Hello.

Can you believe all this rain in the UK? I’m not kidding – it has rained ever since May started and I am having issues dealing with it. I’ve lived in the UK for 10 years now and I really think that this has been the wettest year ever.

Lucky for me, I managed to spend a week in Greece! I took my mom and step-father, Victor, to Greece where we chartered a 40’ sailboat and cruised the Sporades Islands (Aegean Sea). It was EXCELLENT…And to make the whole trip complete, we won the regatta.

I was quite surprised as the food was outstanding and the service was impeccable. Seven years ago I went to the Ionian sea and was not impressed by either…This trip, however, was totally different. In fact, I wouldn’t lying if I said the food came quicker in Greece than it does in the UK.

Back to the grind now…well…not exactly…Next week I’m off to Cyprus. I’ve just been informed that it’s 43 degrees Celsius there – Yikes! Due to the fact that I’m working when I go to Cyprus, I need to dress professionally…I’m going to have to dig out my lightest skirts and dresses. I’m not sure if I can handle the heat. Well…when comparing the heat in Cyprus to the rain in the UK, I know where I’d rather be!

Okay…in this issue of the Cyprus Buying Guide Newsletter I’ve got some good stuff for you. My friend, Michael, in Limassol has written an article on the benefits of considering to purchase a property there. Most people focus on Paphos and don’t realize that there are many other places in Cyprus that can offer a wide range of options. It’s good to look at all possibilities BEFORE you buy, so check out Michael's article.

I have also included Charles Purdy’s currency update – from what I’ve been told, NOW is a good time to consider buying the Cypriot Pound. Always keep in mind that even if you can’t buy CY Pounds today, you can RESERVE them for the future. This means that if today’s rate is good, you can reserve them today (with a small deposit) and pay for them later.

From the legal point of view, the Law Offices of Louise Zambartas have provided me with a great article on the Buying Process in Cyprus. I know that I have the whole process detailed in my Cyprus Buying Guide…but not everyone decides to purchase it. Knowing the process is VERY important, so please take the time to understand how everything works.

Also...Olga, my co-worker who will be joining me in Cyprus has taken it upon herself to learn Greek over the last month. She offers a GREAT review on the language set that she decided on.

I then finish up with a link to information on how Removal (or Moving) Companies work. It’s a very detailed and serious outline of exactly what happens and how it happens when using a company to move your valuables.

Kindest regards ever,

Kim
Cyprus Buying Guide
The Overseas Guides Company
Kim@CyprusBuyingGuide.com

Why consider Limassol, by property expert Michael Kalispera

Limassol is the second largest city in Cyprus with a population of just over 200,000, located on the central southern coast midway between Pafos and Larnaka.

Limassol is unique in the sense that it blends modern infrastructure with numerous reminders of past cultures.

Cyprus is the gateway to three continents – Europe, Asia and Africa hence it, and more significantly Limassol, has become the island’s financial, commercial and tourist centre. It has the largest port in Cyprus which allows for commercial trade and also excursions to nearby countries, Egypt, Crete and the Holy Lands to name a few.

The cosmopolitan make up affords Limassol a carefree holiday atmosphere, cuisine which caters for all tastes, the best night life the island can offer with something to entertain people of all age groups. The city is home to the islands best known festivals: the annual wine festival in September, the ten day pre Lenten Carnival, the Limassol Festival in the summer and the ancient Drama Festival at ancient Kourion.

All types of accommodation (be it for holiday or permanent residence) have been built either close to the sea or inland to offer spectacular views. These range from luxury hotels, to villas and apartments. The seafront offers a wide range of taverna’s, pubs, coffee shops, cafés and clubs. Limassol has invested time and money in modernizing its amenities, yet has still managed to maintain its cultural feel. The seafront has a newly completed promenade, spanning from the Old Port to the west of town, to ancient Amathous on the eastern reaches of Limassol.

As a shopping centre Limassol offers a wide spectrum of products from ultra modern to traditional and handmade. European wares have place alongside local produce. Many prestigious boutiques, showrooms and small shops of every type can be found here.

Limassol is the ideal place to own property – either for investment opportunity or permanent residence. It is served by two international airports, Pafos and Larnaka, both a forty minute drive from Limassol. It is a thirty minute drive to the Troodos Mountains offering spectacular views as the roads wind through wine producing villages. You may have heard the rumor, but it’s true – in March you could be skiing in the Troodos slopes and thirty minutes later you can enjoy the early spring sunshine on the seafront!

Limassol is at the heart of the country’s road network offering easy access to Pafos, Larnaka, Nicosia, Agia Napa and beyond. The Limassol bypass is close to completion allowing you to drive from east to west Limassol in a matter of minutes.

Limassol has a new general hospital, numerous private clinics, a university opening in autumn 2007, private schooling, theatres, music halls, art galleries, sport societies, plans for a eighteen hole golf course, a new marina and a shopping mall in construction. It combines a tourist destination with a financial centre, yet the emphasis is very much toward a relaxed lifestyle.

