Buyers Guide

Property Buyers Checklist

1. Obtain reliable and professional local advice. 2. Before signing any agreement carry out a search at the District Lands office to check for encumbrances. 3. If the property to be purchased is a house or a flat, check whether there is a building permit and, if completed, whether a certificate or approval for the building has been obtained from the appropriate authority. 4. If the property to ... [Read More]

Property with Title Deeds

Purchasers buying a property built some years ago or a one unit and not part of a complex, can acquire their Title Deed immediately.  The procedure is exactly the same as in the U.K. It is wise to appoint a local Lawyer. The Lawyer must then make a search and if the results are satisfactory, contracts can be exchanged immediately. The Vendor then provides the Title Deed wi... [Read More]

Property with no Title Deeds

Purchasers buying property which is part of a complex will probably not be able to get there title deed if it is a new complex. If it is a resale from a previous buyer, and not the developer, the title deed might have been issued. Even if it is not issued, your purchase can be safe and secured if the appropriate safeguards are taken by your lawyers. Purchasers can feel safe as long as t... [Read More]

Property under construction

Purchasers of a property under construction must follow a slightly different procedure and cannot acquire the Title Deed to their property immediately. The Title Deeds to new properties, or to properties which are part of a project, takes approximately 4-5 years following completion, to be issued. Purchasers can feel safe as long as their lawyer acts as follows: A search is made to c... [Read More]

EU CYPRUS CITIZENSHIP

Reduced Criteria On 28th March 2014, the Cyprus Government announced changes to the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalization, making it more accessible and affordable than ever. One of the key benefits of the Cyprus citizenship program is that it involves a secure investment, rather than a donation like in ma... [Read More]

Cyprus Banking System

The banking system and regulations in Cyprus are of a European standard. The banks have many branches throughout the island, which are efficient, well equipped with the latest technology. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty. Quite a number of branches of many international banks are found operating on the island. Major credit cards, (eg., ... [Read More]

Cyprus Property Tax

Immovable Property Tax Immovable Property Tax is imposed on the market value as at 1 January 1980 and applies to the immovable property owned by the taxpayer on 1 January of each year. This tax is payable on 30 September each year. Physical and legal persons are both liable to Immovable Property Tax. Property value €  Rate %  Tax €  Accumulated Tax € ... [Read More]

Taxation in Cyprus

  1) Physical Persons  The law provides that an individual is a resident if he / she lives in Cyprus for one or more periods which exceed the total of 183 days per year. Days in and out of Cyprus are calculated as follows:  The day of departure from Cyprus counts as a day of residence outside Cyprus The day of arrival in Cyprus counts as a day of Residence in Cyprus Arrival a... [Read More]

Property Transfer Fees

  Immovable Property Transfer Fees    Value €  Rate %  Fee €  Accumulative fees €   0-85.430  3  2.563  2.563  85.431-170.860  5 4.272   6.835  170.861 and over  8       As from 2 December of 2011 until 31 December of 2014, a transfer subjec... [Read More]