How are you?

Happy belated Easter. I hope you enjoyed our recent long weekend and celebrated Easter in style? Last week I was in the British Virgin Islands sailing a 34’ yacht through 12’ foot swells and strong weather conditions but at least I had the sun! I love sailing so much that it really doesn’t matter what the conditions are.

The sun was warm, the sea was inviting and food was outstanding. What more could I ask for?

And now that I’m back in the UK, it’s time to plan my trip to Cyprus. I find it too cold in the winter to visit, so I’ve been delaying a trip for April/May time. Well – that time is almost upon us.

Will you be visiting Cyprus soon? I’ll be going around the 2nd or 3rd week of May for a couple weeks. If you’re interested in viewing some properties during that time, please join me! All you need to do is fill out my property form and put a special mention that you’d like to view properties with me and I’ll see what I can do to make it happen! I’ll be in both the Paphos and Famagusta/Larnaca area during my stay.

http://www.cyprusbuyingguide.com/requirementsform.htm

In this month’s newsletter, I have some interesting information for you. To begin with I interviewed a Cyprus Buying Guide reader who has decided to leave the UK and move to Cyprus permanently – Glenda is an inspiration! This month’s property profile is in a village called Mandria…In my financial section, I finally asked one of my associates to do a write-up on exactly what financial planners do, how they do it and why it will benefit people to use them. There are some other bits and bobs plus some information about bringing dogs into Cyprus. All good stuff I hope.

But before I sign off, my father-in-law highlighted an interesting article in the Daily Mail dated 21 March 2008. The article is titled, ‘A wave of cutting-edge marina developments is giving Cyprus a new lease of life.’

As I read the article I thought that it seemed too good to be true. The author wrote that ‘It was confirmed this month that 3,600 new berths will be created in four marinas around the island, transforming it into one of the Mediterranean’s most boat friendly destinations.’

Well…if this is true and it really is confirmed, this is GREAT NEWS. Not just for people like me that love boating…but this will increase the marketability for Cyprus – more people will want to buy in the future thus creating an increase in demand, property values and rentals.

The article then goes on to explain the amount of berths in each area and when the marinas will be finished. Based on my experience with Cyprus, something tells me that this hasn’t been officially confirmed…so on my next visit, I’ll get the full scoop.

Otherwise, in the news: the peace talks between the North and South continue, some psychologically disturbed villager went into a grocery store in Paphos (Choletria) and shot two people, water cuts are on the horizon and electricity is going up due to the increased cost of crude oil. Maybe no news is good news…

Have an excellent month and please let me know if there is anything I can help you with in regards to buying a property in Cyprus.

Big smiles,

Kim
Cyprus Buying Guide
The Overseas Guides Company
0207 898 0549 (call me!)
Kim@CyprusBuyingGuide.com

Interview with a CBG Reader – Glenda

Last month I highlighted a story about some readers that had a terrible experience with buying in Cyprus (To see past newsletters, go to: http://www.cyprusbuyingguide.com/archive.htm).

This month I’m thrilled to be able to share with you a story about a single woman who has decided to retire early, at the young age of 57, and move to Cyprus permanently.

Kim: What is your profession, how young are you, and what is your background?

Glenda: I don't have a heading that covers 'profession' I have worked for 'not for profit' organisations for the past 15 years, as a Home-Start employee and volunteer (Home-Start are known in Northern Cyprus but not, to my knowledge, in the South). Home-Start recruits and trains volunteers who then go on to help young families who may be struggling for various reasons. Volunteers provide support plus practical and emotional help for as long as the family need it.

After this I spent 18 months working as a Supported Housing Officer for teenage mums and their babies. This meant ensuring that they are able to sustain their tenancies, care for and enjoy their child, check that their benefits are claimed and provide whatever other help they need to be able to maintain their independence. Since 2000 I have been a foster carer with the local council and have cared for approximately 12 children during that time, mostly teenagers with troubled backgrounds - thankfully just one child at a time! As to my age - I am a VERY young 57!

Kim: What made you decide that Cyprus is the place for you to retire to?

Glenda: I fell in love with Cyprus when my daughter decided that Pafos was where she wished to get married. I had only a few days there before the wedding to arrange everything and had lots of help getting it all together for what she still says was the best day of her life. The people are so laid back and there is none of the rush to get everything done yesterday, life is enjoyed at such a restful pace. And, of course, the climate. All in all, a lovely place to grow old.

Kim: Why did you originally decide to buy in Cyprus and has that changed?

Glenda: Originally I planned to buy a place all the family could use for holidays prior to moving there when I officially retire in 4 years time.

This has changed in that, while I will still be providing a holiday home for family who wish to use it, I will actually reside in it - I feel that waiting another 4 years is just mad if I don't have too!

Kim: How did you find the process of buying in Cyprus?

Glenda: I found the buying process relatively simple. Having employed a reputable solicitor I was left with very little to do myself. I also found that the developers maintained an interest in their apartments and in the new owners and are happy to help with any quibbles/queries that arise.

