Buying, Selling, Rentals, Land and Property Management

The laws and legislation in Cyprus are currently getting in line with other European Union countries. The demand for property in Cyprus from foreigners is still apparent. It is recommended to only buy property in the Southern part of Cyprus and not the Northern part. Buying in the North is not advised as this is under Turkish occupation, so we advice to stay well clear. You could be risking legal action from people that own the land and property before the 1974 Turkish invasion.

Mortgages

You will need to fill in an application to the bank as well as other documentation. This will include a copy of the contract of sale, proof of down payment and statements to show assets and liabilities. The last three months pay slips, copy of your passport with first two pages copied and your residential address. Details of the purchased property including the title deeds will need to go with the application. A copy of the planning and building permission maybe required with a set of architectural plans. Allow up to five weeks for the bank to complete the process.

Pensions

People with a British pension are allowed to transfer their pension to Cyprus as it is in the European Union. There are tax benefits bringing your pension to Cyprus. Health care is priced well and there is no inheritance tax. Public and private healthcare is available to everyone. European citizens that permanently live in Cyprus can apply to the Ministry of Health for a medical card. This card can lead to free or subsidized public healthcare depending on your earnings.