Cyprus Property
Russian English karayiannas

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Property Of The Month
MELINA 2
4 BEDROOM LUXURY VILLA 
F.A.Qs
 
  Asked Questions
1 .
HOW DOES BUYING IN CYPRUS COMPARE TO OTHER EUROPEAN COUNTRIES?
2 .
ARE THE PROPERTIES FOR SALE FREEHOLD OR LEASEHOLD?
3 .
APPROXIMATLEY HOW MUCH ARE PROPERTY INSURANCE COSTS?
4 .
CAN KARAYIANNAS ASSIST WITH MORTGAGES?
5 .
HOW MUCH DOES IT USUALLY COST TO FIT APPLIANCES AND FURNITURE FOR A PROPERTY?
6 .
CAN KARAYIANNAS HELP PURCHASE GOODS?
7 .
CAN I SELL THE PROPERTY EASILY? WILL I BE ABLE TO TAKE THE PROCEEDS OF SALE OUT OF CYPRUS?
8 .
IF NEEDED CAN KARAYIANNAS RENT MY PROPERTY OUT?
9 .
HOW DO I GET TITLE DEEDS TO MY PROPERTY?
10 .
HOW LONG AFTER DELIVERY CAN I EXPECT TO RECEIVE MY TITLE DEEDS?
11 .
WHAT ARE THE STANDARD PAYMENT TERMS WHEN PURCHASING A PROPERTY FROM KARAYIANNAS DEVELOPERS?
12 .
ONCE WE HAVE MOVED TO CYPRUS HOW CAN I ARRANGE INTERNET AND TELEPHONE CONNECTIONS?
13 .
WHAT IS THE CYPRIOT COMMUNICATION SYSTEM LIKE?
14 .
WHAT IS THE COST OF LIVING IN CYPRUS?
15 .
CAN I WORK IN CYPRUS ONCE I MOVE THERE?
16 .
HOW DOES THE MEDICAL CARE SYSTEM OPERATE?
17 .
IS THE CRIME RATE HIGH?
18 .
IS THE BRITTISH PENSION SUBJECT TO TAX PAYMENT?
19 .
WHAT ABOUT INHERITANCE TAX?
20 .
what other tax advantages are there?
21 .
CAN I APPLY FOR PERMANENT RESIDENCY?
22 .
AS A NON NATIONAL CAN I BUY A BUSINESS IN CYPRUS?

 
Answers
1 )
HOW DOES BUYING IN CYPRUS COMPARE TO OTHER EUROPEAN COUNTRIES?
 
Buying in Cyprus is very simple. The legal system is based on the Brittish legal system making contracts and processes easy to understand.
2 )
ARE THE PROPERTIES FOR SALE FREEHOLD OR LEASEHOLD?
 
All of the properties we sell are freehold.
3 )
APPROXIMATLEY HOW MUCH ARE PROPERTY INSURANCE COSTS?
 

As a general rule property insurance is charged at 1.65% of the current property value and contents are calculated at 2% of their total value.

4 )
CAN KARAYIANNAS ASSIST WITH MORTGAGES?
 

If requested by our client then yes we can arrange various loan facilities.

5 )
HOW MUCH DOES IT USUALLY COST TO FIT APPLIANCES AND FURNITURE FOR A PROPERTY?
 

Approximatley 5,000 and 7,500 on a one and two bedroom property, this does depend on the size of the property and the quality of the items. 

6 )
CAN KARAYIANNAS HELP PURCHASE GOODS?
 
We will help where possible and can recommend places to purchase these items.
7 )
CAN I SELL THE PROPERTY EASILY? WILL I BE ABLE TO TAKE THE PROCEEDS OF SALE OUT OF CYPRUS?
 
You can sell at any time and with no restrictions either through our office or through the registered estate agency. The equivalent of the full purchase price can be remitted immediately. The balance reflecting an increase in its value can be sent overseas at the rate of 85,430 per year, plus any interest earned during the year, starting from the year after the sale. Property sales in Cyprus are subject to capital gains tax at a rate of 20% on the profit. The first 17,086 profit per person named on the title deed is exempt.
8 )
IF NEEDED CAN KARAYIANNAS RENT MY PROPERTY OUT?
 

Our company will recommend rental agencies that will help provide you with all the information necessary.

9 )
HOW DO I GET TITLE DEEDS TO MY PROPERTY?
 
Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office. The contract of sale must be in writting, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date. When issued, the title deed will be registered in the name of the buyer and will be recorded in the confidential government archives.
10 )
HOW LONG AFTER DELIVERY CAN I EXPECT TO RECEIVE MY TITLE DEEDS?
 