Kim: What advice/suggestions would you give to people following in your footsteps?

Glenda: Don't leave anything to chance, don't take gambles, do your research thoroughly, talk to people who've done it and, if you are not financially aware, get some professional advice. Most of all enjoy yourself!

Kim: How do you plan to spend your time once you get to Cyprus?

Glenda: Who knows??? My first task will be to source a computer and webcam so I can chat to my grandchildren. Then I need to find a suitable car to run around in. Once that is done I will seek out the parts of Cyprus that I've not yet seen - explore a bit! Next step depends on finances - if I can manage on my income, I shall look for work with a volunteer project, if I need an income then I will have to look for a part-time paid position.

I enjoy researching my family history. Much of this can be done using a PC so I will be renewing my efforts in that direction. Lastly, I shall be entertaining the string of family and friends who will be coming out to Pafos to visit.

~~~

Would you like to share your story with readers? I always love to hear about people who have made the big step and changed their lives for the better. Glenda is an inspiration! Please send me your story as I’d love to share it with other readers:

mailto:Kim@CyprusBuyingGuide.com

"The best of times, the worst of times..." Currency Update

by Smart Currency’s Charles Purdy.

"The best of times, the worst of times..."As I write it certainly feels like the latter for sterling. Having hit €1.50/£1 during the early part of 2007 we now sit close to €1.28/£1 inter bank. If you have to buy Euros it will cost you 15% more than it did 12 months ago.

But what if you have to SELL Euros?

This could be the perfect time as it is difficult to see how much further sterling could fall against the Euro. It could still fall but economic pain is beginning to grow in Euro land as a result of the Euro's strength against sterling and the US$. Euro land exports are becoming less competitive and euro land properties too expensive. So if you have sold (or are close to selling) your property this could be the time to look at windfall gains by selling some of those Euros now. If you have exchanged contracts and are confident of receiving your Euros you could even lock in the “gain” using a forward contract.

Also, I think it is important for people who are looking to buy properties in Euro land to negotiate hard. Lifestyle purchases are obviously long term and what goes around comes around in the currency market. But it should not be forgotten that a lot of overseas property sellers need the cash from the property sale. Talking to a French agent the other day he emphasised this need: if British buyers are finding it more expensive because of the strength of the € then property prices should/will reduce to reflect this. So don’t be daunted by the sudden loss in value in sterling but use it to your advantage. Any sensible seller will quickly realise that it is better to have the cash rather than hold out for a higher but perhaps unrealistic valuation.

To read the latest on Serling and the Euro go to: http://www.CyprusBuyingGuide.com/Currency270308.htm

To get a Better-than-Bank rate go to: http://www.smartCurrencyExchange.com/smartsquotation.htm
or call Carl on 08081 630 102 freephone.

How about Mandria?

Last month I mentioned a fantastic development near Larnaca in Pyla…this month, I’ve sourced something on the other side of the Island.

Have you been to Mandria? It’s very popular amongst Brits and is a quiet, quaint coastal village located only 9 km from the hustle and bustle of Paphos, 5km from Paphos airport, 3km from the Secret Valley and Aphrodite Hill Championship golf courses, plus only a short walk from secluded, sandy beaches.

By the way – did I tell you that I’ve been taking golf lessons? My teacher is Donald McDonald and despite the fact that I’ve had 8 lessons and still can’t hit the ball onto the fairway, he says there’s hope for me. I’m not so sure! Anyway – if you like golf and if I can eventually hit the ball straight, would you be interested in a game?

Back to Mandria…The village has a small supermarket, gift shop, coffee shop and bakery. Mandria has a small but very lively village square which has two excellent value-for-money Tavernas. Yiannis Taverna is a traditional Taverna, where you can sit outside under the grape vines. Directly opposite the square is George’s Taverna, which is the height of activity. Every Friday night there is lively Cypriot entertainment and both establishments offer exceptional value for money.

Mandria is ideal for nature lovers, with lovely views over rolling fields and fruit groves to the sea. The area is well known for its bird watching (the kind with feathers…not those in bikini’s), fruit groves and peanut plantations. Each September the village celebrates the peanut harvest with a Festival of song, dance and wine.

Mandria does not have hordes of tourist – yay!! Consequently, the secluded beach coves are often empty or very quiet. The beaches are only a short 10 minutes walk through the fruit groves and it is possible to fish from the beaches. A short 5 minutes car journey will take you to neighbouring Yeriskipou, where there are tourist beaches with water sports.

A 5 minute drive in the opposite direction will take you to the famous Petra Tou Romiou, the birth Place of Aphrodite.

And as I already mentioned golf…Secret Valley and Aphrodite Hills are two Championship golf courses which are only a 4 minute drive away. Both golf courses are pay and display. The scenery of both courses is truly stunning and after enjoying a round of golf, players can relax and enjoy a refreshing drink with a delicious lunch which offers value for money.

Aphrodite Hills is AMAZING…it’s so beautiful – even if you don’t like golf, you’d be able to appreciate the course and the scenery.

Mandria is an ideal location for people wishing to have the peace and tranquillity of a typical Cypriot Village but at the same time wish to be located near to the local amenities and facilities.

