Docstoc

Real Estate - Tips For Buying Property in Cyprus

Document Sample
Real Estate - Tips For Buying Property in Cyprus Powered By Docstoc
					                                                  Presented by Daniel Toriola


         Real estate business is a really tough business. One has to overcome loads of difficulties to get to a
    respectable position in real estate. Real Estate Business Investment is not a small capital needed to invest on.
                                               And usually it is long-term.
                                                       Click here to know more



    Host Unlimited Domains With Our Reseller Plans! Pay fixed rate and Charge Your Clients Whatever You Want!
    Also available Private Label Hosting with Anonymous name servers, Free Unlimited SiteBuilder Licenses, etc.
                                                       Click here to know more



                                                     Cyprus - Buying Property
                                                         By John Mason



  Cyprus became a full member of the EU on 1ST May 2004 resulting in many changes for EU
Nationals planning to purchase property in Cyprus:-

1. An EU National resident in Cyprus is allowed to buy as much property in Cyprus without restriction
and does not need to obtain approval from any authority. To prove residency in Cyprus an EU National
must apply to the District Administration for certification of his residency by presenting personally to the
District Administration his passport and pink slip (residency), which has already been obtained from the
Immigration Department, together with Cy.£25.00 in cash.

2. EU Nationals who are not resident in Cyprus are permitted to buy as much land as they wish but are
restricted to purchase one house or one apartment for which approval from the Council of Ministers is
required.

3. In order to comply with the idea of free movements of people and goods certain restrictions have
been lifted. Citizens of the EU may enter Cyprus without restriction even with only their National
identity card, provided there is a photograph.

4. Exchange control restrictions are no longer in force and it is no longer necessary to prove that
property was purchased from External Funds.

5. Cyprus Investment Policy is liberal and allows 100% foreign participation in all sectors of the
economy, not only for EU Nationals but also for investors from third countries, unless otherwise stated
in the legislation; e.g. the acquisition and development of land.

COUNCIL OF MINSTERS APPLICATION

For transfer of the property into an alien’s name, (non EU National who is resident in Cyprus)
permission from the Council of Ministers is required. The Council of Ministers has authorized the
District Officers to grant approvals on its behalf. The criteria taken into consideration in the process of
examining an application for the purchase of property include, inter alia, the applicant’s family status,
financial situation, occupation, the purpose of acquiring the property, its location, etc. Approval is
granted in all bona fide cases.

How We Made 3,830,450 In 18 Months!
earn millions from buying and selling property.
                                                                                                                  Page 1
                                                 Presented by Daniel Toriola



Applications for the acquisition of more than one residence in Cyprus are not approved, except under
very exceptional circumstances.

SEEKING EXPERT ADVICE

Expert legal advice should be sought before entering into any transaction for acquiring property in
Cyprus. The best advice is to engage an independent lawyer who is registered at the Cyprus Bar.
However the following points shall be noted:

• A search with the Lands Office must be made to ensure that the seller has a valid title to the property
and that there are no mortgages over the property which would present problems with the transfer of
ownership.

• In the cases of property under construction it must be checked that the planning and building permits
can be obtained and separate title deeds can be issued. In the contract provisions must be made to
provide for remedies in the failure of the Vendor to do so.

• A foreigner, other than EU Nationals can buy land for building, up to the extent of three donums. A
permit to buy land outside the development area will probably be refused.

• It must be ensured that the land is suitable for building purposes i.e. zoning restrictions, building
regulations, access to an official road, and availability of water supply, electricity and telephone lines.

• A married couple can only buy one house between them, not one each. (Not applicable for EU
Nationals who are residents in Cyprus)

• A foreigner wishing to rent property for periods of 33 years or more requires the approval of the
Council of Ministers.

• A foreigner can sell his house and buy another. Any bona fide repeat purchases will be granted a
permit.

• A foreign purchaser may let their property only to residents of Cyprus (not short lettings).

• Any contract in the purchase/lease, etc. of real estate is valid, even if the Council of Ministers rejects
the foreigner’s request. As such, when purchasing property ask for legal advice in order to ensure that
the contract includes a provision for such an event so as to secure a refund or other remedy to cover
such an unlikely occurrence. The time period required for obtaining an answer from the Council of
Ministers, provided all documentation is in order is approximately six to twelve months.

TRANSFER FEES

The purchaser will be liable to pay the following transfer fees for the property acquired, when this is
registered in their name at the District Lands office. The fees are charged on the property’s market
value at the date of purchase.

