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Lawyers - Buying Property in Cyprus
The weather is excellent (320 days sunshine). Beaches prolific and clean. Property prices still lower than most Western European Countries. Roads and communications, second to none.
The problem? None really, if one approaches the process of acquiring a property, in a sensible manner. Means just that and no more.
Spending say £100,000.00 on a property and thereafter attempting to save a few hundred makes limited sense. Government duties, such as stamp duty and transfer fees are unavoidable. What is avoidable is agreeing to a package including legal services and an inspection flight to view properties with the concurrent pressure on agreeing to a rapid-fire purchase!
Enjoy your trip whilst looking. Avoid sales pitches from sales persons 'hell bent' on introductions to their favourite user-friendly developers!
Here are brief figures, data and opinions (stop reading if you dislike free opinions!):-
- All property purchases here are as Tenancies in Common (if one person passes away the share goes to his/her estate-not the other purchaser)
- Legal fees in general should be between Cy£500.00 to £1500.00 depending on price, if a resale, off plans etc. Add VAT at 15% and disbursements of say Cy£30-50.00
- Add stamp duty of 0.15% on purchase prices up to £100,000.00 and 0.20% above. Transfer fees of 3% up to Cy£50,000.00, 5% above £50,000.00 and up to £100,000.00 and 8% over Cy£100,000.00. Joint purchases save on transfer fees –each person deemed to having purchased half the property. Immovable Property Tax on properties over Cy£250,000 of 1% P.A. Now you have it all-or most of it.
- Most properties are freehold-apartment or house and owned in perpetuity with no Ground Rents.
- Ask more than one lawyer for a quote and services provided.
- Depending on location, quality, size, age etc a one bedroom apartment should cost between Cy£35,000.00 to Cy£80,000.00.Two bedroom between Cy£45,000.00 to £120,000.00.
- Ask for discount on the price (don't ask for a lower price-does not sound as good as a discount). Ask for additions-air –conditioners, white goods, lower down payment (and maybe a dog house in case of problems with your spouse!).
- Do not sign the contract without having it checked-independently.
- Pay a holding deposit –if you must-but with a written receipt as being fully refundable at your sole discretion.
- There really is nothing wrong with a property, which is say 5-7 years old and cheaper by say 25% than a new build.
- Consider having a will drawn up for your assets in Cyprus. Ask your lawyer for brief information on CGT, IHT, Local Community Taxes, Title Deed delays, Communal Charges.
If you wish to contact Ali Kurtha who is a registered solicitor in both the UK and Cyprus. Please fill in the form below:
*This offer is only available to the first 50 property owners & is on a first come, first served basis.
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