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Purchasing in CyprusMethods of Payment Bank transfers, bank or personal checks and credit cards are acceptableBased on each real estates selling policy, the contract agreement many vary, but we can provide one of them which is as follows; when a property is bought off plan, 20-30% required at front, an amount agreed 3 months later, and the remaining balance upon deliveryOn signing a contract, again according to agreement and policy of the current real estate agency, a deposit between 1000-2000 Cy pounds is required and in case there is no response in preset deadline the contract is invalid and the customer is loosing the depositAssociated Costs Stamp Duty will be due upon signing the Contract of Sale at the rate of 1.5 cents per Cy£1,000 (0.15%) up to a purchase price of Cy£100,000. Thereafter it is 2.0 cents per Cy£1,000 (0.2%). For example the stamp duty payable for a property priced at Cy£50,000 would be Cy£75.Transfer Fees are payable to the Land Registry when the Title Deeds are released to the purchaser. The amount is based on a sliding scale - up to Cy£50,00 - 3%, Cy£50,001-100,000 - 5% & over Cy£100,001 - 8%. For example the transfer fee due on a property of Cy£125,000 =3% of 50,000 = 1,500 +5% of 50,000 = 2,500 +8% of 25,000 = 2,000 = 6,000Immovable Property Tax is an annual tax on properties. Properties up to the value of Cy£100,000 are exempt. Thereafter the rates are: Cy£100,001-250,000 – 0.2%, 250,001-500,000 – 0.3% over 500,000 – 0.35%.Local Authority Taxes & Rates are paid annually (around November) & covers sewage, refuse collection, street lighting etc & are based on the size of the property ranges from Cy£50-150Local ServicesElectricity (Payable by direct debit, credit card, online banking. Billing at every 2 months) Water (Payable by direct debit, credit card, online banking. Billing at every 4 months)Telephone (Payable by direct debit, credit card, online banking. Billing at every months)Gas (No service for gas, payable at a local super market by bottle, approx price £4 per bottle)For all the aforementioned services are one time set up fees and the price varied according the serviceCommon services fees are only applied on property that is bought on a building or complex. The monthly fees varies according to the current building management committee and the variables of the flat, (i.e. sq meters of property and facility provided)All common expenses fees are covering the owners share for: cleaning and maintenance of common building areas such as, stairways, lifts, swimming pools, gardens etc. Building Insurance Most real estate and developing companies, insures (building and content) the pre sale property until the delivery date. The insurance fees are liable to the insurance company involved.
Purchasing in Cyprus
Methods of Payment
Bank transfers, bank or personal checks and credit cards are acceptable
Based on each real estates selling policy, the contract agreement many vary, but we can provide one of them which is as follows; when a property is bought off plan, 20-30% required at front, an amount agreed 3 months later, and the remaining balance upon delivery
On signing a contract, again according to agreement and policy of the current real estate agency, a deposit between 1000-2000 Cy pounds is required and in case there is no response in preset deadline the contract is invalid and the customer is loosing the deposit
Associated Costs
Stamp Duty will be due upon signing the Contract of Sale at the rate of 1.5 cents per Cy£1,000 (0.15%) up to a purchase price of Cy£100,000. Thereafter it is 2.0 cents per Cy£1,000 (0.2%). For example the stamp duty payable for a property priced at Cy£50,000 would be Cy£75.
Transfer Fees are payable to the Land Registry when the Title Deeds are released to the purchaser. The amount is based on a sliding scale - up to Cy£50,00 - 3%, Cy£50,001-100,000 - 5% & over Cy£100,001 - 8%. For example the transfer fee due on a property of Cy£125,000 =3% of 50,000 = 1,500 +5% of 50,000 = 2,500 +8% of 25,000 = 2,000 = 6,000
Immovable Property Tax is an annual tax on properties. Properties up to the value of Cy£100,000 are exempt. Thereafter the rates are: Cy£100,001-250,000 – 0.2%, 250,001-500,000 – 0.3% over 500,000 – 0.35%.
Local Authority Taxes & Rates are paid annually (around November) & covers sewage, refuse collection, street lighting etc & are based on the size of the property ranges from Cy£50-150
Local Services
Electricity (Payable by direct debit, credit card, online banking. Billing at every 2 months)
Water (Payable by direct debit, credit card, online banking. Billing at every 4 months)
Telephone (Payable by direct debit, credit card, online banking. Billing at every months)
Gas (No service for gas, payable at a local super market by bottle, approx price £4 per bottle)
For all the aforementioned services are one time set up fees and the price varied according the service
Common services fees are only applied on property that is bought on a building or complex. The monthly fees varies according to the current building management committee and the variables of the flat, (i.e. sq meters of property and facility provided)
All common expenses fees are covering the owners share for: cleaning and maintenance of common building areas such as, stairways, lifts, swimming pools, gardens etc.
Building Insurance
Most real estate and developing companies, insures (building and content) the pre sale property until the delivery date. The insurance fees are liable to the insurance company involved.
29 December 09Arto Estates News WebsiteArto Estates Launches their new dynamic website29 December 09Call to outsource Title Deeds procedureThe Land and Building Developers Association has called on the Cyprus government to outsource eleven of the twelve
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