Property for sale in Cyprus - Cyprus property / real estate
for sale.
Information about Property for sale in Cyprus. Cyprus real
estate for sale in southern Cyprus . Plots of land, villas,
apartments, townhouses, off plan, new builds, and golf courses
inland in southern Cyprus , in the towns of Paphos, Limassol,
Larnaca, Nicosia, Ay Napa.
Property Taxes, Fees
Immovable Property Tax:
The annual immovable Cyprus property ownership tax is based
upon the value of the Cyprus property. Certain immovable Cyprus
properties are exempt.
Stamp Duty
The purchaser of property for sale in Cyprus is liable for
the payment of stamp duty at the rate of 1.50 CY Pounds per
thousand up to the value of 100,000 CY Pounds and thereafter
at the rate of 2 CY Pounds per thousand
Duty should be paid within 30 days of signing the contract:
some Developers will, at the request of the purchaser, pay
this and debit his account.
Estate Duty:
Estate Duty tax on Cyprus property abolished as from the first
of January 2000 (Law number is 78(1)/2000).
Local Authority Tax
As a rough guide could be approximately CYP 50 -150 per year
depending on the size of the Property in Cyprus . This tax
is for refuse collection, street lighting, sewerage, etc.
The basic utilities, electricity, water and telephone are
payable individually and based on consumption and meter reading.
Capital Gains Tax:
On disposal of the Cyprus property, capital gains tax will
be payable at the rate of 20% on the gain with the first C£10,000
being exempt for each person. There is also an indexation
allowance.
On top of this allowance, the seller is entitled to a further
allowance regarding the transfer fees paid, inflation rate
per year and the cost of any additions made to the Cyprus
property. Gains from the disposal of a dwelling house are
exempt up to CYP 50,000 in total if the owner resides in the
Cyprus property continuously for at least five years prior
to disposal.
VAT:
Since July 2002 a revised flat rate of 10% was introduced
on goods & services. Real Estate Property for sale in
Cyprus is excluded from VAT as are most food items, medicine
and other essentials
Selling
Cypriot and non-Cypriot sellers can sell their Property for
sale in Cyprus to both Cypriot and non-Cypriot buyers. The
funds / profits from the sale can all be repatriated if the
purchaser is a foreigner. If the purchaser is a Cypriot paying
in Cy£, repatriation is restricted to the value of the
Property for sale in Cyprus purchase price including any amounts
spent on improvements and/or additions to the Property for
sale in Cyprus , fees, inflation, plus £50,000 per person
per year.
Tax Advantages of Residence in Cyprus
Cyprus is unique when it comes to the taxation aspects of
living on the island.
Retirees who buy property in Cyprus and become residents in
Cyprus are taxed on their pensions from abroad at the rate
of 5% for amount exceeding £2,000 annually. Of course
as for all Cypriot tax residents their total annual income
up to £9,000 (£10,000 from 2004) is tax exempt.
Additionally, Cyprus has Double Taxation treaties with many
European and other countries, safe-guarding its residents
from paying tax in both countries. This gives the option to
the citizens of those countries to take advantage of the very
low rate in Cyprus.
Double Taxation Agreements
Cyprus has double-taxation agreements with Austria, Bulgaria,
Canada the People's Republic of China, the Czech Republic,
Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland,
Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, (Armenia,
Belarus, Kurdistan, Moldova, Tajikistan, Turkmenistan and
Ukraine) Slovakia, South Africa, Sweden, Syria, the United
Kingdom, the United States, Yugoslavia (Serbia and Montenegro).
The main purpose of these treaties is the avoidance of double
taxation of income earned in any of the above countries. A
credit is usually allowed against the tax levied by the country
of the tax payer's residence for taxes levied in the other
country. Cyprus taxes only income remitted. Foreigners can
therefore earn income in an offshore fund free of tax, and
bring in only what they need.
Residence Permit
A Residence Permit is easily obtained for persons living in
Cyprus, who have purchased Property for sale in Cyprus .
Temporary Permit: The granting of this permit requires the
existence of a bank account in Cyprus and a sales agreement
of the Cyprus property purchased. Temporary residence status
can be from one to four years.
Permanent permit:
In addition to the above requirements, the applicant must
establish evidence of a secured annual income of not less
than CYP£5300 (five thousand three hundred Cyprus pounds)
for a couple.
