The people from European countries can buy a property without any limited. The people from third world countries need to have permission by the Council of Ministry which is very easy to be obtained.
A non-Cypriot can purchase:
1. An apartment
2. A house or a villa on a plot size which is not exceeding 4000 sq.m
3. A plot or a land which is not exceeding 4000 sq.m
Most of the resale properties have a Title Deeds, just the buyer has to transfer it to his/her name. For the properties under construction the developer has to apply for the application in the Land Register Office and the buyer has to transfer the name of application on his/her name.
How the West one Properties do the management and after sale services for the tenancy?
After the signing rental agreement between the Landlord and the Tenant, our office can take the responsibility for the rental services, such as:
● To prepare the rental contract ● To transfer the name of electricity and water bill on the Tenant’s name. ● To take a rental amount every month and deposit it to the Landlord’s account. ● To check the property once a month. ● Inventory ( Make a list from fixture and fittings in the property ). ● To change the key-locker for the new Tenant if is necessary.
What is required to transfer property into a buyer name?
● Sale agreement between Vendor and the buyer. ● Title Deeds if is available. ● Confirmation from the Municipality and Sewerage department that all the taxes have been paid. ● Confirmation from the Revenue department stating that the Capital Gain tax has been paid. ● The Ministerial Council’s permission for the purchased property.
The annual immovable property tax is calculated on the market value of the property as at 1st January 1980.
Value of property CY£
Property tax %
£100,001 to £250,000
2.5%
£250,001 to £500,000
3.5%
over £500,000
4.0 %
Some of the above information has been supplied by third parties, thus we can not be responsible for any charges. Professional adviser is highly recommended.
