Everything in life has positives and negatives. The trick is to make sure that you’re ok with the negatives and that the positives actually mean more to you. It’s the same when searching for property for sale in Paphos, Cyprus. Although, you’ll soon see that unless you have some strong feelings about any of them, most of the negatives can easily be managed out of your life. You can then focus on the positives. For example, the stunning range of different properties available. There really is something for everyone. In fact, visit this page to find some of the best examples of gorgeous properties across Paphos, Cyprus.
6 Misconceptions About Property for Sale in Paphos
Gossip and rumours spread so quickly. Often there’s a sliver of truth but generally, things change so quickly. Therefore, you don’t need to worry about any of the misconceptions, as detailed below:
1- Cyprus banks will lend to foreigners against luxury Cyprus apartments
Many people might assume that local banks won’t authorize mortgages to foreigners. On the contrary, though, they will, and they do, lend against Cyprus property. The good news is that there are no rules about what type of property so it can be anything from an apartment to a bungalow, detached house, or villa. Having said that, it’s worth noting that non-residents can’t normally get a mortgage on a buy-to-let property. You’ll therefore have to show that you’re planning on living there or at least using your property as a holiday home.
2- Cyprus Investment Programme (CIP) has stopped but not the Residency Programme
The CIP process ended in October 2020. This doesn’t mean that you can’t follow the normal process to apply for citizenship. This involves holding permanent residency and living in Cyprus for 7 years.
Of course, the news of the CIP cancellation might feel like bad news. Also, having permanent residency status is essentially equally positive and is also possible through investment. So, you can apply to the fast track residency process by buying property worth at least 300,000 euros. Then, you can expect to receive it within an average of 2 months and worst case, within 4 months.
3- All residents and non-residents have to pay property tax
Everyone has to pay property tax. In fact, the tax you pay is based on the value of the property you buy. It’s worth noting though that if you’re not a resident, or even in Cyprus yet, then you can appoint a representative. They can then pay on your behalf at the local Inland Revenue, assuming they have the relevant papers of course. These include a copy of the title deed, owner’s passport, and details of the property.
4- You can find off the beaten track in Paphos
You might already know that looking for property for sale in Paphos is now a popular thing to do. So, Cyprus prioritizes sustainable growth so you don’t have to worry about construction going overboard. It’s also good to know that Paphos is a protected UNESCO heritage site. This means that you can expect some stunning remote areas to escape to or hike through. For example, the Akamas Peninsula National Park.
5- Perfectly Safe
We all worry about our personal and financial safety, especially when considering investing in properties abroad. Nevertheless, Cyprus is one of the safest countries with friendly communities. You can also expect your property investment to be safe. The reason is the legal and financial system already in place and working well.
6- Paphos is in the top 100 Most Sustainable Tourist Destinations
Paphos Cyprus has so much to offer. From beaches, historical sites, and nature hikes to restaurants, bars. You might worry about too much construction and general development. There’s nothing worse than waking up in years to come to find that your beautiful remote property is now surrounded by neighbors.
Nevertheless, Paphos is highly focused on sustainable growth. Basically, local property developers and construction companies are planning ethically and wisely for the future. Don’t forget also all the charming villages in Paphos District. None of their local councils will allow them to get over-developed or surrounded by unwanted construction. In fact, you should make sure you check them out, including, for example, Chloraka, Talla, Kissonerga, and Peyia with its Sea Caves and Coral Bay, amongst others.
Final Recommendations for Property for Sale in Paphos
Overall, looking for properties for sale in Paphos Cyprus is a wise investment move. So, the property will always be sought after when it’s located on an island that works well financially and also offers all the plus of the coastal lifestyle. This is a great example for any future investors you might want to sell to should you ever need to. You can now feel safe and well supported in your beautiful investment.