Non Cypriots have to apply to the Committee for Aliens Control
in one of 4 categories:
Those wanting to set up an offshore business.
Self employed foreigners setting up a business in Cyprus.
(business must not have a negative economic impact on the
countries economy & Cy£150,000 is payable
Non Cypriots wishing to be employed: their employment must
not lead to Cypriot unemployment.
People wanting only residence: these should have an income
from abroad of at least Cy£3800.
Cyprus Property Ownership
Compared to many other countries the process of purchasing
property in Cyprus by foreigners is very simple. Non-Cypriot
buyers are entitled to a FREEHOLD ownership of a villa, an
apartment or a piece of land, with maximum extent of 4014
m2 (1 acre=four thousand and fourteen square meters).
Offshore entities may also acquire premises for their business
or for residence of their foreign employees. When Cyprus joins
the EU the restrictions on real estate, Property for sale
in Cyprus will be lifted in accord to the EU directions. This
implies that Cyprus property purchased by EU citizens will
be free of restrictions. In addition EU citizens will not
require a work permit. Such a development is expected to increase
demand of real estate sharply with the related reflection
on Cyprus property prices. Property for sale in Cyprus are
on average 20% - 30% lower in prices than Portugal, 30% -
40% lower than Spain and 50% - 60% lower than Italy and France.
Travelling Documents
Entry formalities are simple. All citizens of EU member
countries may enter Cyprus on presentation of their identification
card only.
No vaccination is required when entering the island.
Duty Free Privileges
For foreigners there is no import duty on cars, and for retired
couples there is an additional concession of two duty free
cars. VAT has to be paid.
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 while) or - and
are not brand new, indicating prior usage.
Mortgages
All commercial banks in Cyprus are authorized to offer mortgage
facilities to assist in the purchase of Property for sale
in Cyprus . The loan will be in foreign currency.
The amount ranges from 60%-80% of the value of the Property
for sale in Cyprus with a repayment period ranging up to 20
years
Easy terms of payments and long-term in-house finance schemes
are also available
.
Title Deeds
Transfer of ownership from Vendor to Purchaser of a Property
for sale in Cyprus is a simple procedure through the Cyprus
Land Registry Office, either by the buyer in person or by
appointing a third party with Power of Attorney.
The transfer of ownership requires two permits:
a) from the Council of Ministers, and
b) from the Central Bank of Cyprus.
Both permits easily obtained from the Cypriot authorities
Pets
Animals can be brought in with a license on inspection of
the garden area. A vets certificate in the originating country
is required, and an inspection fee of $167 payable to the
importing vet at Larnaca or Paphos airport, and a quarantine
fee of Cy£120: the pet is subject to 6 months home quarantine.
International Banking In Cyprus
The banking system in Cyprus closely follows the British pattern
and is well developed and organized, equipped with the latest
technology in modern surroundings.
Non-Cypriot citizens have the privilege toforeign currency
and local deposit accounts very easily.
Many Cypriot Banks have branches throughout the world. International
Banks also have branches throughout the island for the convenience
of customers, major credit cards like Visa, Diners, American
Express are widely used
TV - Radio - Satellite - News in Cyprus
There are TV stations and numerous national and local radio
stations. (5 national channels) Approximately 50% of the TV
programmers are British and American and all foreign films
are broadcast in their original language. Availability of
satellite dishes can provide international television connections.
The radio broadcasts programs are mainly in Greek or English.
In addition there is a British Force Radio in Cyprus, which
broadcasts on a 24-hours basis. There are three local English
newspapers, a number of local magazines, which are printed
in English and almost all main international papers and well
known magazines are available on the island.
Medical Services in Cyprus
Cyprus has a very high standard of medical services.
Hospitals, private clinics and medical centres are equipped
with the latest facilities.
Latest technology and operating techniques are standard,
with heart bypass surgery and kidney transplantation
now routine in hospitals.
Doctors and dentists, both specialists and general
practitioners, are available everywhere and their fees are
quite low compared to European standards.
Low cost international private medical insurance is available
for non-Cypriot people living in Cyprus.
Property for sale in Cyprus
Cyprus property , Plots of land, villas, apartments, townhouses,
off plan, new builds, and golf courses in the towns of Paphos,
Limassol, Larnaca, Nicosia, Ay Napa.
