This article will give you an overview of the key steps of acquiring title deeds for a real estate development in Cyprus. The key steps of the process are:1. Planning Permit2. Building Permit3. Certificate of Final Approval4. Division Permit5. Issuance of Title Deed 1. The Planning Permit is the initial approval for any building development. Its issuance means that the development meets the provisions...
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...
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...
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...
Following a unanimous vote by MPs at the House plenary earlier, Property Transfer Fees are to be cut by 50 per cent on all property sales that take place before 31 December 2016. Filed Under Property transfer fees halved CYPRIOT MPs voted unanimously to cut Property Transfer Fees by 50 percent as part of a wider tax reform package designed to modernise the island’s property tax system and encourage...
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)...
The exchange rate is clearly in favour of property buyers with sterling and dollars, but is the property market in Europe in their favour? In other words are property prices stable, falling or increasing. The short answer is: location, location, location. Back in 2014, a buyer with £250,000 who wished to buy a property in euros would have had a budget of about €300,000. At today’s currency exchange...
2013 Guangzhou International Property Investment Exhibition The exhibition was held at Pazhou Poly World Trade Center was very successful in introducing our company to the Chinese Market. The objective of this “2013 International Property- Investment Expo, Guangzhou” was mainly positioning in holding a commercial and comprehensive housing expo by gathering many resources, including domestic and...