Buying Luxury Villas
Self-employed persons must possess academic or professional qualifications, which are in demand in Cyprus and do not crate competition to the local population. People of Cypriot origin or the foreign wives of Cypriot citizens are not regarded as foreigners. Residence permits are issued to the following providing that certain criteria are met.
It is general for developers to give credit terms of payment when selling these flats. Terms vary from developer to developer but commonly these are as follows: on signing the sale agreement – 1/3 of the total value; during construction – 1/3 of the total value; the balance over a period of 2 to 3 years. In most cases interest is charged at the rate of 9 per cent per annum as from the date the purchaser takes delivery of the apartment. (i.e. completion)
In case you require air condition ing/central heating, we advocate that the advice of a qualified electrical and mechanical engineer be sought. Fees for this consultant are around 4% for the design and 2% for supervision (on the cost of the works).Insist on all drawings being ready before inviting tenders.It is recommended that a building permit be secured first before works commence, although works such as excavations etc might begin prior to the issue of the building permit. In this case, your architect must consult with the Appropriate Authority to see whether there are any major objections to the drawings.
With the increasing complexity of the property market and the constant introduction of new concepts and measures new for the island (although not so in the European countries) it is advisable that the potential purchaser seeks professional advice prior to concluding a deal in order for hardships and disappointments to be avoided. This advice is specially useful to the foreign purchaser who has to encounter the problem of different laws and local attitudes. For this reason this firm has prepared the following tips which may be useful to the local property purchaser.
Location: In any particular area there are many blocks of flats under construction (this is less true for the Paphos residential areas). Try to shop around and choose a block in a good area. Of course what is a 11 good” area is relative and depends on various factors including personal judgement and taste. it is widely accepted, however, that a 11 good” area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet (not on main roads) and which is close to schools and shops.
If there is a building on the plot you are buying, ask for the building permit in order to make sure that the structure is not illegal, as well as to ascertain the terms and conditions of the building.Please note...
Buying Cyprus Villas SecretsSuch treaties combined with very favourable tax rates for international business entities in Cyprus open the doors to significant tax planning opportunities. The fact that Cyprus is not considered a tax haven but rather a country offering tempting tax incentives...
Guide To Buying Cyprus VillasThe most important pending legislation which affects the property market is the following: the Estate Agents\' Bill. This proposed legislation regulates the estate agents\' conduct and imposes penalties for misrepresentation etc. The agents must be registered with the Government and...
Buying Paphos PropertyThe Cyprus Property market is one of the fastest growing markets within Europe. Purchasers are attracted by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe and the UK. The...
Buy Private VillasTransfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry...