Front View
A very luxurious 3 bedroom villa for sale, in Cyprus / Zygi / Limassol, close to the new luxury yacht marina and Tersefanou golf club, ideally located between the three main cities. A very impressive villa that first to see will buy. A very good investment opportunity because villa is worth more than 2.0 million euro. Very close to the sea. One minute walk. Direct sea views. Villa Royale is about 250m2 covered built in about 650m2 plot. 3 Bedrooms. Google earth location is 34 44 00 00 N 33 21 08 81 E Offered now for only 850,000 Euros, this is negotiable with any serious buyer.
FOR ENQUIRIES ABOUT THIS VILLA PLEASE CONTACT US HERE
DETAILS
The villa is also full of brand name kitchen ware and items that is ready to move in. Most of the villas in the area are bought as an investment for the future since its very near to the new luxury yacht marina and golf club as it is a newly developed area and prices are expected to increase within the next few years making it a true bargain price and an excellent investment opportunity. It is also the perfect hide away since in addition to the added security, there are very high impressive custom made classic gates so as to prevent anyone from getting in the garden. At night it's so quiet, that the only sound you can hear is the sound of the waves of the sea. FOR ENQUIRIES ABOUT THIS VILLA PLEASE CONTACT [email protected]
ABOUT CYPRUS
Cyprus is the third largest island in Mediterranean , and the ideal destination for great holidays . A story past 10,000 years long has seen civilizations come and go and the likes of everyone from Alexander the Great to Cleopatra stake their claim here - but then, people do tend to get possessive when faced with such beauty. Aphrodite made her home on Cyprus , and travelers throughout antiquity came here just to pay her tribute.
Today Cyprus is a modern country that effortlessly marries European culture with ancient enchantment. One of the benefits of being a Mediterranean island is plentiful sunshine throughout the year, and Cyprus is no exception. In fact, Cyprus epitomizes the ideal weather of the region with sunny days and fine temperatures almost every day. Extremes of temperatures are rare, meaning Cyprus has something to offer every month of the year, whether it's swimming (as late as November) or enjoying cultural sites and festivals (all year long).
Enjoy the sun, the sandy beaches , the golden and clean waters, the nature, the hospitality of the locals. Choose the kind of holiday you prefer; either in cosmopolitan cities; Paphos , Limassol , Nicosia , Ayia Napa and Larnaca , or in timeless villages and in the unspoilt countryside.
ABOUT CYPRUS WEATHER
Cyprus is fortunate to have one of the most agreeable climates in Europe , with 11 out of 12 months a year enjoying brilliant sunshine.
Very cool, cotton clothes are recommended for the hot summer months. Jackets and light sweaters may be required for the evenings during May and June, September and October, and warm clothes are worn during the winter months.
Do not forget your sunglasses while in Cyprus . They are indispensable due to the intense brightness of our sunshine.
USEFUL INFORMATION Cyprus Currency The European Union's Council of Ministers has approved the entry of Cyprus into the Eurozone. European finance ministers (collectively known as Ecofin) set fixed rates of one euro to 0.585274 Cypriot pounds and euro is the official currency used in Cyprus since January 1, 2008.
The design of the Cypriot euro coins
QUICK INFO
Information on taxation in Cyprus: information on how to register as a tax payer and the various taxes payable by a working or retired resident of Cyprus. Cyprus has very favourable tax rates particularly for the retired expatriate. A person is considered resident for tax purposes in Cyprus if they reside there183 days or more in each tax year.
Registering as a Taxpayer On arrival in Cyprus visit the local immigration office to apply for a residence permit. The requirements change often but currently an EU citizen needs four passport size photographs, evidence of their Cyprus residence (rental agreement or contract of sale) and evidence that they have private medical insurance. Non-EU citizens face additional requirements. There are many agents, accountants and lawyers who, for a small fee, can arrange this.
Once you have your Residence Permit (fondly known for many years as your 'Pink Slip' but are now yellow!) you will be in a position to visit your local income tax office to register.
