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This section is worth the time to read as it is the personal experience of the original founders of this web site who bought Cyprus property and share this experience with you in order that you may be better prepared before your exciting visit. This will save you time and money whilst searching for property for sale in Cyprus, as all the leg work is done for you and your valuable time is spent viewing what YOU specify. 

Since September 2002, our associates have found a number of smaller builders who have property for sale in Cyprus at better prices and in excellent locations. These builders do not advertise as they do not have the budget of the larger developers. They offer these Cyprus properties through our associates and offer excellent value for money and in most cases they are more flexible to your particular requirements. This enhances our services to you even more now because we can offer you more properties to view when you arrive.

"Before we left the U.K. to look for our dream home in the sun, we did as much research as possible on the Internet and from other publications.  We had contacted many people here in the U.K. and Cyprus about property for sale in Cyprus and thought our mission to buy Cyprus property would be simple.

Having made enquiry's with the property agents and letting them know of our intention to visit the island and supplying them with our details of flights etc., we expected the property agents to have property lists available for us on our arrival.  What a shock it turned out to be with no lists prepared, because properties on the island are selling so fast, that any list would be out of date within one day.

We spent the next days visiting estate agents and being taken to view properties for sale in Cyprus which we found unsuitable for us.  This was after explaining what we were looking for and our budget. Doing this only wasted our time which was quickly running out. A lot of the Cyprus properties advertised in the agents windows, did not actually exist. Neither did the prices!! Having already taken up seven days of our visit, we were very tired from the traveling around in the heat. The process was proving more difficult than we thought.

Quite by chance, we were referred to an organisation that we found genuinely wanted to help us.  We visited new and old properties, by the sea and in the mountains.

On the second day of viewing Cyprus properties with this organisation, we found what we were looking for with a sea view, and, in the price range.  The agent with us knew this is what we wanted and made the offer, confident we would have clinched the deal. The day after we found the property had been sold earlier.

We had two more properties to go to see that day. We were then contacted by telephone and told that another of the properties had just been sold. Off we went to the one remaining property......

At this stage, it was a building site but we had all the plans and could visualise the finished properties. It was a small development on a mountain with a sea view and away from the tourist area. After all, we are eventually going to live there which is very different from being a tourist. Returning to the developers office we sat in the boardroom and discussed directly with the architect what exactly everything would be and the building specifications. We asked for some slight alterations, an extra window or so, spent the next two hours discussing the pro's and con's of the property, made our decision and discussed the very important terms of payment and what choices we would have for internal finishing. 

Everything was agreed, and we paid our reservation fee there and then. Had we gone away to deliberate some more, there is no doubt the property would have been sold by the following day. 

We recommend you do as we did when buying Cyprus properties and use a currency broker who saved us hundreds of pounds! Our bank wanted to charge us a fortune and the exchange rate was not good to say the least. We got a better exchange rate with no fee's to transfer the funds to our solicitor in Cyprus, using a broker. 

We decided to set up this site to advise others and pass it to our sons Paul and Craig who wanted to run their own business in the UK. They now offer a service to you, entirely free of charge, to assist you to find your dream Cyprus property without going through the experience and hassle factor we did. We want you to enjoy the experience but most importantly, find what you want in the limited time you are on the island, and to give you some time to celebrate your purchase with a Keo beer or a nice bottle of Cypriot wine. 

Please allow them the opportunity to do this. What have you got to lose? Complete the contact form today....."

Now to what the rules and regulations are all about.

Foreign nationals are entitled  to acquire a building or a piece of land up to 2 donums. In some cases the acquisition of up to 3 donums is permitted (1 donum = 1338m2). Property in Cyprus is freehold. After signing the contract of sale, foreigners must apply to the council of ministers for permission to acquire property on the island. This procedure is merely a formality and can be handled easily by yourself or a solicitor of your choice.

TITLE DEEDS
Following the settlement of the agreed selling price, the title deeds for Cyprus properties are transferred to the buyers name as soon as they are issued from the Land Registry.

