Step One -  Are you at present looking for an excellent home for retirement where you can enjoy the sunshine all year round and relax? Maybe you recently got married and have outgrown your current residence. Or, maybe you have just gotten promoted, which requires you to move to a new city. These factors will all have a bearing on how you approach your Cyprus property search. Step Two - Establish a time frame that you would like to stay within for buying your home. Depending on yo...
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There are only small taxes on residential property.The local authority, the Municipality, collects Municipal Tax which covers the costs of refuse collection and street lighting and is normally about CYP 60.00 per year.There is also an annual Property tax collected by the District authority. These taxes are assessed according to the assessed value of the property in 1980 and only apply to property valued in excess of CYP 100,000 at that date.Most property is therefore exempt. Communal Charges (...
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Are you dealing with the rightful owner of the property? (Ask for proof before handing over any money). Does the property have clear title? Are there any restrictions on renting out the property in your absence? Are there death duties? Is the off-plan development bank guaranteed / bonded / insured if the project goes bankrupt? What is the position of Capital Gains Tax? What about wills? In the case of retirement, are home country pensions transferable? Is there a double taxation treaty...
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Is there a way that a non Cypriot resident can purchase more than one property? Under the current law in Cyprus, foreigners not residing in Cyprus can acquire the Title Deed to only one property on the island, an apartment, a villa or a house. At first sight, this appears to preclude multiple ownership of properties by foreign investors. The reality is that it does not!It is important to appreciate that there are two stages to buying property in Cyprus. The first stage is entering an Agreement...
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1. Finding the ideal property Much information is readily available from magazines and Internet websites advertising properties for sale in Cyprus; it is very easy to get an idea of what type of property is available and at what cost before you actually start your search. There are many ways to search for properties: estate agents, property magazines and web sites. When using a local agent, make sure they are well versed with the local market. Inter – M Properties have over ten years exp...
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Cyprus net rentals returns vary between 5% and 12% per annum. The average rental net return in Britain today maintains around the 3% to 4% mark, and capital appreciation may match this, however there is the likelihood that there will be a static capital value for the next three to five years. Capital appreciation in Cyprus is still in double figures, expecting to show 10% to 17.5% especially with off-plan projects.As a bench mark, the net rents should be financing at a maximum 65% gearing, ass...
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