property in cyprus

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There’s something very special about the island of Cyprus that few can define. Cyprus lies in the Eastern Mediterranean, and is a land of stunning natural beauty and rich heritage. It enjoys a mild climate, with over 300 days a year of sunshine. Blue skies, excellent beaches, pine-clad mountains (with snow skiing in winter), a wealth of archaeological sites, unspoilt countryside, timeless villages, cosmopolitan towns .... the list just goes on. It is one of the top property destinations for British buyers, for retirement, year round letting or as a holiday home -Cyprus always features high on the enquiries radar. The island’s Englishness may be the reason for this, although Cyprus joined the European Union on 1st May 2004 (making it easier for EU citizens to own property on the island) and it joined the Euro system on 1st January 2008. There is also the added attraction of a very favourable tax regime. A few words at this point on the current press coverage regarding the existence of Title Deeds in Cyprus, which regretfully now seems synonymous with the Cypriot property market. This is, perhaps, best summed up by a local lawyer on the island who told me - “The whole title deed issue can be tempered by drafting a good contract of sale, by entering into a contract with a reputable developer and by ensuring that the plot or property is not mortgaged to a bank or building society which has its charge registered at the land registry. Buyers CAN sell their properties, even if the title deeds are not ready, if this is provided in the contract of sale between the developer and the buyer. Thus there is a way of circumventing the problem of the absence of a separate title deed to a property”. As always, press talk needs to be balanced with good professional advice. Often described as an “island of contrasts” Cyprus is just that, and gives the best of both worlds. Click on Property Box below to obtain Zest Sheet.

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