Saturday, January 12, 2008

Cyprus Golf Property Secrets

By William Marind

Invite a number of tenders from contractors who are reputable. Remember that the lowest tender price is not always the best. Your architect must be in a position to advise you on the selection but bear in mind that contractors are registered depending on their organisational ability and past performance. Ask for the contractor's registration and recommendations from past owners / developers/ architects.

Permission to purchase a property must be obtained from the Council of Ministers by written application. This must be submitted by the non-Cypriot purchaser after the agreement has been signed. However, the permission is granted more or less as a matter of course to all bona fide buyers. In the meantime purchasers may take possession of their property without restriction.

Solar heating is an economic alternative and its adoption is relatively inexpensive, having a payback period of approximately 5 years.If you will have a garden, it is advisable to drill a borehole for watering as the water charges rise more than proportionately with consumption. This will cost around C1,200 for the borehole and the pump, although it will depend on the depth of the borehole. The drilling of a borehole requires a Government permit first.

On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Any profit can be exported at the rate of CY 10,000 per calendar year, plus any interest.There is no Capital Gains Tax where the property was acquired by the importation of foreign currency. Otherwise CGT is levied at 20% on gains in excess of CY 5,000.

Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate. A Cypriot will speed up the process of obtaining probate in Cyprus.Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning.

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2 Comments:

Blogger Brad Zurich said...

Cyprus lawyers can charge, by law, a fixed amount for Probate work, typically in excess of 12% of the estate value. That is a whopping 12,000 euros for every 100,000 euros of worldwide property and investment assets, a very expensive exercise which could be avoided by planning ahead. For further information on matters relating to Paphos Properties do visit http://paphos-property.co.uk

December 25, 2008 3:28 AM  
Blogger Juile said...

There is always a bigger story behind the success of a destination than meets the eye. Tourism is of course the bread and butter of this part of the world but along with tourism there are many sectors that thrive alongside it. Property is one such thing. People love to own a property in Larnaca because of its scenic beauty and nice and warm climate.

http://propertyinlarnaca.co.uk

December 25, 2008 11:30 PM  

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