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Compared to many countries buying property in Cyprus is very easy. As a nonCypriot you are entitled to buy a freehold property for your personal use either:
a) An apartment or a house or
b) A villa on a building site not exceeding 4000 sq.m or
c) A piece of land not exceeding 4000 sq.m for the purpose of erecting a house within a reasonable time frame
Prices depend on size, location and specifications. To get more information you may contact our Sales Department. Banks can offer mortgage facilities in connection with the purchase of the property. The maximum amount that can be borrowed is the equivalent of 70% of the purchase price. A first mortgage will be required and the mortgage will be granted for 10-15 years maximum period. Normally the interest rate charged will be 2.5% above sterling rate, dollar prime rate or Cyprus pounds depending on currency you are borrowing... There is also an additional arrangement fee of 1% payable on the amount of the advance.
It is freehold. The system of leasehold is almost unknown in Cyprus.
Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a title deed after completion and delivery. This can be done either by you personally or by a Power of Attorney to your Solicitor.
A prerequisite for registration, in the case of non-Cypriots, is evidence that the property has been paid for with foreign exchange and approval by the Council of Ministers of Purchaser's application to buy property in Cyprus. These formalities can be taken up by our company on behalf of our clients, free of charge, as part of the agreement.
However, before the registration of the completed property the purchaser should pay the transfer fees, which are payable to the Land Registry office.
The transfer fees range is shown on the following table:
|Property Value (£ CYP)||Transfer Fees %||Accumulated Transfer Fees (CYP£)|
|0 - 50.000||3||1500|
|100.001 and over||8||----|
E.g. Property valued £ 50.000 CYP the purchaser should pay £ 1.500 CYP and for £ 100.000 the amount of £ 4.000 CYP.
Yes, Our after Sales Department provides assistance to our clients for Electricity, Water and Telephone connections and we also can arrange the following services:
And many more …
Personal effects, household goods and furniture can be imported free of any taxes by immigrant retirees, provided they are for personal use and have been used for a reasonable amount of time - approximately one year. There are no import duties on cars and for retired couples there is an additional concession of two duty free cars.
Yes, there are health insurance schemes at a very reasonable price, depending on age, state of health and so on.
Yes. There are companies who will issue cover for fire and earthquake damage.
Yes! There are many reputable schools in all towns. In Paphos, there is a well established school with very good results and achievements in O levels and GCE's for entry to a British University.
There are no restrictions on the selling of your property. Non – resident Aliens who purchase a holiday home with foreign currency may take out the proceeds of the sale in foreign exchange as follows:
Property sales in Cyprus are subject to Capital Gains Tax at a rate of 20% on the gain; however the first CYP 10,000 is exempted.
Agreements exist with most countries of the European Union, as well as other countries throughout the world. These are listed below.
Cyprus Double Taxation Treaties exist with;
Austria, Greece, Romania, Bulgaria, Hungary, Russia*, Canada, India, Slovakia, China, Ireland, Sweden, Czech Republic, Italy, Syria, Denmark, Kuwait, United Kingdom, Egypt, Malta, United States, France, Norway, Yugoslavia**, Germany, Poland
* The treaty applicable is between Cyprus and the USSR, Armenia, Belarus, Kyrghystan, Moldova, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.
** This treaty applies to the Republics of Serbia and Montenegro. Slovenia and Croatia have also adopted the double taxation conventions.
Temporary residence is easy to obtain once the applicant fulfils certain requirements. To apply for temporary residence a visit to the local immigration office should be arranged and produce the following documents:
Yes it is! According to our tax system, you are obliged to declare your income from pensions to the tax authorities. There are two methods of choosing how your pension will be taxed. These are outlined below:
CYP 0 – 2,000 = 0%
CYP 2,001 and above = 5% flat rate.
CYP 0 – 6,000 = 0%
CYP 6,001 – 9,000 = 20%
CYP 9,001 – 12,000 = 30%
CYP 12,001 and above at a 40% flat rate.
These methods are based on cash transfers to Cyprus.