Once this has been achieved UK citizens will be able to complete the necessary UK Inland Revenue forms to have pension income and bank interest from the UK paid gross without the deduction of UK tax.
Citizens of other countries whether EU or non-EU countries should speak with the tax authority of that particular country to ascertain whether they too can obtain gross receipts of income from that country. Much will depend on whether Cyprus has a double taxation agreement with that country and the tax rules of the country in question.
A working taxpayer the tax rates are as follows:
Amount of Income Tax Rate €0 - €19,500 0% €19,501 - €28,000 20% €28,001 - €36,300 25% €36301+ 30% A retired tax payer has the choice to come under the working tax payers' band as above or the retired tax payers band as follows:
Amount of Pension Income Tax Rate €0 - €3,420 0% €3,420+ 5% To be eligible for the Retirees tax bands you must not undertake paid employment of any kind.
Other income such as bank interest and dividends from shares are exempt from income tax, however they are taxable by way of Cyprus Defence Levy (Special Contribution for Defence)
Cyprus Defence Levy This tax is imposed on certain income earned by Cyprus tax residents.
Type of Income Tax Rate Dividends from Cyprus Co's 15% Dividends from Non Cyprus Co's 15% Other Interest - Bank etc. 10% The standard rate is 10% however should an individual's total income from all sources (that is, pension and bank interest) be less than €12,000 then their defence levy liability would be charged at 3%. If such an individual holds bank deposits in Cyprus which have the 10% defence levy automatically deducted they can apply to have refund.
Foreign Tax already deducted can be credited against the defence tax liability.
Capital Gains Tax Capital gains tax is imposed on gains from the disposal of immovable property at a rate of 20%. There are certain exemptions and indexation relief allowed.
There is no capital gains tax liability on the gains of investments.
Estate Duty (Inheritance Tax) Estate Duty was abolished in Cyprus in January 2000.
UK expatriates be aware however that you are likely to be considered as UK domiciled by the UK Inland Revenue even if you have resided outside of the UK for some years. If your estate is worth more than GBP 275,000 (current nil rate band as of July 2005) you may wish to take advice in this regard. (This is a very detailed subject, please contact tax professionals for further information.)
Permission to buy in Cyprus For non-Cypriots, the process of purchasing property in Cyprus is very simple, especially when compared to other countries.
Non-EU citizens are entitled to freehold ownership of properties, while offshore entities may buy premises for their business or as a residence for their foreign employees. Permission to buy property must be sought from the Council of Ministers by written application, submitted by the non-EU purchaser after the agreement is signed. This permission is granted more or less as a matter of course to all bona fide purchasers. In the meantime, however, purchasers may take possession of their property without restriction. The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable amount of time after signing the contract of sale.
EU citizens who are permanent citizens in Cyprus do not require permission to buy any immovable property.
EU citizens who are not resident in Cyprus also need the approval of the Council of Ministers.
EU citizens with permanent or temporary permits can register as many properties as they wish in their name, provided they have signed a confirmation with the government of Cyprus that they will stay in the country for the following five years.
Legal entities established in EU countries that have their headquarters and registered office in Cyprus do not require permission to buy any immovable property.
Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus, as well as any other legal entities.
Residence Permits in Cyprus Cybarco will assist you in the process of obtaining a residence permit in Cyprus.
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. You just have to complete an application form at the immigration office as a matter of formality, before automatically receiving your permit. Applications forms are available from any local immigration office.
Non-EU citizens need only follow a straightforward procedure:
Temporary Permit
Temporary permits are granted upon documentary proof of a bank account in Cyprus, sufficient foreign income to support the applicant and his/her family and the sales agreement of the property purchased. Temporary residence status can be from 1 to 4 years.
Permanent Residence Permit
Permanent residence is easy to obtain. Applicants needs to submit an application and provide proof that they and their families are self-supported and have been staying in Cyprus for more than 5 years continuously.
