There’s no doubt that after months of lockdown, the temptation to invest in a property overseas and be immersed in a different culture and climate is high on many people’s agendas.
Whether you’re looking to relocate to Cyprus, already live there as an expat but want to invest in a property of your own, or you’re a local who fancies taking the leap from the Mediterranean island to a new destination, currency specialists Global Reach have combined a list of things for you to consider before you buy. Over the last two decades Global Reach has helped over 32,000 individuals move their money abroad for property purchases, pensions, salaries, and everything in between.
Choosing your ideal location
The pandemic may have helped you realise your ambition to own a property overseas, and if you’re looking to move to the Mediterranean, you may find that you’re torn between the different islands.
Considering the year-round weather, culture, language, education, and transport systems are all important factors you should weigh up before investing in a property.
For those who have their heart set on moving to Cyprus or already live there but want to buy their own property, considering where you want your home to be is important. On average the coast of Cyprus has 13 hours of sunshine a day in July. The hard question is whether you’d rather enjoy these in Paphos where the coast meets archaeological sites or in Limassol which has the sun, sea, and sand—the perfect ingredients for a new life overseas—as well as having a big city within reach.
Choosing where you want to live in Cyprus is the first hurdle, and it may be that taking trips or virtual tours helps you to narrow down your location.
The timing of your purchase
Once you’ve decided on where you want to purchase your property, the next step is knowing when to transfer your funds to pay for it. The currency market is one of the most volatile trading platforms in the world, and the cost or value of a currency can shift quickly. This means the amount of currency you might get one day can differ greatly to the next. Using a currency broker like Global Reach means you’ll be able to have a currency expert on hand to guide you through the markets and help you decide the best time to transfer your funds, for you. Our competitive rates of exchange mean you’ll be able to make the most of your money, and we can even help you lock-in an exchange rate for up to two years which can be a great idea for property purchases. By locking-in a rate, you’ll be able to have certainty over exactly how much currency you’ll get for your money and how much you’ll pay for your new overseas home, no matter how the market moves.
Other regular payments for your new home
Once you’ve purchased your property, you may find that you need to make regular overseas payments. Perhaps you’ll need to make regular transfers for property maintenance fees, bills, or to move your pension or salary. Global Reach can help ensure these regular transfers are cost-effective with competitive rates of exchange; you can also use our award-winning online platform.
Global Reach is a winner of Feefo’s Platinum Trusted Service Award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated for by customers.
If you need to make an overseas money transfer and want to discuss how to protect or make the most of your funds, visit the Cyprus Global Reach office, or call +357 2693 3164. Alternatively, call the UK Head Office on +44 (0)20 7989 0000. Or visit www.globalreachgroup.com. Global Reach Cyprus, Afentico Anna Office 303, Cr. Tapeleniou & Korytsas Street, Paphos 8010, Cyprus.
Email: personal@globalreachgroup.com. Global Reach is the trading name of Foreign Currency Exchange Limited, which is an FCA authorised Electronic Money Institution (900205).
