Are you looking for easy citizenship abroad?
You will not be required to give language tests or have to wait for draws etc.
You just need to invest in property and in return, you will get permanent residency.
These countries want you to hold the property for a few years.
In this way, it flourishes their real estate and gives you an opportunity to enjoy the many benefits of having citizenship of the country.
One such country that I will talk about is Cyprus.
In this article, I will tell you nine tips to invest in Cyprus Real Estate.
Let’s begin.
About Cyprus
Cyprus’s official name is the Republic of Cyprus and it is located on an island in the Eastern Mediterranean. This island is located between the Middle East and Europe. If you are a European Union national, you can buy real estate in Cyprus without any restrictions, but non-EU nationals are only allowed to buy around one acre of land or one house or apartment.
Citizenship by Investment Program
Citizenship by Investment Program was introduced in Cyprus to offer Cypriot citizenship just by investing in real estate for €2 million and you get citizenship in around six months. More than 2000 investors have received Citizenship of Cyprus in exchange for investments worth more than €4 billion.
Property types to choose from
- Residential homes: You can get residential apartments, villas, bungalows, modern houses, or old stone houses for investment purposes or to reside in them. You can even buy a used house and renovate it as per your taste or a fully furnished modern house for immediate occupancy.
- Holiday home: If you are buying the property for holiday use then get a property near the coastline so you can enjoy the sun or a house with a pool is in good demand.
- Real estate for investment purposes: If you are totally looking for investment purposes only in return for Cypriot citizenship then buy a property that you can even sell after 5years at a good profit. Property prices increases in specific locations so do check those properties.
9 Tips to Invest in Real Estate in Cyprus
1. Visit Cyprus
The first and foremost step before investing your hard-earned money in any real estate property is to visit the country. Assess the financial situation of the country, see the properties, and explore which areas are more lucrative to invest in.
2. Get Independent Legal Advice before signing papers
Some con real estate agents set up with specific lawyers and recommend them to investors. Don’t fall into their trap, they will make you fool. Therefore, it is essential to get independent legal advice before handing out your money or signing any legal papers.
3. Do your research
If you have access to the internet, it is a treasure chest for all the research material. You can get all the information about the properties, pricing, location, facilities, etc. You can also join Cyprus Property Forum and get help from people who already know about the island and own properties in Cyprus. You can even find information about real estate agents and property lawyers.
4. Don’t believe in myths
One of the myths is ‘Guaranteed Rental Returns’, where these rental returns are already included in the cost of investment but the real estate agents make it sound like you made a great deal. They are so desperate to sell the property that some of them offer ‘free car’ to their buyers. Another myth is that you will have a long rental season which is not true. You can only expect a 10 to 15 weeks rental if you have a nice holiday property in a good location and it will only cover part of your mortgage payments.
5. For what purpose you want to use the property
It is important to decide before purchasing a property that whether you will use it for rental purpose or investment only. This is because this factor impacts the property you need to choose. Its location, facilities, furnishings, etc. everything matters and need to look upon.
6. Set a realistic budget
Decide your budget first and then check out the properties that fall in your range. It will save you time and energy. Get an idea of the local prices and keep a 10 to 15% of contingency budget to pay taxes, extra paperwork, or to cover legal expenses.
7. Don’t fall in the trap of “We have someone very interested and have to move fast” line
This is a very common line used by the real estate agents that they have an offer from another party which is actually a bluff. So, ask your real estate agent what price is being offered and give them like €100 more offers and see if they are still interested.
8. Get a Registered Real Estate Agent
It is important to select a registered real estate agent who is a member of the Cyprus Real Estate Agents Association. This may protect you from fraud and illegal real estate agents. You can also find real estate agents and different properties on the Scala website – Properties in Cyprus. You can list your properties for some time on their website for sale or rent. Scala website can be used by personal sellers or real estate agents to find their desired properties.
9. Size doesn’t matter
You don’t need a fancy real estate agent to get your desired property. There is no guarantee that a firm is big so they will give you better service. So, select the real estate agency which is well-versed in the market and can cater to your needs.
So, these are some great tips if you are interested in investing in Cyprus real estate. Get yourself a good real estate company and a good lawyer before making a property decision and you will get Cypriot Citizenship in return.