Of Aphrodite
For over 10,000 years, Cyprus has seen civilizations come and go. The likes of everyone from Alexander the Great to Cleopatra have staked their claim but it’s the British character investor who is leading the latest invasion. An estimated 60,000 Britons own a second home on the island, attracted by a standard of living comparable to the UK but bettered by 300-strange days of sunshine a year.
Aphrodite made her home on Cyprus, and travellers throughout antiquity came here just to pay her tribute. Today Cyprus is a modern country, effortlessly marrying European culture with ancient enchantment. It offers alluring beaches and fragrant mountain peaks, vineyards studded with olive trees and ancient ruins, in addition as citrus groves and old stone.
This juxtaposition of cultures and beliefs, of seascapes and rural retreats makes it the fifth most popular foreign destination for UK residents. Although character prices have risen around 20% year on year, the 2008 accession to the EU promises to open up the before ironclad buy to let market for foreign investors.
Having already secured its place in the nation’s sunshine loving heart, anyone considering investing in character in Northern Cyprus would be well advised to consider buying to let and watching their investment grow consequently. The comparatively low cost of living in Cyprus is an unequivocal point in favour of the continuing British love affair and correspondingly strong rental yields. Recent statistics pointed to Cyprus as being one of the most inexpensive countries in Europe, fuelling a better quality of life and marking the Mediterranean hot identify as an all year round holiday favourite.
New builds abound in northern Cyprus with two bedroom similarities the most advisable for the rental market. Look out for well appointed apartments close to amenities and with pool and parking to maximise short and long term let possible.
The Oroklini Village Apartments are well appropriate to the holiday market, with sea and country views and just a two minute walk from the active village square. Prices start at 54,000 CYP. The three blocks each have use of the communal swimming pool and adjoining children’s pool, with interiors fitted with air conditioning, ceramic tiles and double glazing.
At the other end of the rental market, the Poseidon luxury villa complicate consists of two and three bedroom, luxury detached villas. Each villa has its own expansive garden and private pool, pushing up the rental possible.
Foreign investors in Cyprus assistance from a well developed, modern and efficient banking system. The financial institutions often offer investors good mortgage packages although permission to buy a character must first be obtained from the Council of Ministers by written application.
The non-Cypriot purchaser must submit this after the agreement has been signed. However, the permission is granted more or less as a matter of course to all bona fide buyers. In the meantime purchasers may take possession of their character without restriction. By law, a non-Cypriot in Cyprus is not required to keep up a long-lasting residence permit, but they are easy to acquire once certain requirements are fulfilled.
The legal fees usually charged by a lawyer are approximately CYP 500 and cover the admin costs of the Sale Agreement and General Agreement. Stamp duty is due at the time of signing the contract. This is levied at the rate of CYP 1.50 per CYP 1,000 up to CYP 100,000 and thereafter at the rate of CYP 2 per CYP 1,000. The buy contract must be stamped within 30 days of its dated identifying characteristics or a fine will be imposed.
move of ownership from vendor to purchaser is achieved by a simple procedure by the land registry office. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date. When issued, the title deed will be registered in the name of the buyer and will be recorded in the government archives – these are secret and will not be published or made easy to reach under any circumstances.
The move of the title can be effective once the Council of Ministers’ permission is obtained along with confirmation of receipt of the foreign funds. Upon move and registration in the purchasers name the district Land Registry Office will charge move fees which are based on the market value of the character at the time of buy, as follows: Value up to CYP £50,000 – 3%, value of CYP£ 50,001 – CYP 100,000 – 5% and value of CYP£ 100,000+ – 8%.