TAX ADVANTAGES
Legal safe guards – The legal system in Cyprus is largely based on the British system and safe guards the rights of purchasers in many ways. Most important, for the purchasers protection the Cyprus land registry provides a simple and effect legal "instrument specific" performance”. Once the contract of sale is signed and deposit paid, the contract is registered at the land registry. This procedure protects the ownership rights until the title deeds are issued and transferred to the buyer's name. The contract in the hands of the land registry can not be withdrawn by anyone, the property can not be leased, sold, transferred or mortgaged. The purchaser can only alter this status.

THE FUTURE CYPRUS PROPERTY SALE
Because Cyprus is an attractive holiday destination and secure investment option, property can easily be resold. Living-Cyprus.com can help clients with the resale of their property. The Monies from the sale can be repatriated without restriction.

COST ASSOCIATED WITH THE ACQUISITION OF CYPRUS PROPERTY
Transfer fees – Cyprus properties transfer fees are payable once only to the land registry. The amount is based on a sliding scale. The fee is borne by the purchaser and is due when the title deeds are transferred to his name.

Scale:
 

Value of property (CY£)	Rate of transfer fee (%)
Up to £50,000	3.0
£50,000 - £100,000	5.0
Over £100,000	8.0

Example:

Purchase price CY£90,000
First £50,000 @ 3%    = CY£1,500
Remaining CY£40,000 @ 5%   = CY£2,000
TOTAL transfer fees    = CY£3,500

IMMOVABLE PROPERTY TAX
The registered owner is liable for this annual tax which is based on the value of his property as at January 1st 1980. Property belonging to individuals valued at up to CY£100,000 is exempt from this tax. Contact us for rates for properties of CY£100,000.

STAMP DUTY
A stamp duty of £1,50 per thousand is levied on purchase contacts of Cyprus properties with a value of up to CY£100,000. For any amounts more than this, the rate is 2.00%. This duty is due within 30 days of signing the contract. The payment is payable by the buyer when presenting the contract to the tax authorities for authentication and validation as an official document acknowledge by the government authority.

CAPITAL GAINS TAX
Gains from the sale of immovable property in Cyprus are taxed at a rate of 20%. However, generous exemptions are given, i.e. net capital gains up to CY£50,000 earned from the disposal of a family residence are tax exempt. 

COMMON EXPENSES
These are payable over fixed periods throughout the year. They cover an owner's share towards the cost of cleaning and maintaining common areas such as gardens, swimming pools, management fees and repairs. They are estimated to be in the region of £150 – 250.00 per year.

ELECTRICITY AND WATER SUPPLY
Both services are payable to the appropriate authorities over fixed periods throughout the year. They are based strictly on the consumption of each unit. A rough guide could be approx. £180.00 per year. Rubbish is collected by the municipal authority at an approx. cost of £20-30.00 per year.

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How to transfer funds for the purchase of your property. Transferring funds can be a costly business, with bank charges, commission fees, exchange rate fluctuations and much more. We strongly recommend you call one of the currency brokers we recommend on the links page. You must quote our web site to qualify for the free transfers which we have negotiated on your behalf when you speak to an advisor. Currencies Direct and FX Solutions offer excellent guidance on the volatility of the currency markets and even hold the rates static for up to one year. They will also be happy to purchase currency once it reaches a certain rate that you specify. Once you make contact, you will be assigned your very own currency dealer who will manage you account throughout your transaction. Remember, you will save pounds this way so contact them today quoting this web site for FREE transfers. You can fix the price you pay once you are back in the UK by using a currency broker. They will buy currency for you on a “spot” basis or a “forward” basis. This means that you can fix the rate of exchange today, therefore knowing exactly what your costs will be when you come to wire the funds over. You do not have to provide the funds now in most cases, just a deposit like 10% for forward trades. As you may only have paid a reservation fee whilst in Cyprus, you will have agreed terms of payment with the vendor. These are the dates you will want the money sent out there. A good currency broker may not charge you the cost, anything from £15 upwards, usually £15, to wire the money. The receiving bank should only charge a nominal amount because the funds are in Cypriot pounds for credit only. By using a service such as this, we saved over £1000 on commissions, fees and costs. Mail us for further details of providers.

Further information can be supplied on request.