Buying property in Cyprus - Compared to many countries, the logistics of property purchase in Cyprus by foreigners are relatively simple & easy. Title Deed - Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointed third party with a Power of Attorney. Transfer fees - Upon transfer of the property and registration in the purchaser’s name, the District Land Registry Office will charge Transfer Fees, which are based on the market value of the property at the time of purchase, and are calculated as follows: Immovable property & service tax - The annual immovable property ownership tax imposed by the government is approximately €100-200 per year, depending on the value of the property. Capital gains tax - Property sales in Cyprus are subject to Capital Gains Tax at the rate of 20% on the gain, however the first €17,000 are tax-exempt. Inheritance Tax - Inheritance tax is not imposed. Legal safeguards for foreign investors - Contrary to the risks inherent in the purchase of property in some countries, Cyprus has never been involved in the nationalization of any sector of the economy, nor in the expropriation of property owned by foreigners. Tax privileges - Personal effects, household goods, furniture & cars can be imported duty free by immigrant retirees. Cyprus Major Cities Nicosia Around 200,000 population - Nicosia lies at the centre of Cyprus, no more than one and a half hours from any mountain or coastal resort. As the administrative centre and the seat of Government, the city is dotted with the various ministries and diplomatic missions. Limassol Around 160,000 population - Limassol, on the south coast of Cyprus, is the country's second largest city. It lies between the sites of two important historic city kingdoms that dominated the island in antiquity: Amathus to the east and Curium a few miles to the west. Larnaca Aound 70,000 population - The graceful row of majestic palms lining Larnaca’s seafront are a reminder of the 17th century, when Larnaca was the diplomatic and trading capital of Cyprus. Paphos Around 45,000 population - The mild, healthy climate and beautiful countryside surrounding this south-western coastal town have attracted visitors to Paphos throughout history. Legend has it that the Goddess Aphrodite was born in its warm, translucent waters. |
