How much property can be purchased?

As a non- Cypriot you can have one property registered in your name at one time. You can acquire a piece of land up to three donums ( 1 donum=1338m2 )
Most property in Cyprus is freehold. After signing a contract of sale, foreigners must apply to the council of ministers for permission to acquire property on the island. This procedure is a formality and can be handled easily by yourself or your solicitor.

 

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How will the Cyprus legal System affect me?

The legal system in Cyprus is mainly based on the British Legal System. Legal fees/costs are much lower than in other European countries.
Legal fees for buying a property in Cyprus are about CYP£700.

 

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How much tax and duties will I have to pay?

 

Immovable Property Tax
Stamp Duty (Seal)
Transfer Fees (Stamp Duties)
Capital Gains Tax
Local Authority Tax (Community Charge)
Common Expenses
Electricity and Water
Taxation

 

 

 

Immovable Property Tax

The registered owner is liable for this annual tax, which is based on the value of the property as of 1 January 1980. Property valued at CY£100.000 and belonging to individuals is exempt from property tax. For property exceeding that value the rates are:

Market Value C£ Annual Tax C£ per ‘000

Up to 100,000 0%
100,001 - 250,000 2.00%
250,001 –500,000 3.00%
Over 500,000 3.50%

 

 

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Stamp Duty (Seal)

£1.5% per thousand is levied on purchase contracts with a value up to CY£100,000. For any amounts in excess the rate is 2.0%. This duty is payable within 30 days of signing the contract. This single payment is payable by the purchaser upon presenting the contract to the tax authorities for authentication and validation as an official document acknowledged by the government authority.

 

 

 

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Transfer Fees (Stamp Duties)

The buyer pays these when the property is registered in his name. The rates are calculated on a sliding scale. · Value of property up to £50.000 - 3%
· From £50.000 to £100.000 - 5%
· Over £100.00 - 8%  

 

 

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Capital Gains Tax

On disposal there is 20% capital gains tax, inflation indexed and £50,000 exempt, should the property be your main residence for 5 years. Otherwise £10,000 is exempt..  

 

 

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Local Authority Tax (Community Charge)

Property taxes levied by the local authorities are in the ranges of CY£50 – CY£100 per annum, depending on the size of the property. The tax covers the cost of garbage disposal, street lighting etc.

 

 

 

 

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Common Expenses

These are payable over fixed periods throughout the year. They vary from development to development and depend on the area of the property. They cover an owner’s share towards the cost of cleaning and maintaining common areas and gardens, swimming pool expenses, management fees, collection and repairs. They are estimated to be in the region of CY£250 – 350 per year.
Certain developments do not have common expenses.

 

 

 

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Electricity and Water

Both services are payable to the appropriate authorities over fixed periods throughout the year. They are based strictly on the consumption of each unit. While the cost of every property will vary, a rough guide would be approximately CY£300 per unit peryear.  

 

 

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Taxation

As we are not taxation experts, you are advised to seek professional advise.

 

 

 

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How much will my pension be taxed?

 

If your income is from a pension you are required to pay 5% income tax. The first amount of CY£6000 is tax exempt. If your income is from any other source you are required to pay 5% income tax. The first CY£2000 is tax exempt.

 

 

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Can you help with which developer to choose from?

Should you buy from any developer? Your Title Deeds need to be safeguarded. We can advise the best Banks and Lawyers to suit your needs!
Every case is handled on its own particular merits.

 

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Can you help with arranging a morgage for my property?

We have been entrusted by All the banks in Paphos to make valuations for mortgage purposes. We are the ones to assist you for your mortgage needs, promptly and at the most competitive rates.

 

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Can you design my dream home for me?

Should you buy land, we can design your house on the computer, over a cup of coffee. Agree an itemized construction cost and build it!! This way you are the developer and you are paying stamp duties (transfer tax) on the land only.

 

 

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Can you advise me on planning laws in Cyprus?

As Architects & Civil Engineers we are fully aware of the Town & Country Planning law and we are qualified to advise you on the structure of the house.

 

 

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Can you help me arrange my house insurance?

As Loss Adjusters for the major Insurance companies, we can arrange the most competitive rates for your house insurance. We shall deal with the damage assessment should the occasion arise! We deliver solutions!

 

 

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The Cyprus medical service, is it any good?

Medical standards in Cyprus are very high. Private clinics in Paphos can be found in our database.

 

 

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Can I bring my pet into Cyprus?

Pets may be brought into Cyprus after securing an import certificate from the Cyprus Veterinary Services. They must have had all necessary vaccinations.
They must be in quarantine for 6 months. (Home quarantine is possible) This quarantine has been lifted for pets with certain documents/certificates (e.g. pet passport.) Further information can be obtained from Veterinary Services. Tel. (00357) 22-805240/1 Fax. (00357) 22-332803

 

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Can I import my household and personal effects?

Having purchased a property, non-Cypriots are allowed to import all their household and personal effects, duty free. The only charge is a small fee levied on used electrical items, (CY£6.50 per item) which is payable at the port at the time of entry.

 

 

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Can you help furnish my house?

Our office team, will assist in getting your house ready to move into, from furniture to landscaping, from appliances to drapes, Whatever is required. Have a browse of our OTHER SERVICES page, here on WWW.BUYBUYCYPRUS.COM. We have all your needs covered.

 

 

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Do I pay buybuycyprus anything?

No. Nothing at all if you are a buyer.  

 

 

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Any Other Questions?

 

Feel free to contact us

 

 

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