Individuals Cannot Obtain Permission For More Than One Property

Category: Finance.

Cyprus enjoys a remarkably low crime rate 1/ 6 of the European average another reason for its popularity with foreign buyers for whom security has become a key element in the property world.

Under the Aliens and Immigration Law, non- Cypriots wishing to take up employment in Cyprus are required to have a work permit. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace. As an indication, one should have in mind that the average construction cost for a house is between C160 to C200 per square metre and the purchase cost of building sites offered for this purpose could range from C1 to C2 per square foot in resort areas, whereas in the towns this can reach C5 per sq. f t. If you are purchasing a property on a new development, it will have been set by the developers/ management company. Credit terms on villa/ building site/ land/ cottage acquisitions are normally made and the generally acceptable payment terms are 50% on signing and the rest over a period of 1- 2 years( at 9% interest on the reducing balance) . Regardless of agent s commissions, you should still pay the same price whoever you purchase through whether you go direct or through a third party.

As stated previously, non Cypriots must obtain permission from the council of Ministers before purchasing property. Resale properties are handled much the same way as in the UK with a valuation taking place and the agent s fees agreed before the property is marketed. For individuals, this will be granted, bone fide cases, as a rule where individuals wish to acquire flat, a house or piece of land for the erection of a house intended for residency, or regular use as a holiday home. In the case of acquiring land with a view to building, the area allowed will usually be approximately two thirds of one acre. Individuals cannot obtain permission for more than one property. Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate.

Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. A Cypriot will speed up the process of obtaining probate in Cyprus. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning.

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