The best client is an informed client.

In this section you will find answers to probably all of your legal and financial questions concerning purchase of property in Cyprus.

The Land Registry Department in Cyprus is regarded one of the top and most advanced, reliable, accurate systems in the world. Valid contracts and paper work can be in both Greek and English (or both).

•  Residential Permit
•  Temporary Permit
•  Permanent permit
•  Property Ownership
•  Mortgage Finance
•  The Title Deed
•  Real Estate Transfer
•  TAX ADVANTAGES
•  Double Taxation Agreements
•  Duty Free
•  Selling your Property

Residential Permit
Residential Permit is very easily granted to individuals who live in Cyprus who have purchased property.

Temporary Permit
Temporary permit is given with the requirement the existence of a bank account in Cyprus and a sales agreement of the property purchased. The permit can vary from one to four years.

Permanent permit

Permanent permit has above-mentioned requirements plus the applicant must establish evidence of a secured annual income of not less than CYP 7 200 per person.

Property Ownership

The process of purchasing property in Cyprus by foreigners is very easy.
Now with Cyprus being part of the EU, Non-Cypriot buyers are can purchase more than one FREEHOLD property compared with before when there was a limit of only one.

Properties in Cyprus are on average 20% - 30% lower in prices than Portugal, 30% - 40% lower than Spain and 50% - 60% lower than Italy and France.

Mortgage Finance

All commercial banks in Cyprus are authorized by the Central Bank of Cyprus to offer mortgage facilities to assist in the purchase of property. The loan can be in the form of foreign currency or local CUP if preferred. The amount ranges from 60%-80% of the value of the property with a repayment period ranging up to 20 years. Easy terms of payments and long-term in-house finance schemes are also available.

The Title Deed

The Cyprus Land Registry is responsible for the transfer of ownership from Vendor to Purchaser. This can be done either by the buyer in person or by appointing a third party with Power of Attorney.

Real Estate Transfer

Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. After the delivery of the property from the vendor to the purchaser, and the issuing of the title from the government, the transferee (purchaser) is responsible for the tax payment. The rates are on a graduated scale.

For example if the purchase price is CYP 110,000

TAX ADVANTAGES

Retirees drawing a pension are exempt from all withholding taxes at source, and may be taxed at the nominal rate of about 4% or less depending on income. Additionally, Cyprus has Double Taxation treaties with many European and other countries, safeguarding its residents from paying tax in both countries. C yprus is unique when it comes to the taxation aspects of living on the island. This gives the option to the citizens of those countries to take advantage of the very low rate in Cyprus.

Double Taxation Agreements

Cyprus has double-taxation agreements with Austria, Bulgaria, Canada the People's Republic of China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, (Armenia, Belarus, Kurdistan, Moldova, Tajikistan, Turkmenistan and Ukraine) Slovakia, South Africa, Sweden, Syria, the United Kingdom, the United States, Yugoslavia (Serbia and Montenegro).

A credit is usually allowed against the tax levied by the country of the taxpayer's residence for taxes levied in the other country.

Duty Free

There is no import duty on cars and for retired couples there is an additional concession of two duty free cars. Personal effects, household goods and furniture can be imported free of any taxes by immigrant retirees provided they are for personal use (and have been used for a while) or - and are not brand new, indicating prior usage.

Selling your Property

L. Livadhiotis & Sons Developers are not only here to sell properties. We are also committed to satisfy your needs at any stage of your real estate portfolio.

Anything that has to do with reselling your property, we will make it our no.1 priority. Repairs, marketing and promotion are just a few things that we will do for you.

According to each customers time and money constrains we will act accordingly.

•  Internet exposure
•  Property Magazine advertising
•  Contact real estate agencies and provide all necessary info.
•  Newspaper advertising
•  Real Estate Exhibitions