Cyprus Apartment Sales
The transfer of the title can be effective once the Council of Ministers’ permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase – as follows: Value up to CY50,000 – 3% CY50,001 – CY100,000 – 5% CY100,000+ – 8%
The annual immovable property tax imposed by the government is approximately CY60-120 per year. The municipal authorities also levy an annual property tax of CY20-30 per year and other authorities might also require CY20-40 sewage tax. Common expenses are usually paid monthly or quarterly in advance. They vary from development to development and depend on the area and type of property.They cover an owner’s share of the cost of cleaning and maintaining common areas and gardens, swimming pool expenses, electricity in common areas, management fees, rubbish collection and repairs. The estimated total is in the region of CY150 to CY300 per year.
Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They’re based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
Such 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 expels the distrust that international tax havens often arouse.
Location: In any particular area there are lots of 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.
Firstly, a preliminary contract is signed. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good...
Buy Cyprus ApartmentFurthermore, it is not sufficient to merely check the zone of the property under consideration but one should also check the zone of the neighbourhood in general. This is so, since your plot may be within an agricultural area but...
Cyprus Apartment SecretsCyprus is registered on a land registry, similar to that on the United Kingdom. Therefore, the purchase process generally follows that of the United Kingdom but with differences. Use a Solicitor !!! It cannot be emphasised too strongly that anyone...
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Cyprus Apartment MarketFirstly, a preliminary contract is signed. This binds both the vendor and the purchase to buy and sell the property on terms and conditions that have been mutually agreed. This is subject to the purchaser being able to receive good...