Applications for residential permits can be downloaded from the Ministry of Interior
Form 1
Form 2
The following documents must accompany the application:
1. Copy of the sale contract/agreement.
2. Copy of payments to the property developer for the acquisition of property.
3. Copy of a bank statement, confirming the existence of an account with a local bank.
4. Any other document relevant to income (for example, pension/retirement income).
5. Four passport-size photos.
6. Passport.
7. Small application processing fee (€34.17).
8. Letter of guarantee obtained from your bank in Cyprus (€512.58).
The application for permanent residence may be submitted to the local immigration office in the area of residence.
Financing the Purchase of Your Property in Cyprus, we have strong relationships with all the major banks in Cyprus. Our staff will guide you through every step of the process, assisting you with the granting of your loan.
Our aim is to reduce the costs of your property’s financing, as well as to make the application process as fast and easy as possible. .
To find out more about Financing facilities for residents & non-residents of Cyprus which is provided in cooperation with Marfin Laiki Bank, you may download the file found at the end this section.
Documents/Information required by the banks:
1. Customer profile (personal details, occupation, duration of your employment contract
if applicable).
2. Passport copies (photograph & personal information pages).
3. Statement of existing debt (if applicable).
4. A reference letter from the bank with which you have an account.
5. Completion of the Declaration of Personal Income form.
6. Evidence of income (either pay slip or confirmation of remuneration from your employer or any
other similar form of evidence).
7. Purchase agreement.
8. Copies of bank statements for the last three months.
9. Copies of payments already made by the applicant for the property.
Legal Advice Typically, fees for advice on the contract of sale from an experienced property advocate range between €1200 and €3400, payable on signing the contract. If you do not have an advocate, we can refer you to a number of respected and experienced professionals
Stamp Duty In the case of a sales contract, you, as the purchaser, are liable for the payment of Stamp Duty at the rate of 0.15% on any property with a value of up to €170.860,14. Thereafter the rate becomes 0.20%. Stamp Duty is payable within 30 days of signing of the contract of sale.
Example
Purchase Price: €200.000
1st €170.860,14 at 0,15% = €256.30
remaining €29.139,86 at 0,20% = € 58.28 TOTAL Stamp Duty payable
€314.58
Annual Property Taxes and Fees A. Immovable Property Ownership Tax
As the registered owner of the property, you are liable to an annual Immovable Property Ownership tax calculated on the market value of the property as at 1st of January 1980 (paid by the 30th of September in the year). Immovable Property Tax is payable to the Inland Revenue Department of the Republic of Cyprus.
Rates are as follows:
Value of property
(as of 1/1/1980) Rate
Up to €170.860,14 0 €170.860,15 – €427.150,36 0,25% €427.150,37 - €854.300,72 0,35% Over €854.300,72 0,40% B. Local Authority Fees
Depending on the size of your property, local authorities charge between €85 – €256 per annum for regular refuse collection, street lighting, sewerage and similar community services. Communal Services fees are payable to your local municipal authority.
C. Municipality Tax
As the registered owner of the property, you are required to pay an annual Municipality Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 1‰ - 2‰. Municipality tax is payable to your local municipal authority.
D. Sewerage Tax
As the registered owner of the property, you are required to pay an annual Sewerage Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 3‰ – 3,5‰. Sewerage taxes are payable annually to your local sewerage board.
Property Transfer Fees Upon transfer of the property and registration in the purchaser’s name, the District Land Registry Office will charge transfer fees. These are based on the market value of the property at the time of purchase and are calculated as follows:
Value Rate Up to €85.430,07 3% €85.431,08 - €170.860,14 5% Over €170.860,15 8%
Example 1
Purchase price of property, in one name: €200.000
1st €85.430,07 at 3% = €2.562,90 next €85.430,07 at 5% = €4.271,50 remaining €29.139,86 at 8% = €2.331,19 TOTAL fees payable €9.165,59
(4,58% of the purchase price)
For properties owned by a couple or by two individuals, each buyer pays transfer fees on 50% of the property value for each, bringing financial benefit on any property with a value exceeding €85.430,07.
