The Mediterranean island of Cyprus is an increasingly popular location for UK residents buying property abroad as holiday homes, retirement homes, permanent homes or just simply making an investment. The inexpensive lifestyle costs, year round sunshine and beautiful Mediterranean surroundings offered by Cyprus have made the location appealing to individuals buying property abroad.
When considering buying property in Cyprus, don’t forget to arrange your currency exchange in advance. Fluctuating foreign currency rates can seriously effect how much you buy a holiday home or property in Cyprus for. Foreign exchange services from HiFX offer you the best possible exchange rates available, when you buy in Cyprus - rates that are usually only available to corporate clients that buy large amounts of foreign currency.
A Place in the Sun Magazine - Buyers Guide offers more information about buying property in Cyprus.
Foreign Exchange Services for Buying Property in Cyprus
So you’ve decided to go ahead with investing in property in Cyprus. What should you arrange to make the transaction run as smoothly as possible?
Firstly consider finding a reputable local lawyer who is capable of speaking both English and Greek. Buying property in Cyprus will require a large amount of paperwork. Having a competent lawyer will speed your navigation through this and make the process a much less stressful task.
When buying a property in Cyprus it is often necessary to pay a reservation fee while your lawyer draws up the relevant paper work. While this is happening, Cyprus requires that you apply for residency in their country; this is generally granted to any legal property buyers and is a normal part of the process.
Buying property overseas, whether it is in Cyprus or not requires careful financial planning, management and specialist guidance on foreign exchange matters.
This is increasingly important if you are planning to buy ‘off plan’ property. An ‘off plan’ property investment describes reserving a new development before it is built. Such a scheme requires a deposit in Cypriot pounds immediately, a number of stage payments over the required period, and a final payment upon completion.
The price of the property you are buying is set before construction begins. However the prices you are paying may fluctuate with the exchange rate; i.e. one stage payment may see sterling stronger than the Cypriot pound so the payment will be cheaper, alternatively the Cypriot pound could grow stronger than Sterling resulting in the stage payment being more expensive. With foreign exchange advice from the experts at HiFX, you can ensure you will receive the best rate of exchange in time for your property purchase.
The alternative is to buy all currency in one transaction. Whatever method you choose, remember anybody buying property in Cyprus will be exposed to currency risk.
When buying property in Cyprus, in our experience it is highly advantageous for the customer if they understand as much as possible about the potential foreign exchange exposure they face. As a result, HiFX provides regular market updates to clients immediately upon registration. The service is free and carries no obligation to buy currency.
HiFX has helped over 40,000 people buy foreign currency since 1998.
Contact the foreign currency specialists at HiFX on 01753 859 159 to discuss your foreign exchange requirements.