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Monthly Archives: October 2015

Cyprus Property Sales Incentives

Cyprus Property Sales Incentives offered by the Cyprus government, now must be the right time to buy property for sale in Cyprus.  With 365 days of sunshine, great food, lovely people and no language barriers as most Cypriots speak English.

Contact us with your property requirements, let us do all the hard work and make your search much more pleasant.  A small family company with 15 years of real life experience, we have done exactly what you are looking at doing.  We have many many contacts to ease the journey for you.

NO BETTER TIME TO BUY PROPERTY IN CYPRUS
NEW INCENTIVES FOR PURCHASING PROPERTY
The Cyprus government has recently introduced new tax laws incentives to make Cyprus even more attractive for purchasing property, effectively  giving investors tax-free profits until the end of 2016.1. TRANSFER FEES

For Property transfers up until the 31st December 2016:
? Zero transfer fees on property where VAT is applicable.
? 50% reduction on transfer fees for property with no VAT applicable.

2. CAPITAL GAINS TAX

? Zero capital gains tax on sale of property, purchased between 16th July 2015 & 31st December 2016.

3. REDUCED VAT

Property purchased for use as the primary and permanent place of residence a 5% VAT rate is applicable (on application). It is no longer required (as it was previously) to become a permanent resident first and then to apply for the special rate of 5% Cyprus Property VAT.

 

The time to purchase your property in Cyprus is NOW

The time to purchase your property in Cyprus is NOW

Cyprus recently introduced new tax laws that increase its attractiveness to property buyers. Significantly, the new regime makes Cyprus currently the only country in Europe to provide incentives of this level that effectively give investors tax-free profits until the end of 2016.

1. Transfer Fees

The law reducing the Property Transfer Fees for transfers that take place before 31 December 2016 has been published and will be particularly welcomed by those waiting for their deeds.

For transfers that take place before the 31st December 2016:

(a) If VAT was paid on the property, no Property Transfer Fees are payable.
(b) If VAT was not paid on the property, the Property Transfer Fees are reduced by 50%.

2.Capital Gains Tax

The enacted tax law includes a 100% capital gains tax exemption in relation to the disposal of real estate in Cyprus purchased between July 16, 2015 and December 31, 2016. Capital Gains Tax is normally paid on the profit made upon property disposal at the rate of 20%.

3. Reduced VAT

Since 8th June 2012, any person that is buying his/her first permanent residence in Cyprus can apply for a reduced VAT rate (defined at 5%). It is no longer required (as it was previously) to become a permanent resident first and then to apply for the special rate of 5% Cyprus Property VAT. The Purchaser must complete a form with the VAT Authorities (the same as all Cypriot nationals) declaring his/her intention and commitment to use the house that he/she is purchasing, as the permanent residence for himself and /or his family in Cyprus.

The owners of this site have actually done that and been granted the 5% vat. They are building a lovely house and have the plans and a plot available for anyone who wishes to do the same.  Having that experience they can hand hold all the way to completion and moving in, contact us today for more details.

The time to purchase your property in Cyprus is NOW

Cyprus Property prices starting to rise

Cyprus Property prices starting to rise PROPERTY prices in Cyprus continued to decline in the second quarter of 2015 with the prices of houses and  apartments falling by 0.4 percent and 0.6 percent respectively according to the latest residential property price index published by the Cyprus Central Bank.
(This compares with price falls of 0.8 percent and 1.5 percent for houses and apartments respectively during the first quarter of 2015.)
The largest quarterly fall in apartment prices was recorded in Nicosia (-2%), followed by Paphos (-1.7%) and Famagusta (-0.7%). However apartment prices in Limassol and Larnaca rose by 1.1 percent and 1.7 percent respectively.
The largest quarterly fall in house prices was recorded in Larnaca (-1.3%), followed by Paphos (-1.2%) and Limassol (-0.7). Prices in Nicosia remained steady, while those in Famagusta rose 0.2 percent.

Year-on-year house prices have fallen of 4.6 percent, while apartment prices have fallen 6.2 percent.

Cyprus Property prices starting to rise The Central Bank anticipates that home prices will stabilise around 2006 levels, the year in which excessive demands for loans resulted in the property sector overheating. “The economy as a whole is showing signs of recovery with GDP growing in 2015, while demand for real estate continues to show annual increases. These developments are expected to help stabilise property prices” said the Central Bank in its report.

Is now the time to buy your dream home in Cyprus?  We can help you all the way, just contact us here we will get back to you as soon as possible

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First, each member of our team originates from the UK so there are no communication barriers.

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The help we received in Cyprus from your colleagues in Larnaca was superb.Sharon whom we dealt with is asset to your company. She was helpful and not pushy she seemed more like a friend and anything we needed to ask she had the answers

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