Example 2
Purchase price of property, in two names: €200.000
1st €85.430,07 at 3% = €2.562,90 (share of A) 2nd €85.430,07 at 3% = €2.562,90 (share of B) remaining of 1st €14.569,93 at 5% = €728,50 (share of A) remaining of 2nd €14.569,93 at 5% = €728,50 (share of B) TOTAL fees payable €6.582,80
(3,29% of the purchase price)
Transfer fees – payable only once - are payable at the transfer and registration in the purchaser’s name of the title deed of the property.
FOR FURTHER INFORMATION ON THIS VILLA PLEASE CONTACT [email protected]
FIGURES ABOVE ARE PRESENTED AT THE BEST OF OUR KNOWLEDGE. HOWEVER WE STRONGLY ADVICE ANYONE WHO IS INTERESTED IN BUYING PROPERTY IN CYPRUS TO CONTACT A LAWYER WHO WOULD BE ABLE TO ANSWER ALL QUESTIONS BASED ON LAW.
www.Activesearchresults.com
FOR ENQUIRIES ABOUT THIS VILLA PLEASE CONTACT US HERE
DETAILS
- Office
- Storage in attic
- Storage outside
- Private big Pool 5X10
- Outdoors shower
- Fitted kitchen
- Alarm system
- Covered parking
- Fully furnished
- All electrical appliances including TV/DVD/home cinema/fridge/oven etc
- Double glazing all over
- Big mature garden (over 100 thousand extras)
- Very high gates for added privacy (custom made and unique)
- Sea views
- Mountain views
- Marina views
- Split units everywhere with ionizers
- Covered verandah
- Uncovered verandah
- Automatic garden irrigation
- Telephone and internet access
- SPA/Jacuzzi outside in garden under azebo
- Security cameras all over house
- Marble floors, staircase and in bath/wc
The villa is also full of brand name kitchen ware and items that is ready to move in. Most of the villas in the area are bought as an investment for the future since its very near to the new luxury yacht marina and golf club as it is a newly developed area and prices are expected to increase within the next few years making it a true bargain price and an excellent investment opportunity. It is also the perfect hide away since in addition to the added security, there are very high impressive custom made classic gates so as to prevent anyone from getting in the garden. At night it's so quiet, that the only sound you can hear is the sound of the waves of the sea. FOR ENQUIRIES ABOUT THIS VILLA PLEASE CONTACT [email protected]
ABOUT CYPRUS
Cyprus is the third largest island in Mediterranean , and the ideal destination for great holidays . A story past 10,000 years long has seen civilizations come and go and the likes of everyone from Alexander the Great to Cleopatra stake their claim here - but then, people do tend to get possessive when faced with such beauty. Aphrodite made her home on Cyprus , and travelers throughout antiquity came here just to pay her tribute.
Today Cyprus is a modern country that effortlessly marries European culture with ancient enchantment. One of the benefits of being a Mediterranean island is plentiful sunshine throughout the year, and Cyprus is no exception. In fact, Cyprus epitomizes the ideal weather of the region with sunny days and fine temperatures almost every day. Extremes of temperatures are rare, meaning Cyprus has something to offer every month of the year, whether it's swimming (as late as November) or enjoying cultural sites and festivals (all year long).
Enjoy the sun, the sandy beaches , the golden and clean waters, the nature, the hospitality of the locals. Choose the kind of holiday you prefer; either in cosmopolitan cities; Paphos , Limassol , Nicosia , Ayia Napa and Larnaca , or in timeless villages and in the unspoilt countryside.
ABOUT CYPRUS WEATHER
Cyprus is fortunate to have one of the most agreeable climates in Europe , with 11 out of 12 months a year enjoying brilliant sunshine.
Very cool, cotton clothes are recommended for the hot summer months. Jackets and light sweaters may be required for the evenings during May and June, September and October, and warm clothes are worn during the winter months.
