Why use Smart Currency Exchange when buying property in Cyprus?
Don’t take risks with your income
Cyprus has used the euro since 2008. The euro-sterling exchange rate has seen some wild fluctuations in recent years and will in all likelihood continue to do so during the turbulent Brexit years ahead. If your income is coming from the UK, perhaps as a pension or from investments, then those fluctuations mean that your income will move up and down each day. If you are paying for a property in stage payments you won’t know how much it will cost in the end, what your buying costs and tax will be, or your income when you have moved to Cyprus.
You can, however, smooth out those currency changes and know what your income will be in advance by taking out a forward currency contract with Smart Currency Exchange. You agree to buy euros at a set level and when you buy the property your money is exchanged at the agreed rate. Compared to bank rates you can normally save thousands of pounds on your currency purchases with Smart. On a €250,000 villa that can go a long way.
Cyprus is a low tax economy, with no inheritance tax and a higher income tax threshold for basic rate than the UK
Once you are travelling to Cyprus regularly, or living there permanently, Smart will carry on saving you money when you move it from the UK, enabling you to plan your budget with price certainty. The process is quite simple. Smart Currency Exchange, who are authorised by the FCA to transfer funds, will give you a personal trader who will help you open your account and be on hand to help you plan your currency schedule, depending on the market movements.
Free Currency Guide
Smart Currency Exchange’s free guide, ’Three essential steps to buying property abroad’, can help you through any stage in your Cyprus property purchase. Like the team here at Property Guides, Smart Currency Exchange recommends investing in the following three steps for a successful property purchase: a trustworthy estate agent, an independent solicitor and a currency exchange specialist. These are the three critical pieces, the ‘Golden Three’, of your Cyprus buying puzzle.
Find out more about why these three are the are so important and what they can each help you with, by downloading your copy of Smart Currency Exchange’s Three Essential Steps to Buying Property Abroad.
Let Smart take the risk out of your currency transfers
Whether you are buying a property abroad, making regular payments or sending money back to the UK, you will want to protect the value of your currency transfers from fluctuating exchange rates. That's where Smart Currency Exchange can help. We minimise the risk associated with transferring money overseas by providing expert guidance every step of the way.