Cyprus-Forum.com

[Jerry]

One of the problems of buying in Cyprus is getting the best rate in currency exchange. I have been looking at Smart Currency Exchange. Does anyone know anything about them or ways of getting the best deal?

[clive of payia]

Jambo, I adore it here. Best thing I ever did. Totally sold up in the UK and moved out here in 2002 - Cyprus is my home now.

But I was lucky and had the sound advice to buy a re-sale property with title deeds. Bought it from another Brit so we did the whole deal in the UK. Used UK pounds so avoided losses in foreign exchange and bank transfer fees. No legal fees for all you need to do if the seller has his title deeds is to go to the Land Registry office with the right amount of cash and the correct paperwork and the deal is done. No estate agents were involved so neither of us got conned. Jambo that is why I love it here - just wish more of my countrymen would wise up and buy with there heads and not their hearts.

Answer me this. Who would be so stupid as to pay say, £CY200k for a property and not have title deeds on the day you move in.

Many very highly intelligent people do and it just amazes me. If you say to a developer, "love the property, I will give you the full price you are asking but only with title deeds" and you are waving your cheque book at him he will take you in his very expensive BMW 5 Series to his bank, pay off the portion of the loan covering the property you want to buy. Give you a certificate to prove he has just done this and then whisk you off to your bank so that you can get the correct amount of cash to pay the Immovable Property Tax IPT and then to the the Land Registry office where you pay the ITP and you get a receipt to say that you are now the owner of the land and get a receipt to that effect. Eventually the title deed certificate comes in the post.

How many GCE "A" levels do you need to work that out.

[jambo]

its not the same ,, once you have paid the registration fees, yes they give you a receipt.
but you still have to wait for the deeds to come through..

you were very lucky that you dealt direct with a brit and they had the deeds in there hands.
but you will find that 80% of brit buyers do not yet have there deeds.
as long as you have it registered at the land registry you should be safe..

[clive of payia]

If you say so Jambo it must be true but of course it isn't. My receipt meant that I am the registered owner of the land and nobody else. yes, so many of my countryman have been cheated out of their title deeds. Developers deliberately dont issue title deeds then they dont have to pay huge capital gains taxes on the large lane they bought to build properties on or have to municipal costs. estimated outstanding sums of money in unpaid IPT alone must run into 500 million pounds. All of this of course has got to be paid at some time. Do you think the government is going to take the developers on and made them pay those back taxes and municipality costs - of course not. they will get Johnny Foreigner to foot the bill.

BTW depositing your contract of sale at the Land Registry office means absolutely nothing in law. If the developer took out a loan on the land before your contract of sale is registered at the land registry office, which is usually the case, the legal owner of the land can sell it without you knowing anything about it.

[smithyAndy]

The developer is Pafilia

Claire

[smithyAndy]

logged on as husband instead of flavell5!

Claire

[cyprusgrump]

One of the problems of buying in Cyprus is getting the best rate in currency exchange. I have been looking at Smart Currency Exchange. Does anyone know anything about them or ways of getting the best deal?

Try Sterling Exchange – we used them for buying our house and continue to use them for transferring funds to our suppliers in the UK. Excellent rates and very good service.

[Jerry]

One of the problems of buying in Cyprus is getting the best rate in currency exchange. I have been looking at Smart Currency Exchange. Does anyone know anything about them or ways of getting the best deal?

Try Sterling Exchange – we used them for buying our house and continue to use them for transferring funds to our suppliers in the UK. Excellent rates and very good service.

Thanks, CG

[jambo]

One of the problems of buying in Cyprus is getting the best rate in currency exchange. I have been looking at Smart Currency Exchange. Does anyone know anything about them or ways of getting the best deal?

Try Sterling Exchange – we used them for buying our house and continue to use them for transferring funds to our suppliers in the UK. Excellent rates and very good service.

do they do other currencies ? like euros ..

[cyprusgrump]

One of the problems of buying in Cyprus is getting the best rate in currency exchange. I have been looking at Smart Currency Exchange. Does anyone know anything about them or ways of getting the best deal?

Try Sterling Exchange – we used them for buying our house and continue to use them for transferring funds to our suppliers in the UK. Excellent rates and very good service.

do they do other currencies ? like euros ..

Yes...