Negotiation and Signing of the Contract Property in Cyprus is often purchased in the first instance by a Contract of Sale, the terms of which should be negotiated by a lawyer who is experienced in such transactions. A developer may want to use his own sale agreement but this can be modified. Often it is better to start over in order to achieve a contract that will protect the buyer's interests. Probably...
Whatever your personal preference, you will find the ideal pastime for you amongst the many leisure activities in Cyprus. From action packed water sports to finding out about the island's rich and turbulent history, Aphrodite's isle has something for everyone. In this unspoiled Country, flavours seem somehow more intense. And, thanks to the island's sun kissed slopes, Cypriot wine is a delightful drink,...
We will assist you in the process of obtaining residence permits in Cyprus. By law, a non-Cypriot who owns property in Cyprus is entitled to a residence permit, but is not required to hold a permanent residence permit. For EU citizens there are no restrictions. You just have to complete an application form at the immigration office as a matter of formality, before automatically receiving your permit....
Immovable Property Ownership Tax A. As the registered owner of the property, you are liable to an annual Immovable Property Ownership tax calculated on the market value of the property as at 1st of January 1980 (paid by the 30th of September in the year). Immovable Property Tax is payable to the Inland Revenue Department of the Republic of Cyprus. Rates are as follows: Value of property (as of...
Transfer Tax is paid on all properties to receive your Title Deed Real Estate Transfer Tax is calculated according to the following rates: Property Value Tax Rate Up to €85,430 @ 3% From €85,431 to €170,860 @ 5% €170,861 and over @ 8% In Cyprus, transfer tax is levied upon the transfer and registration of the property into the name of the purchaser. The transfer tax is based on the...
Banking in Cyprus - Bank Loans a) Interest rates & packages Shop around for the best interest rates and packages. All banks in Cyprus offer housing loans both in local currency (Euro) or any other currency. A bank loan amount can be a maximum 70% of the force sale value of the property The customer has the option to choose the currency. An investment in Cyprus is always a good...
VAT ON NEW PROPERTY IN CYPRUS VAT is only payable on new property. Resales are exempt. Upon the sale of a new property the buyer pays VAT at a rate of 19 % . There is a special reduced rate of VAT (Value Added Tax) of 5% on the acquisition or construction of homes for use as the main permanent place of residence. Contracts that have been completed from 01 October 2011 qualify and must be for a...
OPTING TO PAY TAX IN CYPRUS Generally speaking, income tax, and how it is applied in Cyprus, falls into two categories Taxation for Residents After living or staying here for 183 days or more, an individual is considered to be resident in Cyprus. Income tax then becomes payable in respect to the following local and global sources: a) Income from a business or employment b) Business profits c)...
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