Limassol is experiencing somewhat of a revival, hence the investment in infrastructure and amenities. This will allow investors and residents alike to reap the rewards of good capital appreciation by investing in this part of Cyprus.

+++

If you'd like me (this is Kim writting now)...to help you find a property in Limassol or anywhere in Cyprus, please fill out my property form at: http://www.cyprusbuyingguide.com/requirementsform.htm

Cypriot Pound Update

by Smart Currency’s Charles Purdy.

Cypriot Pound vs sterling

The Cypriot Pound has lost a bit of ground against sterling in the last few weeks, hovering around 0.86 interbank as I write. This is on the back of the Bank of England's concern over inflationary pressures over the longer term. The Bank of England did not raise interest rates at their last meeting but the vote to do so was only narrowly defeated.

Therefore there is an expectation that UK interest rates will be raised by 0.25%, at latest in August and possibly in July. UK interest rates of 6% [currently at 5.5%] are being pencilled in by the market by the year end.

This will support sterling in the short term but one has to remember that the Cypriot £ is tied to the Euro , the Euro land economy is buoyant and that Euro interest rates are on the increase. This means that the upside, unless there are real surprises, is limited for sterling. Looks like a good time to buy the Cypriot £.

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

The Procedure for Buying Property in Cyprus, by Louise Zambartas

The island of Cyprus remains a firm favourite for British buyers thinking of purchasing a holiday home, for those looking to invest in property abroad as well as for those thinking of retiring in the sun. But once you’ve found the property to fulfill your Cyprus dreams – what about the legal process of actually buying it?

The Overseas Guides Company/Cyprus Buying Guide has teamed up with The Law Offices of Louise Zambartas to provide you with some answers. Over the next several newsletters I will be asking Louise Zambartas to shed some light on Cyprus Property Law. Louise is one of the few dual qualified English Solicitor/Cyprus Lawyers on the island, she lives and works in Limassol, Cyprus.

In this first article, Louise has outlined the very important process of buying in Cyprus. In following articles, she will be examining specific issues raised when buying off plan in Cyprus and when buying land.

Buying property abroad can be a daunting process, especially if you are unfamiliar with the legal system there. In Cyprus, the legal system is firmly based on English Law. The fundamental principles of contract law apply and this means that the process (whilst not the same as in the UK) is familiar to British purchasers.

In Cyprus there is a two stage buying process; exchange of contracts and transfer of the title deeds.

1) Exchange of Contracts
If you have found a property that you would like to purchase in Cyprus and a price has been agreed together with exactly what is to be included for that price, it is usual to enter a reservation agreement under the terms of which, the seller agrees to withdraw the property from the market in return for a deposit towards the purchase price. Reservation fees are usually non refundable, so it is important to be sure before paying one over. The expectation of most developers is that the buyer will be ready to exchange contracts within 30 days of payment of the reservation. This is achievable provided all parties co-operate with providing documents.

The Contract of Sale

The first major step on the road to purchasing property in Cyprus is to reach agreement on the form of the Contract of Sale. Most developers have their own sale agreement and, sometimes, this can be modified. However, it is usually necessary, to start over in order to achieve a contract that will protect the buyer’s interests. Probably the biggest mistake made by buyers in Cyprus, is to sign the developers standard contract without taking legal advice.

The contract will be signed by the buyer first. Then the developer will sign when the first payment due under the terms of the contact is made.

The sale agreement will then be stamped at the tax office – i.e the stamp duty applicable to the Contract is paid and a copy of the sale agreement will then be deposited with the Land Registry.

For the purchaser’s protection the Land Registry in Cyprus provides a simple and effective legal instrument called “specific performance”. As soon the Contract of Sale is stamped and deposited at the District Land Registry Office, the purchaser’s ownership rights are protected until the Title Deeds are finally issued and transferred into the purchaser’s name.

The Contract of Sale is in the hands of the Land Registry and cannot be withdrawn by anyone except the purchaser, and therefore the property is legally registered in law as unequivocally belonging to the purchaser, it cannot be leased, sold, transferred or mortgaged without the consent of the purchaser - only the purchaser can alter the property status. It should be noted that no burdens may affect the right of specific performance after the contract has been deposited with the Land Registry.

In fact, “specific performance” is particularly useful as many purchasers are more than happy to have the security it brings and delay the issuance of Title Deeds for as long as possible to avoid paying the hefty Transfer Fees (see below).

2) Transfer of the Title Deeds

The second stage is the transfer of the Title Deed into the name of the purchaser at the Land Registry. At this point the buyer becomes the absolute, outright owner of the property and a Certificate of Registration (Title Deed) will be provided in the purchasers name as evidence of his ownership. However, this can not be done until the relevant Government Authority has issued the separate Title Deeds. This will not happen until the District Land Registry Office has processed any necessary plot divisions on a development. The key is the administration time taken by the District Land Registry Office and this can be many years! In some areas, Paphos in particular, delays of over 5 years are common.

