Property Investment In Cyprus
Property Investment In Cyprus - Article
You will be shocked at just how popular Cyprus has become for property investment considering just how small the island is. It is the English speaking sector of the property investment market that are turning Cyprus into the leading choice for a whole range of property investments from retirement homes to buy to let property.
The question obviously arises to why Cyprus is such a popular choice for property investment. The English language is spoken throughout the Island thanks to the influence of the British colonialists, who also set up the initial infrastructure of the island. You will also se straight away that this island has a mystical feel about it and a unique beauty that will make your heart beat faster. The critical reason for it being such a popular tourist destination is the mild climate it has throughout the year and the sunshine never seems to stop beating down.
Like any other country, Cyprus too has a unique system when it comes to buying property. Each of the necessary steps that are explained in detail below only apply to purchasing property in Southern Cyprus, as things are done differently in the north.
1. Should a non-resident want to purchase a property in Cyprus, then they will need to apply for special approval from the government. This process may take up to 14 months to conclude so it is very wise to get this process underway well before you seriously look at starting the purchasing process.
2. The first thing you really need to do is to find an English Speaking lawyer and if you need a recommendation then just have a chat with a few of the local ex pats as they normally have plenty to say for themselves and usually are able to give good advice on these issues.
3. On approval of the Council of Ministers and the property formally recognised, the purchase process may begin. A contract is drawn up with property, parties, price etc agreed upon and a 1%+ holding deposit is left with either your own lawyer or the notary.
4. The next step involves the payment of a second deposit on an agreed timescale that will finally conclude that the property is officially off the market. If you keep up your side of the contract in full then property can not be put back on the market again. 5. The following step sees your lawyer making the necessary application to the District and Registry Office in order to establish that the property you wish to purchase will not give you any problems at a later date.
5. Once the property is off the market you will have time to look for a finance deal if you need to. Any drawn up mortgage will also be signed before the notary on the day you sign for the property you are going to purchase. There are several different options as to financing a property deal, but always be certain that you confirm any other option with a high street bank first.
6. For anyone who is selling up everything they own and looking at Cyprus as a new era in their life, then you should be prepared for having quite a lot of money left over from the Cyprus property purchase. It won’t take you long to see that things in Cyprus are so much cheaper and that you are really able to make a big difference to your lifestyle.
7. The process has nearly come to its end now and once your lawyer is happy that the property can be legally sold and your bank has come up with the necessary finance, it’s just up to the parties involved to sign under the dotted line. The signed and sealed contract is then filed with the Land Registry Office.
8. In the case that one of the 2 parties happens to be a national of Cyprus then it would be necessary to get official approval from the Bank of Cyprus to move those funds, although it is not necessary if both of the parties are foreign residents.
9. If you have just purchased a resale property then you become the title holder with immediate effect but if you have just bought a new build property then it will take three years, but don’t worry as you are registered as the owner at the District Land Registry.
10. Well step 10 is basically just start relaxing and to enjoy your new life in Cyprus. Put all that stress behind you and enjoy the Mediterranean lifestyle that has so much to offer. You won’t have any communication problems by speaking English, but if you would like to put a smile on the local’s faces, then try learning a bit of Greek.
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Launches $100,000 Scholarship Program to Foster Careers for Women in Commercial Real Estate
Commercial Real Estate Women (CREW) Network Launches $100,000
Scholarship Program to Foster Careers for Women in Commercial Real Estate
CREW Network Scholarship Program is part of overall effort to reduce
barriers For women pursuing careers in commercial real estate
LAWRENCE, Kan., May 8 /PRNewswire-USNewswire/ — Commercial Real Estate
Women (CREW) Network today launched a $100,000 scholarship program aimed at
fostering careers for women in commercial real estate.
Through the CREW Network Scholarship Program, CREW Network will award
ten (10) $10,000 scholarships to women enrolled full time in their junior
or senior year of an accredited real estate program at a college or
university. The scholarships will be awarded based on academic excellence
and each scholarship recipient will receive a paid internship program at a
commercial brokerage firm.
“This is an important step forward in CREW Network’s evolution from
creating awareness of the disparities between men and women in commercial
real estate, to taking concrete steps to effect significant change,” said
Gail Ayers, Chief Executive Officer of CREW Network.
“CREW Network is proud to create a scholarship program that actively
encourages talented young women to explore careers in commercial real
estate,” said Lynny Osenbaugh, 2008 CREW Network President and President of
Osenbaugh & Associates in Houston. “Our goal is to cultivate the next
generation of female leadership in commercial real estate.”
The CREW Network Scholarship Program coincides with the launch of
CREWCareerzone.org, a site providing a variety of resources for women
considering careers in commercial real estate:
– UCREW, interactive sessions designed to connect college students and
women looking to change careers or re-enter the workforce to women
professionals working in commercial real estate.
– CareerZone Professional Video Series, featuring professional women
discussing what it takes to be successful in six major disciplines
within commercial real estate: law, brokerage, development/construction,
investment/asset management, professional services and finance.
– CREW Careers: Building Opportunities(R), a national program that offers
hands-on training for high-school age girls considering a career in
commercial real estate
– CREW Network Career Center, in partnership with SelectLeaders, a
comprehensive listing of hundreds of active postings of positions in
commercial real estate
The overall goal of CREWCareerZone.org is to even disparities that
exist within the field of commercial real estate. CREW Network’s 2005
industry benchmarking study revealed that while more women are entering
commercial real estate, they are not advancing within the profession at the
same rate as men nor is their compensation at comparable levels.
However, while still a largely male-dominated profession, more and more
women are entering commercial real estate and experiencing a large degree
of career success. A follow-up research report indicated that the reason
for the disparities might be women’s lack of awareness about the profession
and an aversion to risk.
Scholarship details:
The scholarship application process opened March 21. In addition to the
application, applicants must also supply an official copy of their college
transcripts and letters of recommendation no later than June 20. For more
information and to view the application, visit http://www.crewnetwork.org.
About CREW Network:
The mission of CREW Network (http://www.crewnetwork.org) is to advance the
success of women in commercial real estate. CREW Network does this by
looking outward to bring more women into the industry, showcasing member
successes and serving as a key resource to its members and the industry.
CREW Network members represent all disciplines of commercial real estate -
every type of expert required to “do the deal.” Members comprise 8,000
commercial real estate professionals in 66 chapters across North America.
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