| Will I be able to get a mortgage? Providing that you meet certain financial criteria, mortgages are typically available for up to 80% of the value for repayment over a period of 5-15 years. What happens when I want to sell the property? You can sell the property at any time and the amount you paid can be remitted to you as soon as you sell. The balance, reflecting the increase in the property's value (ie, your profit margin), can be taken out of the country at a rate of CY£50,000 per year. Sales in Cyprus are subject to Capital Gains Tax, payable at the rate of 20% on the gain but exempt on the first CY£10,000 for each person. Do I have any duty-free privileges? Everyone is entitled to import their personal effects, household goods and furniture free of charge, providing that they have been used prior to export. Unless you intend to take up employment on the island, you are entitled to a duty-free car which can be purchased locally at roughly 50% of the price in the UK. >next |
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