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Property Buyers' Guide articles
• Excellent return on investment • Land and property prices increased by more than 50% in the last 6 years with a constant upward trend • Increased trend in prices of holiday and/or retirement homes • Taxes in purchasing property in Cyprus by pensioners, IBCs, foreign companies or expatriate employees carry numerous benefits • No restriction for acquisition of property by EU citizens •...
There is no restriction for property ownership to EU citizens and permanent residents of the Republic. There is a restriction however to overseas investors and non-EU citizens (individual or corporate) of one freehold ownership property of flat or house or building plot or and land up to 4.000 sq.m. This restriction will cease during 2009. The permission for purchase of property by non-Cypriots is granted by the Distric...
When a property has been chosen, a buyer places down a deposit until a legal agreement is drawn up for signing and the first instalment as agreed is payable. An independent Solicitor should be appointed to draw such a legal document or to give advice on the Developer's Standard Agreement. The actual position and plans of the property, planning permission and preferably the building licence should be carefully examined by t...
Having chosen a property attention should be given as to whose name the property should be registered to: • Own name • Joint names of both spouses • On the names of adult children who will inherit the property or • In the name of a limited company If it will be bought through a limited company and the dealing is disclosed, it should be noted that overseas tax residents will be taxed by the country ...
If the house is a resale then the title deed of the acquired property can be transferred immediately, if the agreement is signed and full payment has taken place. Purchasers of a property under construction, or just completed or part of a project must allow about 1-2 years following completion, for the title deeds to be issued and thus the above mentioned process should be followed. ...
The banking system and regulations in Cyprus are of a European standard. The banks have many branches throughout the island, which are efficient, well equipped with the latest technology. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty. Quite a number of branches of many international banks are found operating on the island. Major credit cards, (eg., Visa, Mastercard and American Ex...
The stamp duties payable by Purchaser on contracts are 0.15% of the value of the property up to €170.860 and 0.20% for over €170.861. The contract should be stamped within a period of thirty (30) days from signing of Agreement. The property transfer fees are payable to the Land Registry and are calculated to the property's market value: Value of Property €       &nb...
Government grant for the purchase of new property: Individuals purchasing property in Cyprus, provided that it will be used as first residence, are eligible for a government grant/return of 10% of VAT. Individuals entitled for the grant must: • Be 18 years of age, plus • Be citizen of the Cyprus republic or any EU member state and • Not use any other residence as first and permanent place of residence ...
Cyprus IBCs can be the owners of properties situated in Cyprus and/or abroad in which case there are many tax and other benefits Cyprus IBC: definition IBC is a legal entity which is established by non-resident individuals or corporations. There is no limitation any longer in conducting business activities outside Cyprus only. They have all the rights of local companies IBC may maintain offices...
Overseas Companies Buying Property in Cyprus There are international overseas (non-Cypriot) companies which have branch/ office in Cyprus for their activities in Cyprus and/or the neighboring countries They acquire property for office space, and/ or residence of their directors / employees and/ or investment Taxation of an Overseas company Any income derived from properties in Cyprus (eg rent) is liable to taxation in...