Do not forget your sunglasses while in Cyprus . They are indispensable due to the intense brightness of our sunshine.
USEFUL INFORMATION Cyprus Currency The European Union's Council of Ministers has approved the entry of Cyprus into the Eurozone. European finance ministers (collectively known as Ecofin) set fixed rates of one euro to 0.585274 Cypriot pounds and euro is the official currency used in Cyprus since January 1, 2008.
The design of the Cypriot euro coins
- 1 cent, 2 cent and 5 cent: The Mouflon, the most characteristic species of fauna in Cyprus, representing the island's nature and wildlife.
- 10 cent, 20 cent and 50 cent: The Kyrenia ship of 4th Century B.C., representing Cyprus's history and its character as an island as well as its importance in trade.
- €1 and €2: The Idol of Pomos, a cross-shaped idol dating back to the Cypriot chalcolithic period (3000 B.C.), found in Pomos, a village in the district of Paphos. It is a characteristic example of prehistoric art in Cyprus, representing the island’s antiquity, culture and civilization.
QUICK INFO
- English is the second language and is widely spoken. A greater Knowledge of French and German is increasingly noticeable.
- The currency of the Republic is Euro
- Banks in Cyprus open for the, public from 08:30 to 12:30 midday. Certain banks in tourist areas open during the afternoon.
- The voltage on the island is 240 Socket outlets are of flat 3 pin-type.
- All types of medication are available in well stocked pharmacies all over Cyprus.
- Telephone : Cyprus automatic telephone dialing system reaches 206 countries. Telecards can be purchased from Post Offices, kiosks and souvenir shops.
- There are two international airports in Cyprus, at Larnaca and Pafos.
- The two main ports are in Lemesos and Larnaca.
- Around 30 airlines connect Cyprus directly with most European and Middle-East countries, which provide ongoing services to anywhere in the world.
- As from May 2004 Cyprus is a full member of the European Community
Information on taxation in Cyprus: information on how to register as a tax payer and the various taxes payable by a working or retired resident of Cyprus. Cyprus has very favourable tax rates particularly for the retired expatriate. A person is considered resident for tax purposes in Cyprus if they reside there183 days or more in each tax year.
Registering as a Taxpayer On arrival in Cyprus visit the local immigration office to apply for a residence permit. The requirements change often but currently an EU citizen needs four passport size photographs, evidence of their Cyprus residence (rental agreement or contract of sale) and evidence that they have private medical insurance. Non-EU citizens face additional requirements. There are many agents, accountants and lawyers who, for a small fee, can arrange this.
Once you have your Residence Permit (fondly known for many years as your 'Pink Slip' but are now yellow!) you will be in a position to visit your local income tax office to register.
Once this has been achieved UK citizens will be able to complete the necessary UK Inland Revenue forms to have pension income and bank interest from the UK paid gross without the deduction of UK tax.
Citizens of other countries whether EU or non-EU countries should speak with the tax authority of that particular country to ascertain whether they too can obtain gross receipts of income from that country. Much will depend on whether Cyprus has a double taxation agreement with that country and the tax rules of the country in question.
- For information on Cyprus's Double Taxation Agreements see the Cyprus Inland Revenue website
A working taxpayer the tax rates are as follows:
Amount of Income Tax Rate €0 - €19,500 0% €19,501 - €28,000 20% €28,001 - €36,300 25% €36301+ 30% A retired tax payer has the choice to come under the working tax payers' band as above or the retired tax payers band as follows:
Amount of Pension Income Tax Rate €0 - €3,420 0% €3,420+ 5% To be eligible for the Retirees tax bands you must not undertake paid employment of any kind.
Other income such as bank interest and dividends from shares are exempt from income tax, however they are taxable by way of Cyprus Defence Levy (Special Contribution for Defence)
Cyprus Defence Levy This tax is imposed on certain income earned by Cyprus tax residents.
