The Journey of Solomon 513

denimorange13's blog

The Cyprus Real Estate Market

There is some confusion on the new measures that the Government has decided for foreign people (non - E.U. members) to get a residence permit and even a Cypriot (E.U.) nationality through the use of real estate. Laws relating to leases of business premises should be listed in response to question 10.1. Those relating to zoning and environmental should be listed in response to question 12.1. Those relating to tax should be listed in response to questions in Section 9.
In parallel, Real Estate transaction refers to every transaction for the conclusion of an agreement for the sale, purchase, exchange or leasing of immovable property for a period exceeding one month, including assigning the property with valuable consideration or through the transfer of company shares.

Increasing the building coefficient in return for developers selling or renting out flats to vulnerable citizens will strengthen the construction industry and also help maintain healthy levels in prices and rents - which have skyrocketed in some areas of Cyprus due to the new real estate boom.
The purchase of €300.000 does not refer to a single unit but to a number of units totaling €300.000, or a house of say €150.000 and other real estate such as garage, store, shop of total €150.000 - Information from the Immigration Department - Totally wrong since 3rd country nationals may not buy anything else other than a single residence.
Multi-billion projects are on the way and in combination with the reforms in the banking sector as well as the reforms in relation to property transfer fees, VAT and capital gains tax, the issuance of title deeds and the political stability are boosting the real estate market proving the confidence and trust foreign investors place in Cyprus.

For any other kind of property (e.g. a holiday home, plots, land), only CY10,000 is exempt, and this exemption is for each registered owner, once only not per property, so if a gain is made by two co-owners each one is allowed the CP10,000 exception.
This keen foreign demand, coupled with the local interest as well as the added taxation on real estate, such as V.A.T. of 15%, has caused prices to move at a rate between the years 2002 - 2004 of around 15%p.a., whereas the very recent years prices have shot up by almost 20% p.a.
So if you "give" a part exchange, a plot to the extent of say 70%, to a developer and the total land value under the exchange is say CP300.000, then the tax authorities will assume a sale of the land at CP300.000 x 70% = CP210.000 less the relevant allowance.

Limassol is the second largest city in Cyprus, located on the southern coast and is considered a cosmopolitan and historical city, widely known for its timeless real estate investment value. We solve both general problems associated with property purchases in Cyprus, and we appreciate that each client has individual requirements and personal preferences.
The succession of real estate of physical persons, non-residents of the Republic of Cyprus. Phrases like "you do not own your property" and that "you have not completed the purchase" are bound to send people running to their lawyers in panic. When purchasing property in South Cyprus the infrastructure of the banking system and property sales is much like that of Britain.

Since 1994, he continued in the Cyprus market as a family-run business, and currently enjoys representation across the Cypriot landscape. Whether cyprus real estate you have a property for sale in Cyprus or simply want to find a responsible tenant, our team will always have your best interest in mind.
Chris Michael Real Estate are experts in the real estate for Cyprus property sales & provide a range of essential services. Certified Real Estate 335 for Cyprus Properties. In addition, the real estate agent works with the government to secure your Cyprian residential visa which will allow you to purchase property in Cyprus.

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