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Compared to buying a property in many other countries
buying a property in Cyprus is very easy.
As a non Cypriot you are entitled to buy
a freehold property, either:
An apartment or house for your own use or
A villa on a building site not exceeding 4000 sq. m or
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 specification.
Our Sales Department will be expert to provide advice on these matters.
Banks are able to offer a maximum 10-year mortgage facility for property
purchases. A maximum of 70% of the purchase price is available.
The interest rate at present is 2.5% above Sterling
Rate or Dollar Prime Rate. There is also an additional arrangement fee
payable of 1% payable on the amount of the advance.
It is freehold- The system of Leasehold is almost
unknown in Cyprus.
Title 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 may be done either by yourself or by a Power of Attorney
through your lawyer. A prerequisite for registration in the case of a
non-Cypriot is evidence that the property had been paid for with Foreign
Exchange. Approval is also needed by the Council of Ministers of the Purchaser’s
application to buy property in Cyprus. These formalities are undertaken
up by our Law Firm. However,
before the issuing of the title deed of the property, the purchaser should
pay the transfer fees which are payable to the Land Registry Office. The
transfer fees are shown in the following table:
Property Value (€ EUR) Transfer
Fees %
Accumulated Transfer Fees (EUR €)
0-85.430 3 2565
85.430-170.860
5 6835
170.860 and over 8
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E.g. Property valued €85.430 EUR
the purchaser would pay €2.565 EUR and for a property valued of
€170.860 the amount of €6.835 EUR.
Yes. Associated Proffesional companies and their After Sales Department provides assistance
not only for the Electricity, Water and Telephone connection but can also
arrange the following services:
Moving to Cyprus
The purchase of household furnishing and appliances
Vehicle purchasing or leasing
Insurance Policies for House and Contents, Life< Medical and Vehicles
cover
Property Management
Interior Decoration
Cleaning, Gardening and Pool Maintenance Services
There are normally Agency fees and Legal feesfor the legal
work.
In order to avoid payment of a fine,
the Purchase Contract must be stamped within 30 days of its signing at
the rate of 1.5 per thousand up to EUR €170.860 and thereafter at
the rate of 2.0 per thousand.
In Cyprus there no “Rates” as are known
in most European countries. If a person has properties registered in his
name, the market value of which exceed EUR €170.860 there is a property
Tax on the excess value. The Annual Immovable Property tax is imposed
by the government and is levied on the market value of the property as
of 1st January 1980 at the following rate:
Property Value (€ EUR) Property
Rates Per thousand Cumulative
Property Tax (EUR €)
0-170.860 0
0
170.861-427.150
2 515
427.150-854.300
3
1795
854.301 And over
3.5
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Apart from the expenses of Telephone and also for Water and Electricity,
for which there are separate meters, the owner has to meet a proportion
of the Common Expenses. This is relation to the cost for lighting and
cleaning of the common areas and maintenance of grounds and swimming pool.
Common Expenses are comparatively in expensive. For a 2 bedroom apartment
they would not normally exceed an average monthly cost of EUR €15.
Household goods, furniture and personal effects can be imported free of
any taxes by overseas retirees, provided that they are for their own personal
use and have been used for a reasonable period 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 numerous private clinics and hospitals.
They are available at a reasonable cost, depending on age, rate of health
and the level of insurance taken out. Health Insurance available per annum
starting from EUR €515. Doctors visit approximately EUR €20-EUR€40.
Smart Choice provides comprehensive cover for Fire
and Theft and associated hazards until the property is delivered to the
owner. The insurance cost vary between EUR €50 and EUR €170
per year depending on the value of the property insured. Insurance for
the contents of the property is the responsibility of the owner.
Yes, in all the towns. There are well-established
schools & colleges with a record of high academic achievement offering
education to British university entry level all over Cyprus.
You can sell the property at any time without restriction,
either through our office or by other means. The equivalent of the full
purchase price can be remitted immediately. Any profit may be taken out
of Cyprus at the rate of EUR €17.090, plus interest, per annum commencing
the year after the sale. Property sales in Cyprus are subject to Capital
Gains Tax at a rate of 20%, however the first EUR €17.090 is exempt.
Temporary Residence is easily obtained once the
applicant fulfils certain requirements. A visit to the Immigration Department
must be arranged, taking the following documents:
Sales Contract
Bank Statement
Letter of Guarantee from your Bank of EUR €515
Application Fee of EUR €35
Four Passport size photographs
Passport
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