Type of Income Tax Rate Dividends from Cyprus Co's 15% Dividends from Non Cyprus Co's 15% Other Interest - Bank etc. 10% The standard rate is 10% however should an individual's total income from all sources (that is, pension and bank interest) be less than €12,000 then their defence levy liability would be charged at 3%. If such an individual holds bank deposits in Cyprus which have the 10% defence levy automatically deducted they can apply to have refund.
Foreign Tax already deducted can be credited against the defence tax liability.
Capital Gains Tax Capital gains tax is imposed on gains from the disposal of immovable property at a rate of 20%. There are certain exemptions and indexation relief allowed.
There is no capital gains tax liability on the gains of investments.
Estate Duty (Inheritance Tax) Estate Duty was abolished in Cyprus in January 2000.
UK expatriates be aware however that you are likely to be considered as UK domiciled by the UK Inland Revenue even if you have resided outside of the UK for some years. If your estate is worth more than GBP 275,000 (current nil rate band as of July 2005) you may wish to take advice in this regard. (This is a very detailed subject, please contact tax professionals for further information.)
Permission to buy in Cyprus For non-Cypriots, the process of purchasing property in Cyprus is very simple, especially when compared to other countries.
Non-EU citizens are entitled to freehold ownership of properties, while offshore entities may buy premises for their business or as a residence for their foreign employees. Permission to buy property must be sought from the Council of Ministers by written application, submitted by the non-EU purchaser after the agreement is signed. This permission is granted more or less as a matter of course to all bona fide purchasers. In the meantime, however, purchasers may take possession of their property without restriction. The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable amount of time after signing the contract of sale.
EU citizens who are permanent citizens in Cyprus do not require permission to buy any immovable property.
EU citizens who are not resident in Cyprus also need the approval of the Council of Ministers.
EU citizens with permanent or temporary permits can register as many properties as they wish in their name, provided they have signed a confirmation with the government of Cyprus that they will stay in the country for the following five years.
Legal entities established in EU countries that have their headquarters and registered office in Cyprus do not require permission to buy any immovable property.
Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus, as well as any other legal entities.
Residence Permits in Cyprus Cybarco will assist you in the process of obtaining a residence permit in Cyprus.
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. You just have to complete an application form at the immigration office as a matter of formality, before automatically receiving your permit. Applications forms are available from any local immigration office.
Non-EU citizens need only follow a straightforward procedure:
Temporary Permit
Temporary permits are granted upon documentary proof of a bank account in Cyprus, sufficient foreign income to support the applicant and his/her family and the sales agreement of the property purchased. Temporary residence status can be from 1 to 4 years.
Permanent Residence Permit
Permanent residence is easy to obtain. Applicants needs to submit an application and provide proof that they and their families are self-supported and have been staying in Cyprus for more than 5 years continuously.
Applications for residential permits can be downloaded from the Ministry of Interior
Form 1
Form 2
The following documents must accompany the application:
1. Copy of the sale contract/agreement.
2. Copy of payments to the property developer for the acquisition of property.
3. Copy of a bank statement, confirming the existence of an account with a local bank.
4. Any other document relevant to income (for example, pension/retirement income).
5. Four passport-size photos.
6. Passport.
7. Small application processing fee (€34.17).
8. Letter of guarantee obtained from your bank in Cyprus (€512.58).
The application for permanent residence may be submitted to the local immigration office in the area of residence.
Financing the Purchase of Your Property in Cyprus, we have strong relationships with all the major banks in Cyprus. Our staff will guide you through every step of the process, assisting you with the granting of your loan.
Our aim is to reduce the costs of your property’s financing, as well as to make the application process as fast and easy as possible. .
To find out more about Financing facilities for residents & non-residents of Cyprus which is provided in cooperation with Marfin Laiki Bank, you may download the file found at the end this section.
Documents/Information required by the banks:
1. Customer profile (personal details, occupation, duration of your employment contract
if applicable).
