Property Guide

Acquiring Title Deeds

Transfer of ownership from vendor to purchaser is undertaken by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or through a third party nominated and furnished with a Power of Attorney. The transfer of ownership requires two permits: from the Council of Ministers and from the Central Bank of Cyprus. Both permits can be easily obtained from the Cypriot authorities. The authorities will wish to satisfy themselves that the seller has the right to sell, i.e. that they do own the property and that ... Read More

Buying Property in Cyprus

Many people who stay in Cyprus on holiday promptly fall in love with the island and decide to buy property here.  Paphos is the most popular location for purchasing property due to its relaxed lifestyle, beautiful scenery, healthy climate, developmental growth potential (developments in the offing include a new marina and a university town) and its international airport. There are many estate agents, developers and private sellers to choose from and it is difficult to navigate the system without a guide.  We can provide you with soli... Read More

Exchanging & Transferring Foreign Currency

When purchasing a property overseas you will probably need to transfer money abroad.  Whilst the natural inclination is to go to your local high btreet bank to make the transfer, this is usually a fairly expensive way of doing it.  Exchange rates and commissions applied by high street banks are significantly less favourable than those typically offered by specialist foreign exchange brokers. We therefore recommend the services of FC Exchange.  Transactions arranged through FCE are always at the most competitive rates and the ser... Read More

Process of Buying Property in Cyprus

Compared to many other countries the process of buying property in Cyprus by foreigners is very simple. Non-Cypriot buyers are entitled to FREEHOLD ownership of: a villa an apartment or a piece of land, with maximum allowed extent of 4014 m2 (four thousand and fourteen square metres). Offshore entities may also acquire premises for their business or for occupation by their foreign employees.... Read More

Property Purchasers

Age of property Traditionally Cyprus houses were built with stone. This helped insulate occupants from summer heat but was rather cold in winter so open fires, usually of wood, were common. But the vast majority of houses now are of hollow brick and single-skin. Double-skinned walls, wall- and loft-insulation and double-glazed windows are seldom offered by developers. With the influx of settlers from other E.U. countries since accession to the E.U. we are beginning to see the application of more efficient building standards but they are sti... Read More

Property Vendors

Access  (see also Preparation below) In order to facilitate viewings we recommend that you have a key-safe installed outside your property's entrance.  This is a box to contain keys that can only be opened by turning the cogs to display the right numbers (a bit like a combination padlock on a bicycle).  Only you and the sales agent will know the combination.  We can arrange installation for you. Capital Gains If a property is the seller's first property in Cyprus and the seller has lived in it for at least five years... Read More

Relocation

Moving companies  If you are coming to live in Cyprus, the odds are that you will be moving your household contents here.  Because of the bulk and quantity of items usually involved, they will probably come by container into Limassol's new commercial port.  It may be that your moving company in your country of origin has already made the arrangements at this end but if they have not, you will need a moving company here to assist you in clearance through Customs (including preparation of the necessary declarations of contents and ... Read More

Residential Permit

General  Non-Cypriots who have purchased property in Cyprus will naturally be concerned to secure their residential status.  The regulations governing this changed substantially in consequence of Cyprus's entry into the European Union and the authorities continue to tinker with them as the implications of E.U. are more fully understood.  The following summary is correct at the time of writing but we suggest you contact us for confirmation or an up-date if you are interested in acquiring property here and are concerned about resid... Read More

Taxes

Transfer Fees Real estate transfer-tax fees must be paid in order to transfer freehold ownership into the name of the purchaser.  This can be done as soon as the relevant government authority has issued the title deed and the purchase has been completed.  The transferee is responsible for the tax payment.  The rates are on a graduated scale as below. Value of Property (Euros) Transfer fee rate (%) Up to 85,430 3.0 Between 85,431 and 170,860 5.0 Over 170,860 8.0 Not... Read More

Used Cars

If you're planning to spend a lot of time in Cyprus during the year (more than 4 weeks) it might be better to purchase your own car. We use the most established English car dealer in Cyprus, Deals on Wheels, who have sold more than 1,000 cars and are the number-one choice in Paphos in our view when one is looking for a decent used car.  Benefits include any-driver insurance, warranty, airport delivery and storage and all paperwork handled on your behalf.  There is a wide choice of cars starting from €1,995.  Their showroo... Read More
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