Dan and Kathleen are U.S. Navy veterans who long dreamt of retirement by the sea. Now, they’re the proud owners of a luxurious penthouse property on the beach in Northern Cyprus.
How did they go from retirement in Raleigh, North Carolina, to owning a penthouse property on a sun-soaked Mediterranean island? I sat down with them to get the full story…
Dan: We’d been thinking about moving from Raleigh, where we live now. As the project evolved in our heads, we thought, “We want to live at the beach.”
We started looking around the U.S., but it’s very expensive to live near the beach here. So, we thought we should look at every beach everywhere. We found you guys at Live And Invest Overseas, and the rest is history.
Kathleen: We attended a webinar on North Cyprus presented by your contact on the ground… We just couldn’t believe the beauty of the region or the beauty of the project that we invested in. It was beyond our wildest dreams.
We had to go see it ourselves. Last October, we made the trip there and were greeted by the local team, and it was a wonderful experience. The people were great. We loved the property.
The thing that I like about it is that there are other buildings already established, and people are already living there. There are Americans and Canadians and Swedes.
We felt comfortable that, even though it’s a different language and different culture, most people speak English. We didn’t have any problems ordering meals or getting hotels or transportation… It was just a really good experience.
Dan: I watched the recordings of the webinar and checked my spreadsheets… I can remember vividly turning to Kathleen and saying, “We can do this. I mean, we can really do this.”
Kathleen: Our property is under construction now. We’re planning another trip over in March, and at that time, we hope to get a completion date. Then we’ll make plans to move there.
Sophia: What about this particular development stood out to you?
Kathleen: The location is beautiful, and there are plans for continued growth at the development, including a marina, a health clinic, a shopping center, etc. It also has amenities that are already available, such as spas and indoor and outdoor pools.
We’re very fortunate. We have a penthouse property with a roof terrace. We have a great architect who’s going to put in a pool, a spa, and a kitchen up on the terrace.
Dan: It’s going to be our palace. One of the things about the property and the development that appeals to me is the fact that everything is brand new.
When we went out there in October, it was just raw concrete and the structure. All four towers are fully poured, and they’ve got plenty of time to finish it out.
And for once in my life, I’ll be living in something that’s brand new. All the appliances will match. It’s a dream; it really is.
Sophia: It sounds amazing. We always tell people that you can achieve a potentially massive lifestyle upgrade if you’re willing to consider alternatives to the U.S….
Kathleen: Absolutely. We could never live like that here.
Dan: Oh no, not in the U.S. We’re living the dream because I’m just an old sailor. I’m not wealthy by any means.
Sophia: What was the property purchase process like in Northern Cyprus?
Dan: It was very straightforward. Your local contact bent over backwards for us as we arranged our finances… I couldn’t say anything better about the developer.
Sophia: Yes, we’ve gotten a lot of positive feedback about the local team…
Kathleen: We’ve received a lot of support from them. They’ve introduced us to a superior legal team. And they’ve been very communicative. We can WhatsApp them, and they’ll get right back to us.
I think we’ve gotten to know them a bit more than just as clients. It feels like we’re developing friendships there, which has been wonderful. We’re not walking into Cyprus alone.
Sophia: Have there been any downsides?
Dan: The least fun part of the adventure was making the international wire transfers.
They skim off a little bit at each interim stop, but basically, the problem is you kind of launch the money into the exosphere, and if you didn’t get those numbers absolutely correct, your money’s going someplace and you’re never going to find it.
That didn’t happen to us, but it’s something that people need to be aware of.
Sophia: Would you have any other advice for people who are interested in Northern Cyprus?
Kathleen: First of all, get in contact with Live And Invest Overseas’ local contact on the ground.
Second, do your own research from reliable sources and don’t listen to naysayers. Naysaying is like fearmongering. And I don’t think you need to be fearful going into this adventure…
Dan: Absolutely. It’s a wonderful destination, and the people are wonderful… I’m sure you’ve heard stories about siblings and family that don’t approve of this type of thing. That’s just life.
Kathleen: The last thing I would say is go visit.
Dan: Once you see the place, you’ll fall in love. We’re the only ones out there in Morphou Bay, or the “Far West,” as I call it. As it builds up, we get to watch it grow. And I’m a fanatic for watching construction projects.
Kathleen: And I love the water. We’re going to be surrounded by pools and spas and the Mediterranean.
Sophia: It sounds like a win-win. What do you envision for your future there, aside from watching the area continue to develop?
Dan: I’ve already identified the Rotary Club that I want to be associated with, and Kathleen here is going to have to find something to do with herself.
Kathleen: I’m going to go to Istanbul to shop! That’s another thing: we like this area, and it’s easy to travel regionally.
Dan: Right, as an American, that’s one of the first things that comes to my mind. We can travel to Europe for $3,000 less than it would cost us if we started from the U.S.
Kathleen: We’re going to Portugal for the Live And Invest In Portugal Conference in April. We’re not planning on buying anything in Portugal, but I’m interested in hearing about taxes and visas and the nuts and bolts of moving into expat status.
Dan: Our new apartment won’t be move-in ready until probably Christmastime, so we have plenty of time to figure everything out.
Kathleen: We really want to thank you guys because we would’ve never found this had we not connected with you.
Dan: That’s right. We were looking and looking, then Kathleen signed up for your newsletters and got an invitation to the Northern Cyprus real estate webinar. So, the Fates wanted this to happen.
Kathleen: I’d advise people to be part of your community. It’s been very helpful with the resources and books that are available through you guys. It’s a lot of information that we wouldn’t have had without you.
To smooth travels and successful property buys,
Sophia Titley
Editor, Overseas Property Aler