2. Passport copies (photograph & personal information pages).
3. Statement of existing debt (if applicable).
4. A reference letter from the bank with which you have an account.
5. Completion of the Declaration of Personal Income form.
6. Evidence of income (either pay slip or confirmation of remuneration from your employer or any
other similar form of evidence).
7. Purchase agreement.
8. Copies of bank statements for the last three months.
9. Copies of payments already made by the applicant for the property.
Legal Advice Typically, fees for advice on the contract of sale from an experienced property advocate range between €1200 and €3400, payable on signing the contract. If you do not have an advocate, we can refer you to a number of respected and experienced professionals
Stamp Duty In the case of a sales contract, you, as the purchaser, are liable for the payment of Stamp Duty at the rate of 0.15% on any property with a value of up to €170.860,14. Thereafter the rate becomes 0.20%. Stamp Duty is payable within 30 days of signing of the contract of sale.
Example
Purchase Price: €200.000
1st €170.860,14 at 0,15% = €256.30
remaining €29.139,86 at 0,20% = € 58.28 TOTAL Stamp Duty payable
€314.58
Annual Property Taxes and Fees A. Immovable Property Ownership Tax
As the registered owner of the property, you are liable to an annual Immovable Property Ownership tax calculated on the market value of the property as at 1st of January 1980 (paid by the 30th of September in the year). Immovable Property Tax is payable to the Inland Revenue Department of the Republic of Cyprus.
Rates are as follows:
Value of property
(as of 1/1/1980) Rate
Up to €170.860,14 0 €170.860,15 – €427.150,36 0,25% €427.150,37 - €854.300,72 0,35% Over €854.300,72 0,40% B. Local Authority Fees
Depending on the size of your property, local authorities charge between €85 – €256 per annum for regular refuse collection, street lighting, sewerage and similar community services. Communal Services fees are payable to your local municipal authority.
C. Municipality Tax
As the registered owner of the property, you are required to pay an annual Municipality Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 1‰ - 2‰. Municipality tax is payable to your local municipal authority.
D. Sewerage Tax
As the registered owner of the property, you are required to pay an annual Sewerage Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 3‰ – 3,5‰. Sewerage taxes are payable annually to your local sewerage board.
Property Transfer Fees Upon transfer of the property and registration in the purchaser’s name, the District Land Registry Office will charge transfer fees. These are based on the market value of the property at the time of purchase and are calculated as follows:
Value Rate Up to €85.430,07 3% €85.431,08 - €170.860,14 5% Over €170.860,15 8%
Example 1
Purchase price of property, in one name: €200.000
1st €85.430,07 at 3% = €2.562,90 next €85.430,07 at 5% = €4.271,50 remaining €29.139,86 at 8% = €2.331,19 TOTAL fees payable €9.165,59
(4,58% of the purchase price)
For properties owned by a couple or by two individuals, each buyer pays transfer fees on 50% of the property value for each, bringing financial benefit on any property with a value exceeding €85.430,07.
Example 2
Purchase price of property, in two names: €200.000
1st €85.430,07 at 3% = €2.562,90 (share of A) 2nd €85.430,07 at 3% = €2.562,90 (share of B) remaining of 1st €14.569,93 at 5% = €728,50 (share of A) remaining of 2nd €14.569,93 at 5% = €728,50 (share of B) TOTAL fees payable €6.582,80
(3,29% of the purchase price)
Transfer fees – payable only once - are payable at the transfer and registration in the purchaser’s name of the title deed of the property.
FOR FURTHER INFORMATION ON THIS VILLA PLEASE CONTACT [email protected]
FIGURES ABOVE ARE PRESENTED AT THE BEST OF OUR KNOWLEDGE. HOWEVER WE STRONGLY ADVICE ANYONE WHO IS INTERESTED IN BUYING PROPERTY IN CYPRUS TO CONTACT A LAWYER WHO WOULD BE ABLE TO ANSWER ALL QUESTIONS BASED ON LAW.
www.Activesearchresults.com