There’s a lot to consider when it comes to buying an overseas property—you need to cover everything from finding someone to take care of the legalities to how you might send money abroad to pay for your purchase. Currency specialists Global Reach outline some of the things to consider when you’re buying your dream home overseas.
Where you’re based
You may think you know your perfect destination, or you might be weighing up your options, but location has to be one of the most important things when buying a property. Decide whether you want to be with other expats in an established community, or maybe want to dive into life with the locals. Find out if there are enough local amenities, can easily reach the places you’ll need to go regularly, that it’s not too much of a drive to an airport, and that you’ve got all the important things around you to make you feel at home.
Buying a property with no additional debt
The UK government has suggested that potential buyers of property in Cyprus need to be very careful to ensure they’re not taking on extra unexpected debt. Be extra cautious if the house’s title deeds aren’t readily available, as it could indicate the property is in jeopardy. If a developer or landowner takes out a mortgage or loan against your property and later declares bankruptcy, you can be liable for that debt. A good way to find out more about the property is to ensure you’re hiring an independent lawyer and ask them to perform checks on the land. If there is a mortgage on the property, you’re unlikely to be handed the title deeds while it remains in place.
Ensure your lawyer is independent from the vendors and builders to avoid a conflict of interest.
Making the most of your money
When moving a large lump sum or making regular payments abroad, it’s important you make the most of your money. Using a currency specialist to transfer your funds, such as Global Reach, can help you make tailored transfers with competitive rates of exchange. You can even discuss locking in an exchange rate for up to two years or organise cost-effective regular payments. Global Reach has a track record of happy customers, holding Feefo’s Platinum Trusted Service Award, and has an award-winning online platform to help customers manage and review their transfers.
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).