There are future plans to expand the nearby golf courses and build a small Marina which will house additional shops. Mandria being so close to the Paphos airport and Paphos Town offers a great location and is a good investment area. Property prices compared to neighbouring areas are favourable.

This new project that has caught my eye is located Mandria and is a waterside residence consisting of 73 apartments, 8 maisonettes and 4 individual villas with luxury facilities including:

• Large swimming pool

• Heated outdoor pool

• Indoor Jacuzzi whirlpool

• Large sauna room

• Fitness room/ gymnasium

• Garden areas with walking paths

• Satellite connection to all units

• Covered parking

The project is of high architectural design with Mediterranean characteristics such as rustic roof tiles and pergolas in keeping with Cypriot tradition and will benefit from luxury exterior and interior finishes, as well as excellent leisure facilities. The design emphasises large bedrooms with en – suite bathrooms and luxury standard features.

Waterside Residence comprises of luxury villas, terraced maisonettes and apartments. The units will have a private road through a gated entrance, individual parking spaces and, in most cases, the possibility of an external Jacuzzi. The common areas of the complex will have landscaped gardens, a swimming pool and other facilities.

This beautiful and unique project focuses on luxurious dwelling, services and facilities that will be completed June 2009. Prices are from 129,263.00 Euros and the Developer requires a 20% deposit and, through the Alpha Bank, you can obtain an 80% Loan to Value mortgage.

Does that sound interesting? If so, send me an email and let me know…

mailto:Kim@CyprusBuyingGuide.com

Or, if you have other requirements, please fill out my property form at: http://www.cyprusbuyingguide.com/requirementsform.htm

What exactly DO Independent Financial Advisors do – and can they do it for me?

I am often asked this question and I must say that I have never QUITE known the answer, so I set about finding out for you.

Independent Financial Advisers (or IFAs) are professionals who offer unbiased advice to their clients on financial matters and recommend suitable financial products from the whole of the market. They are the only type of financial advisers who are able to select from all the products available in the marketplace, thus making sure you get the right product for your individual needs.

They can be consulted on many matters including investment, retirement planning, insurance and mortgages – or indeed other loans too. IFAs also advise on some tax and legal matters.
Typically an Independent Financial Adviser will conduct a detailed survey of their client’s financial position, preferences and objectives, known as a ‘factfind’. This means that they have to gain a full understanding of your circumstances and requirements before helping to choose any financial products. They need to record your information so you can double-check that they really have understood your situation and your intentions.

IFAs are bound to the Financial Services Authority rules, which oblige them to provide advice most suited to your personal requirements and your risk outlook, termed 'suitable advice'. When financial products are recommended they must take into account the benefits provided, the charges, flexibility, service and financial strength.

In addition, when recommending a product, all financial advisers have to provide written reasons why they think that it is right for you - again to make sure that you are fully informed before committing yourself to anything. They will then advise appropriate action to meet your objectives and, if necessary, recommend a suitable financial product to match your needs.

Have a look at the following questions. If you answer ‘no’ or ‘don’t know’ to one or more of them it may be in your own best interests to talk to an IFA.

Incidentally, I can see the “How much will it cost me “ question forming in your mind, as it did in mine! The good news is that the IFA we recommend will initially charge you nothing (no, you have not read that incorrectly!!) for the benefit of his advice. The point at which they start charging is when you take them up on the advice given and retain their services to do so. Their boast is that, at that stage, they hope to make or save you more than they actually charge you, certainly over the medium term.

Independent financial advisers must also offer their clients the option to pay for advice by fee rather than commission.

Here goes:

Do you currently have an IFA working for you?

Do you have a financial strategy in place?

Have you discussed your financial situation with any professionals?

Do you have any other investment properties in Cyprus or elsewhere?

Do you know how you will fund your purchase?

Are you a cash buyer?

Will you be cashing in investments? (Shares/equities/etc)

Are you aware of the rules surrounding inheritance tax in Cyprus?

Are you aware of the Pensions implications if moving to / buying in Cyprus?

If you'd like to find out how much an IFA can help you, please email me your contact details and I'll have them give you a call

http://www.CyprusBuyingGuide.com/resources.htm

Bringing Dogs to Cyprus…

Last month I had some information about cats in Cyprus, so this month I’ve changed my focus to dogs. One of the agents that I work with had a client interested in the procedure of bringing their dog to the Island…This is what the agent came up with:

The agents that we recommend are so helpful…If you’re looking for a property in Cyprus AND you want to work with the best agents on the island, please fill out my property form. I guarantee you’ll be happy with the service… http://www.cyprusbuyingguide.com/requirementsform.htm

Anyway…that’s it for me this month. Have a great month and give me a call if you want to chat about Cyprus.

Kind regards,

Kim
Cyprus Buying Guide
The Overseas Guides Company
0207 898 0549 (call me!)
Kim@CyprusBuyingGuide.com