Introduction - Purchase & Living cost - Buying guide
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Introduction

Almost anyone can purchase a property in Cyprus and the process is generally very straightforward. Why not attend one of our personal inspection trips to find your ideal home and then let Aquavista guide you through every step. In the following pages you will find general information and answers to the most frequently asked questions. Please take time to read through this information and if you have any questions do not hesitate to give us a call.

Purchase & Living Cost

Typical Payment Costs - New Build

• Deposit
• First Instalment 10 - 20% of the purchase price
• Mortgage can be arranged for the rest

Or

• Deposit
• First Instalment 20%
• The rest of the amount divided by 4 according to the construction schedule
  °25%
  °25%
  °25%
  °5%

 

Transfer Fees

It is necessary to pay Transfer Fees when your title deeds have been issued and the purchase has been completed which ranges from 3% to 8% depending on price of property for example:

Value of property in £CY	Transfer Fee
Upto 50,000 From 50,000 to 100,000 Over 100,000	3% 5% 8%

 

Stamp Duty

When you purchase a property in Cyprus stamp duty should be paid within 30 days. The rate is £CY 1.50 per thousand up to the value of £CY 100,000 and thereafter the rate is £CY2.00 per thousand for example:

The first CY£100,000 1.5% = CY£150
The next CY£ 50,000 2% = CY£100

Solicitors Fees are approx between CYL700 - CYL1,800 on completion depending on the price of the property.

Property Insurance approx L120.00 for a 3 bed villa.

Cyprus is now recognised as one of the most inexpensive countries in Europe to live today. With its high standards of living, appealing climate and rich in culture, it is considered to be a very good investment potential with the long holiday season from Mid April to mid November, properties would command high income from holiday lets during these months.

Buying Guide

Who can Buy

Cyprus joined the EU in May 2004, therefore almost anyone can purchase property there. Foreigners are permitted to purchase more than one property. Legal & banking is based on the British system so obtaining finance is very similar to the UK and as 90% of people living in Cyprus speak English the process is very straightforward.

Tenure of Property

All Properties are Freehold

Mortgage / Financial Advice

Commercial Banks offer foreign currency loans to non-Cypriots up to 80% of the value of the property with repayments of up to 25 years.

Each applicant must provide the following:
A declaration of personal & financial facts
Bank references,
Proof of income (3 months salary slips & bank statements) or financial accounts for self-employed for previous financial year.
Opening of a bank account.
Details of the property to be purchased supported by a copy of the sale contract. (The sale contract must be deposited to the Cyprus Land Registry Office & the receipt submitted to the bank).
Title Deed supplied by the developer.
Valuation report on the purchase property (charges vary from £35 - £50)

Legal Documents

We would advise that you use a lawyer to complete your purchase; both the legal & banking systems are based on that of Great Britain. All contracts are available in English. It is very easy to open a bank account in Cyprus all you need is proof of address and photographic identification (ie passport).

Our Associate will prepare a Contract that will detail your property, type etc, together with the price agreed, payment method and any extras or alterations you may require. This Contract Agreement is binding in Cypriot Law.

Transfer Fees

It is necessary to pay Transfer Fees when your title deeds have been issued and the purchase has been completed which ranges from 3% to 8% depending on price of property.

Stamp Duty

When you purchase a property in Cyprus stamp duty should be paid within 30 days. The rate is £CY 1.50 per thousand up to the value of £CY 100,000 and thereafter the rate is £CY 2.00 per thousand.

Letting

The letting potential in all the areas sold by Aquavista is very good. Mainly due to the natural beauty of the areas, together with the superb coastline the areas offer and with over 1 million British tourists visiting all year round due to the 340 days of sunshine.

Our Associates can offer you a full letting service which includes reception services for arrivals and departures, maid services (cleaning & linen) charges for this service may vary but range from approximately £50.00 for 2 bed villa & £65.00 for 3 bed villa.

Approximate expected rent for properties

Season	3 Bed Villa	2 Bed Villa
Jan to Feb Mar to Apr May to Mid June Late June to Mid July Mid July to Aug Sept to Oct Nov to Dec	GBP 270 GBP 320 GBP 450 GBP 550 GBP 690 GBP 540 GBP 270	GBP 240 GBP 275 GBP 325 GBP 400 GBP 520 GBP 420 GBP 240

Other Information

Residency / Work Permits

As Cyprus is a full member of the EU, UK citizens do not need a visa to reside or work in Cyprus.

Education

Schools have a similar system to the UK with pre-school, primary, secondary up to University level. Schools cater from Cypriot and foreign students. Primarily Greek with English lessons, they also have private schools, which teach English for around CYP 2,000 pa.

Pensions

United Kingdom retirement pension is payable in Cyprus taxed at a low rate.

Medical Insurance

Medical facilities are of high quality and many doctors study in the UK. Medical insurance is available to non-Cypriots at quite competitive rates.

Tax Regulations

Substantial tax benefits for residents. Inheritance tax abolished.

 

To view previously asked questions on purchasing property in Cyprus, or to ask your own question click here

 

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