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Monthly Archives: September 2016

The RIGHT time to buy a Cyprus Property

The RIGHT time to buy a Cyprus Property

The new Law

As of 14 July 2016, the Lands and Surveys Department (Fees and Rights) (as amended) (No 2) Law, the reduction of transfer fees of immovable property is now permanent. Buyers can obtain title deeds for their properties in Cyprus and pay:
• no transfer fees; or
• reduced transfer fees; and
• zero capital gains tax for properties purchased up to 31/12/2016

The new Law is applicable

a) when a contract of sale to purchase a property was deposited at the relevant District Land Registry Office on or before 31st December 2014;

b) even if buyers who failed to deposit their contract of sale can obtain a court order in order to deposit it at the relevant District Office;

c) where a title deed for the property has already been issued and the purchaser has fully paid the purchase price and has duly conformed with every other obligation under the contract of sale then the Land Registry Office shall transfer the title deed of the property in the name of such a purchaser albeit the existence of any mortgage or charge due to the seller;

d) where a title deed has not been issued yet, and the purchaser has duly paid the purchase price and conformed with all of his obligations under the sale of contract, then he can proceed to the transfer of the title deeds of his property in his name along with the filing of another application for the update of the title deeds that will make the issuing of separate transfer deeds even faster. This is so, irrespective of the existence any mortgage or other charge on the property.

Transfer Fees

• no transfer fees impose if VAT is paid on the purchase price of the property till 31 December 2016;

• 50% reduction in the payment of transfer fees apply for new purchases until 31 December 2016;

• additional 10% reduction, over and above of the reduction of the 50%, if the purchaser pays the transfer fees within 60 days and before 31st December 2016; and

• a payment scheme of 12 monthly instalments available.

The transfer fees are calculated on the basis, of the market value of the property as at the date of the transfer and are payable at the time of the transfer.

The rates are:
Property value

Example: a property is valued at €200.000, the transfer fees are:
• first €85.430 = €2.563
• next €85.429 = €4.271
• next €29.140 = €2.331
Total: €9.165 less 50% exemption: €4.582

Capital Gains Tax
The sale of immovable property situated in Cyprus till 31 December 2016 will incur 0% capital gains tax.
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The RIGHT time to buy a Cyprus Property

cyprus_passport

Cyprus Citizenship Passport

Cyprus Citizenship Passport  

The Cyprus government has approved a revised citizenship-by-investment scheme, Cyprus Citizenship Passport . Designed to further encourage investments in the island’s economy by non-Cypriot businessmen and investors.

THE COUNCIL of Ministers approved on Tuesday the 13th September 2016, a revised scheme for granting Cyprus Citizenship Passport to non-Cypriot entrepreneurs/investors.
In statements to the press on Wednesday, Minister of Finance Harris noted that the revision of the scheme aims to encourage real investments that would benefit the economy.
The government, he said, wants to attract investors who will chose Cyprus as their basis of residence and economic activity.
Investments should be kept for three years and companies in which investments are made should employ at least five Cypriot citizens.
The most important change, Georgiades said, is that the revised scheme abolishes the provision for collective investment of €12 million, which is being replaced by an individual investment of €2 million and the purchase of a residence worth at least €500,000.
The new scheme, terminates the provisions for the granting of citizenship to those with bank deposits worth €5 million. Also to persons whose deposits have been impaired due to the measures implemented after the 15th March 2013 and those who purchased bonds worth €2.5 million.

Contact us today for further information

Property sales Cyprus

Property sales Cyprus

Property sales Cyprus increased by 50 per cent in August compared August last year according to the latest official figures published by the Department of Lands and Surveys.

Property sales to the domestic (Cypriot) market in August rose 44% compared to August 2015, with sales reaching 346 compared with 241 in the same month last year.

Sales rose in all districts with Famagusta leading the way with sales up 129% compared to August 2015. Sales in Nicosia rose 61%, while sales in Limassol, Paphos and Larnaca rose by 55%, 38% and 8% respectively.

During August a total of 451 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; up 50% from the 496 sold during August last year.
Of those 451 contracts, 69% (346) were deposited by domestic (Cypriot) purchasers, while 31% (105) were deposited by overseas (non-Cypriot) purchasers.
The 50% increase in August follows a 26% increase in July, 42% increase in June and a 17% increase in May.
The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property in the domestic market.
Sales rose in all districts with Famagusta leading the way with sales up 193% compared to August 2015. Sales in Nicosia rose 73%, while sales in Paphos, Limassol and Larnaca rose by 55%, 48% and 8% respectively.

Property sales Cyprus

Total Property Sale Transactions – 2015/2016 Comparison

District Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Nicosia 2015 46 45 83 88 86 61 60 37 65 64 60 54
2016 54 79 82 79 82 98 102 64
Famagusta 2015 16 27 17 17 21 33 45 14 30 29 33 42
2016 22 35 33 35 24 34 27 41
Larnaca 2015 90 71 98 67 68 111 95 75 85 87 111 114
2016 78 108 121 127 103 120 123 81
Limassol 2015 95 97 160 115 135 135 156 87 114 166 137 169
2016 92 179 197 166 145 222 220 129
Paphos 2015 74 85 94 94 95 124 140 88 91 117 105 134
2016 81 100 106 107 120 183 153 136
Totals
2015 321 325 452 381 405 464 496 301 385 463 446 513
2016 327
501 539
514
474 657
625 451
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