Why does it take so long?
At the time of an off plan purchase, there will be only one Title Deed. The one for the land. By the time the whole process is complete there will be new Title Deeds issued for every unit – house or apartment in the development. The developer can not apply for these separate Title Deeds to be issued until all work on the plot has been completed. This is because the division and the issuance of the Title Deeds will be dealt with as one application by the Land Registry.

However, the good news about this delay is that it means purchasers do not have to find their Transfer fees, payable to the Government, for years, in most cases. As Transfer Fees can rise to 8% of the property value it can be useful that the cost is delayed until some years after the property is completed!

The Law Offices of Louise Zambartas is a specialist team of lawyers focusing on Conveyancing and Wills and Estates. For more information on the firm please see cyprusproperty-lawyer.com or alternatively email enquiries.law@cytanet.com.cy

Learning Greek - The Rapid Way...by Olga (my co-worker)

On Wednesday, my co-worker, Olga, will be traveling with me to Cyprus. She's never been to Cyprus - or any Mediterranean country, so she's super excited. Last month when I asked her to come with me, so jumped at the chance...and decided to learn some Greek for the visit.

Olga offered to write a review on the Greek language set that she used, so here it is:

A month ago I didn’t know a single word of Greek and I didn’t really want to know any Greek. Then I found out I was going to Cyprus and life hasn’t been quite the same since. Well, that is probably a slight exaggeration, but who wouldn’t be excited?!

As a proper tourist to be I went straight on the Internet and searched for language tools, books, CDs, software, dictionaries and anything even slightly related to the Greek language and Cyprus.

And I found something! This something is an audio CD called ‘Rapid Greek’ (who wouldn’t want to learn rapidly…?) by Earworms.

Earworms specialise in language audio CDs that are intended for listening to in a car, on the way to work on your personal stereo or at home. ‘Rapid Greek’ CD has 9 tracks, each of which focuses on particular phrases.

I press play on my personal CD player just as I leave home and set off for work. The CDs opens with soft and relaxing music. I walk down the road while Maria, a Greek lady who appears on the CD, translates Andrew’s simple phrases – he’s your typical Englishman.

By the time I get to the tube station I have learnt to say "I would like…" or perhaps I should say "Tha eethela..." The first track also includes those much needed British words "I would like tea with milk – Tha eethela ena tsai me ghala."

I’m originally Czech so I find my favorite words on the 2nd track called ‘To Order’ – Na barangeelo… where I learned how to order white wine! I believe this will be of some interest to Kim as well.

I listen to tracks 3 (‘Have you got…’) and 4 (‘To the airport…’) while I’m on the tube. The music is slightly different with every track. Maria and Andrew repeat each new phrase tirelessly. I assume they must know who they are dealing with in me…

The 5th track introduces numbers 1 to 10 and the days of the week. Andrew even explains how I might be able to remember each number better if I use his memory hooks. And you know what? They work!

The next two tracks, which are called ‘Is there…?’ and ‘Directions’, prove to be quite hard to remember especially if you are listening to the CD in one go. Luckily I’m now at work so will finish the CD on my way home…

…ok here we are. I’m on my way home and back to my Greek lesson. Track 8 focuses on telling the time.

Finally the CD closes with a track called ‘Problems, problems’! Perhaps this track should be the first especially for those of us who always run into trouble on their travels. You will learn how to say passport, wallet, plasters, mosquitoes, aspirins, bad stomach, I’ve lost my camera… which is pretty much all you need to put you off going to Cyprus…

I’m only joking! I greatly recommend ‘Rapid Greek’ to anyone who doesn’t have the time to sit and stare at a Greek text book but has time to spare on their way to work. The CD comes with a phrase book so you can look up all the words whenever you need to.

You will not remember it all after the first listen but after a month or two you will be able to remember quite a few useful phrases. I certainly can’t wait to test some of them myself.

I purchased 'Rapid Greek,' for under £10.00 on Amazon. Click here to see more information on it.

Removal Companies...Do you know how they work?

Karen Gilbert, another wonderful co-worker of mine was able to interview a removals company to find out just what happens after you pack up your valuables and they leave your possession. She's created a very in-depth article that offers the in's and out's of moving your stuff overseas. Check it out at: http://www.CyprusBuyingGuide.com/removals.htm

Cyprus Buying Guide & Forum

I URGE you to buy the Cyprus Buying Guide - if you haven't already done so. I absolutely guarantee that you'll save loads of money by learning what TO DO and what NOT TO DO. Please check it out at http://www.CyprusBuyingGuide.com/guide.htm

AND...PLEASE go to the Cyprus Buying Guide Forum to share your stories, thoughts and communicate with others that are doing the same thing as you...

http://www.CBG-Forum.com

Okay - have a GREAT week and weekend and I'll be in touch soon.

Kim
Cyprus Buying Guide
The Overseas Guides Company Limited.
mailto:Kim@OverseasGuidesCompany.com