General Information on Cyprus
When buying we strongly recommend you instruct a local lawyer to represent you throughout your purchase. If dealing with a new development it must be checked that the plot / land is suitable for building purposes, i.e. zoning restrictions, building regulations, access to an official road, availability of water and electricity supply, telephone lines. In the case of the purchase of an apartment or house the lawyer needs to check building planning and other permits, the history, reputation and reliability of a developer and the title to the property.
Property Registraion and Government Taxes
Most properties available in Cyprus are sold freehold. A non-Cypriot is allowed to own one residence in Cyprus. Permission to acquire property in Cyprus is granted by the Council of Minister and is normally applied for through your lawyer or selling agent.
The stamp duty is also paid by the purchaser and the only other expense involved in buying property is the transfer fees which are paid directly by the buyer to the Department of Land and Surveys on the day of the transfer of the title deed of the property.
The Annual Property Tax
This is payable only if your property's value exceeds CYP 100,000.
For properties val ued at CYP 100,000-250,000 - CYP 2,00 per thousand, for properties val ued at CYP 250,000-500,000 - CYP 3,00 per thousand and for properties val ued over CYP 500,000 - CYP 3,50 per thousand is payable.
This information is provided as a guide only and you should check with your lawyer for the latest procedures, taxes and other buying costs.
Economy
While Cyprus traditionally derived its income from agriculture and mining, in recent years the export of fresh fruits and vegetables has become increasingly important - even the Cyprus potato has become well known throughout Europe ! Relative to its size and population, Cyprus also holds the highest production rate of grapes in the world and vineyards cover a large percentage of the semi-mountainous and mountainous regions of the island.
Foreign investment in the island has increased rapidly in recent years, thanks largely to the formation of numerous offshore companies, all taking advantage of attractive tax laws.
Thanks to this major input from abroad, Cyprus is fast becoming a financial and business centre to be reckoned with. Cyprus also possesses a highly educated and skilled workforce and the government is currently encouraging the development of high-technology industries.
The most significant industry on the island, however, is tourism, Cyprus has been blessed with all the resources necessary to offer the perfect destination.
Currency
The Cyprus Pound ( CYP ) is the islands currency. |
New Developments
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