Protaras Cyprus Villas
Quality: In all advertisements for the sale of flats you will find the word luxury. What is luxurious accommodation may be far distant from what you will get however. If the flat you are buying is not ready, have your property surveyor go through the specifications of the materials and finishes so that he can explain their meaning to you.
Upon signing a contract, the Purchaser is liable to pay stamp duty which amounts to 0.115% of a purchase price up to CY 100.000, and then at a rate of 0.2% on any purchase price in excess of CY100.000.Land registry fees are payable when the owner ship of the property is transferred. This is on a sliding scale, ranging from 5% to 8% depending upon the value of the property.
Permission will be granted to company for the acquisition of property, provided that it is for its own use. Offshore companies could therefore, acquire property within the above limits.Generally the permission will not be granted if the property is to be used for letting to others, commercial exploitation or speculation.
Upon the issue of the covering permit or, if this is not required, an application must be made to the Appropriate Authority for the issue of a certificate of final approval.When this is issued, it will have to be deposited at the District Lands’ Office so that the registration of the building on the title deed of the land is effected.
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.
Filed under: Finance