Value of Property Cy£
Transfer Fee Rate % on property value

Make Your Next Home A Resort
The Guide to finding and buying resort property, including condo-hotels, fractional shares and resort residences.
                                                                                                                    Page 2
                                              Presented by Daniel Toriola



Up to £50,000 3.0%
£50,001 – £100,000 5.0%
Over £100,000 8.0%

For example:-

Transfer fee of a property valued at CY£130,000, provided such property is in one name the transfer
fee will be:-

3% for the first CY£50,000 = CY£1,500
5% for CY£50,000 to CY£100,000 = CY£2,500
8% for CY£30,000 CY£2.400
Total Transfer Fee CY£6,400

Should the property be in joint names the transfer fee will be:-

3% for the first CY£50,000 X 2 = CY£100,000 = CY£3,000
5% for CY£30,000 = CY£1,500
Total Transfer Fee CY£4,500

IMMOVABLE PROPERTY TAX

The registered owner of the property is liable to an annual immovable property tax calculated on the
market value of the property as at 1 January 1980. The tax is imposed on the value of the whole of the
immovable property someone owns, so a Purchaser may have to pay immovable property tax prior to
the transfer of the property to his name which can be claimed back with the actual transfer of title deed
to his name.

Market Value CY£
Annual Tax Cy£ per thousand

Up to £100,000 Zero
£100,001 – £250,000 £2.5
£250,001 – £500,000 £3.5
Over £500,000 £4.00

John Mason is the owner and author of http://downtoearthcyprus.net. Down to Earth,Cyprus provides
all you need to know about property purchase and finance in Cyprus.Your Definitive Guide to Buying
Real Estate in
the Republic of Cyprus.

You may freely distribute this article on condition that you keep this Author bio intact with an active link
to my website.




Property Tax Ax
Property Tax Appeal Reduction: How To Win Your Case. How to determine the value of real estate.
                                                                                                           Page 3
                                               Presented by Daniel Toriola


                                          The Different Types Of Cyprus Properties
                                                       By Karen Baron



 Are you aware of the different types of Cyprus properties? If so, you are probably in a good position to
buy; if you want to of course. But if you are not sure of what type of Cyprus properties are available,
you will want to back off a bit before you make a final purchase. After all, if you are going to spend
money on Cyprus properties you need to make sure that you are getting the most bang for your buck.
There is no reason to spend money on something that you do not want.

The most common type of Cyprus properties is single family homes. These are similar to the way that
they are in other parts of the world. For those people who are looking to move to Cyprus for good, this
is the type of property to check out.

Additionally, there are many villas for sale in Cyprus. These are perfect for people who want to live by
the ocean, or those who are going to be visiting their property on a regular basis. Although you could
live in a villa full time, most people use them as vacation homes or rent one out when they are visiting
the area.

Finally, there are other rental properties in Cyprus that you may want to consider. Remember, buying is
not the right choice for everybody. You may want to look into Cyprus properties that you can rent if you
do not have the time, money, or patience to go through the buying process.

Now can you see how many different types of Cyprus properties are available? You need to know what
type is best for you before you make a purchase, or decide to pony up some money for a rental. There
is no reason to spend money on a Cyprus property that you will not like.

Karen Baron http://www.cyprus-seaterra.com/ The only Northern Cyprus property developer to
successfully hand over 2 major projects on time to 250 satisfied customers!




How To Reduce Your Property Taxes!
The complete property tax reduction resource center.
                                                                                                       Page 4
                                                 Presented by Daniel Toriola




Related eBooks:

The Different Types Of Cyprus Properties
Buying Property For Sale? Cyprus Is The Best
A Place In The Sun
Purchasing Cyprus Property: Practical Considerations
Holiday Properties in Cyprus: Holiday Rentals Can Boost Your Income

Get more Free PDF eBooks at FreePDFeBooks.com

Related Products:

Real Estate Investment for Beginners
Fixer-Upper Fortunes
Home Remodeling Secrets
Making money at online auctions
Handywoman's Home Repairs


Malamaal.com: A genuine resource center for Quality Ebooks and Softwares

                        This PDF eBook is for free Distribution only, it cannot be SOLD
   Screamingfingers Guitar Website Guitarists, learn how to systematically increase your picking speed without
                                   practicing and performing your mistakes.
                                                             Click here to know more




Powered By FreePDFeBooks.com
ReBrand this PDF eBook with your Name / URL / ClickBank Affiliate ID for Free




Save $23,000 When Buying A New Home
Earn $37.50 per sale selling the home buying secrets! See our affiliates area for more info!
                                                                                                                 Page 5

				
DOCUMENT INFO