Are there any permits
I need in order to purchase real estate in Cyprus?
There are no longer any restrictions on European Union citizens buying real estate in the Republic of Cyprus, as these would break European law.
Non-EU-resident must still apply in writing for
Permission to buy property from the Cypriot Council
of Ministers. This process is
little more than a formality, since permission is granted
to all genuine buyers more or less automatically.
You may wish to note that the Republic of Cyprus has brought its property laws into line with E.U. directives, and that since May 1st 2009 all European
Union residents may buy property freely just as they
would at home.
Back to the Questions
If I decide to
sell my property, are there any restrictions?
According to Cypriot law:
Cypriot and non Cypriot property owners may freely sell
their property to both Cypriot and non Cypriot buyers without
restriction.
Back to the Questions
Are there transfer
taxes?
Upon completion of the sale, in order to transfer
ownership of a property into your name and acquire the title deeds, the applicable
Real Estate transfer tax needs to be paid.
Fee rates payable are as follows:
| Property Value |
|
Tax Rate |
| Up to €85,400 |
@ |
3% |
From
€85,401 to €170,800 |
@ |
5% |
| €170,801 and over |
@ |
8% |
Find out more
Back to the Questions
|
|
How
much is stamp duty?
In Cyprus, stamp duty is payable at the time the sales contracts
are signed.
It is levied at the rate of 0.15% for up-to-date home values up to €170,800, and 0.2% for current property market values above €170,800.
There is also a charge of €1.71 (C£1 in old money) for depositing the contracts
with the Land Registry Office.
Find out more...
Back to the Questions
What is double taxation?
Cyprus has double taxation agreements with a number of different
countries. In effect, what double taxation means is that any taxes payable
in one country are offset against taxes payable in another country.
For example, if, as a British worker, you are paying 20% income
tax in Cyprus, it is offset against tax you are legally obliged to pay at home,
leaving you with only the difference between the lower Cypriot tax
rate and the higher British tax rate to pay in the UK.
Back to the Questions
What languages do Cypriots speak?
The Republic of Cyprus' native language is Greek.
This being said, over 90% of the native population speak English,
which is by far the second most spoken language in southern Cyprus.
It is also interesting to note that 23% of Cypriots hold a University
degree, making Cyprus one of the best educated countries in Europe.
Furthermore, the growing tourist trade in recent years is also resulting
in other languages being widely spoken such as German, Russian and
French.
What this means from a practical standpoint, is that you'll find English spoken to quite a high standard in every place which gets any substantial tourist traffic, as well as any town/village with a sizable British population. Once you head off the beaten tracks though, things can get a little shaky, especially in some smaller communities.
Back to the Questions
|
