BUYING PROPERTY IN CYPRUS - Compared to many countries, the logistics of property purchase in Cyprus by foreigners are relatively simple & easy.
ACQUIRING THE TITLE DEED - Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointed third party with a Power of Attorney.
TAXES & FEES - The transfer of title can be effected once the Council of Ministers' permission is obtained and the Central Bank of Cyprus confirms receipt of the foreign funds. Upon transfer of the property and registration in the purchaser’s name, the District Land Registry Office will charge Transfer Fees, which are based on the market value of the property at the time of purchase, and are calculated as follows:
|
Value up to
|
- CY£ 50.000 |
3% |
| CY£50.001 |
- CY£100.000 |
5% |
| CY£100.001 |
- and over |
8% |
IMMOVABLE PROPERTY TAX, SERVICES TAX - The annual immovable property ownership tax imposed by the government is approximately CY£60-120 per year, depending on the value of the property.
CAPITAL GAINS TAX - Property sales in Cyprus are subject to Capital Gains Tax at the rate of 20% on the gain, however the first CY£10,000 are tax-exempt.
INHERITANCE TAX - Inheritance tax is not imposed.
LEGAL SAFEGUARDS FOR FOREIGN INVESTORS - Contrary to the risks inherent in the purchase of property in some countries, Cyprus has never been involved in the nationalization of any sector of the economy, nor in the expropriation of property owned by foreigners.
TAX PRIVILEGES - Personal effects, household goods, furniture & cars can be imported duty free by immigrant retirees.
FINANCING FACILITIES - C4P offers various long term payment schemes to assist its purchasers. In addition C4P may assist you to obtain from a Commercial Bank in Cyprus a housing loan at favorable conditions.
Source: www.cyprus-online.com
