| As a UK citizen what am I allowed to buy? You are entitled to purchase one property or plot of land up to a maximum of three domums (4014mtsq). Do I need permission to buy a property in Cyprus? After signing the contract of sale, you must apply for permission from the council of ministers. This procedure is a mere formality only and can easily be handled by your solicitor. Will the property be freehold or leasehold? The property will almost certainly be freehold - leasehold is virtually unheard of on the island. Do I have any legal rights to safeguard my purchase? Once the contract of sale has been signed and a deposit paid, the contract is registered with the Land Registry office and cannot be withdrawn by anyone. This prevents the property from being leased, sold, transferred or mortgaged until the title deeds are issued and transferred to your name. What fees or taxes do I have to pay at the outset? Apart from your solicitor you will need to pay Stamp Duty and a Property Transfer Fee. The amount you pay is based on a sliding scale depending on the value of your property. As a general guide, Stamp Duty is 1.5% per thousand up to a value of CY£100,000 and 2% thereafter; Property Transfer Fees are 3% of the total value up to CY£50,000, 5% from CY£51,000-100,000 and 8% above CY£100,000. This reduced for joint purchasers - all allowances can be divided, saving cy£ 3,500 on a home at CY£150,000. next> |
 |
|||
| This section has three pages: 1 2 3 4 Click below to go directly to |
||||