Title Deeds generally take a minimum of two to four years depending on the property purchase. This does not mean that you cannot sell your property at any time before that. From the minute your contract of sale is registered at the land registry department the property is officially yours and you can sell your property the next minute.

Transfer Fees for Title Deeds are due upon obtaining the Title Deeds and are calculated based upon the purchase price which is as follows

Up to €85.000 : 3%

€85.000 - €170.000 : 5%

€170.000 + : 8%

11 )
WHAT ARE THE STANDARD PAYMENT TERMS WHEN PURCHASING A PROPERTY FROM KARAYIANNAS DEVELOPERS?
 
To reserve a property from our company we request a non - refundable deposit of 3,417. Generally within a month of the deposit payment we ask for the 25% of the purchase amount, then the payments are made upon completion of each stage this is usually divided into four stages, Frame, Brickwork, Plastering, and Tiles, then the remainder is paid upon completion of the delivery. Unless payments are agreed otherwise by the purchaser and vendor.
12 )
ONCE WE HAVE MOVED TO CYPRUS HOW CAN I ARRANGE INTERNET AND TELEPHONE CONNECTIONS?
 
Once your property is completed and approved by the electricity authority you can enquire arranging permanent telephone and internet connections from the national provider CYTA. Services vary in different areas and high speed internet is unavailable in some villages. Providing that services are available you can set up the package of your choice in person with your contract of sale and Cyprus bank account details.
13 )
WHAT IS THE CYPRIOT COMMUNICATION SYSTEM LIKE?
 
Cyprus has one of the most advanced and cheapest telecommunication systems available. ISDN, ADSL, and standard dial-up PC networking are also easily accessible.
14 )
WHAT IS THE COST OF LIVING IN CYPRUS?
 
The cost of living in Cyprus is low compared to many other European destinations. On average, the annual charges for four adults living in a three bedroom house are as follows: Gas-20.00, Water-171.00, Electricity-684
15 )
CAN I WORK IN CYPRUS ONCE I MOVE THERE?
 
Under the Aliens and immigration Law, non Cypriots wishing to take up employment in Cyprus are still required to have a work permit.
16 )
HOW DOES THE MEDICAL CARE SYSTEM OPERATE?
 
The medical care system in Cyprus is very impressive. A doctors visit costs about 17.00 and x-rays about 26.00. Inexpensive Private Medical Insurance is also available. Cyprus residents {Cypriot or not} can have a private medical insurance starting from 222 pa.
17 )
IS THE CRIME RATE HIGH?
 

Cyprus has a very low crime rate, at 1/6 of the European average.

18 )
IS THE BRITTISH PENSION SUBJECT TO TAX PAYMENT?
 
Yes it is! According to the Cypriot tax system you are obliged to declare your income from pension. Individual non Cypriot residents are taxed on a flat basis of 5 % per annum on pension and investment income brought into Cyprus. In some circumstances, exemptions totaling up to 6,835 per individual or 13,669 per married couple apply.
19 )
WHAT ABOUT INHERITANCE TAX?
 
There is none.
20 )
what other tax advantages are there?
 
compared with other international financial centres, cyprus offers a distinct benefit in the form of double taxation treaties. agreements with an increasing number of countries eliminate the double taxation of income earned in one of these countries. in practice, the tax levied by one country is credited against the tax levied in the taxpayers country of residence. where different tax rates apply, the tax payer will ultimately not pay more than the higher of the two rates of the respectively countries. immigrant retirees may import personal effects, household goods and furniture duty free. this is provided that they are for personal use and have been in use for at least one year. there is no duty on one car and retired couples benefit from the additional concession of two duty free cars. 
21 )
CAN I APPLY FOR PERMANENT RESIDENCY?
 

By Law, a non Cypriot who owns property in Cyprus is entitled to a residence permit, but is not required to hold a permanent residence permit. For EU citizens there are no restrictions. They just have to complete an application form at the immigration office for formality purposes, and automatically they receive their residence permit. For non EU citizens there is a straight forward procedure that needs to be followed. However, permanent residence is easy to obtain. The applicant needs to submit an application and proof that he/she and their family are self supported. The following documents must accompany the application.

a} A copy of the sale/rental agreement

b} Copies of pension/retirment income

c}Any other document relevant to income

d}Three photos and passport.

The application for permanent residence may be submitted to the local immigration office in the area of residence.

22 )
AS A NON NATIONAL CAN I BUY A BUSINESS IN CYPRUS?
 
E.U. citizens can buy a buisiness in Cyprus. Non E.U. citizens can also own a buisiness in Cyprus,but require a replica watches, replica watches uk permit.
 
 
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