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Frequently Asked Questions
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 | Buying Property in Cyprus | | | Page Top | | Selling property in Cyprus | | Q : | Can I sell the property easily? Will I be able to take the proceeds of sale out of Cyprus?
| | A : | You can sell the property at any time and with no restrictions either through our office or through a registered estate agency. The equivalent of the full purchase price can be remitted immediately. The balance reflecting an increase in its value can be sent overseas at the rate of €85,430 per year, plus any interest earned during the year, starting from the year after the sale. Property sales in Cyprus are subject to capital gains tax at a rate of 20% on the profit. The first €17,086 profit per person named on the title deed is exempt.
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| | Page Top | | Renting Property in Cyprus | | Q : | What are the benefits of long-term rental over short-term lets?
| | A : | Long-term rental provides owners with a regulated monthly income enabling annual financial planning. In our experience long–term rentals are subject to less wear and tear than short-term lets which are more costly in terms of maintenance, breakages and cleaning. Short-term lets often have long vacant periods, especially during the off-peak season. In both cases you’re looking at an average return of 5-7% per annum from rentals combined with a 7-10% capital appreciation per annum. That gives you a total return of 12-17% per annum on your investment.
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| Q : | What is included in the managed rental services?
| | A : | Included in the price we will: Carry out pre-tenancy clean, find tenants through various marketing and advertising sources, prepare rental contracts, take copies of tenant identification, hold deposits, prepare inventory, carry out check-in with tenant, property and key handover, organise and oversee rental payments, carry out check-out, return deposit, email/post dilapidations report and request for necessary costs.
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| Q : | Can we as owners of the property also let our properties privately?
| | A : | All owners may use as many different sources to let their property as they wish. We do not ask for sole exclusive rights to rent out our clients’ properties. We are offering the service primarily to assist rather than to make a profit. All that we ask is that you keep us informed of availability.
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| | Page Top | | Title Deeds | | Q : | How do I get the Title Deeds to my property?
| | A : | Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date. When issued, the title deed will be registered in the name of the buyer and will be recorded in the confidential government archives.
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| Q : | When do I receive title deeds for my free hold properties?
| | A : | In Cyprus title deeds, unlike the UK , are issued after the completion of the project. In the case of houses this process may take up to 18 months. For an apartment in a project of 10 to 60 apartments this process can take up to 3 years. This does not mean you can not sell your property at any time before that. From the minute your contract of sale is registered at the land registry department the property is officially yours and you can sell your property the next minute.
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| | Page Top | | Purchasing Procedure | | Q : | What are the standard payment terms when purchasing a property from the Quality Group of Companies?
| | A : | To reserve a property from our company we request a non-refundable deposit of €3,417. Generally within 20 days we ask for 30% to be paid at which time we shall register the signed contracts of sale with the land registry. We shall then request 20% upon the completion of the structure, 15% upon the completion of brickwork and rendering, 15% upon the completion of flooring and 20% upon delivery.
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| Q : | What happens if the company goes bankrupt before the property is completed?
| | A : | The 30% deposit approximately represents the value of the land. More payments are made upon completion of each stage of development. In the unlikely event of our company dissolving the land registry would sell the land and the unfinished development and pass the proceeds on to clients who have registered their properties. |
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| | Page Top | | After You Move In | | Q : | How Can I Arrange Internet & Telephone Connections? | | A : | Once your property is completed and approved by the electricity authority you can enquire about arranging permanent telephone and internet connections from the national provider CYTA. Services vary in different areas and high speed internet is unavailable in some villages. Providing that services are available you can set up the package of your choice in person with your contract of sale and Cyprus bank account details.
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| Q : | What Is The Cypriot Communication System Like?
| | A : | Cyprus has one of the most advanced (rated third in the world!) and cheapest telecommunication systems available. ISDN, ADSL and standard dial-up PC networking are also easily accessible. |
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| | Page Top | | Living in Cyprus | | Q : | What is the cost of living in Cyprus?
| | A : | The cost of living in Cyprus is low compared to many other European destinations.
On average, the annual charges for four adults living in a three bedroom house are as follows: Gas –€35, water - €200 and electricity- €1170
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| Q : | Can I work in Cyprus once I have moved there?
| | A : | Under the Aliens and Immigration Law, non-Cypriots wishing to take up employment in Cyprus are still required to have a work permit. However, this process is a formality which is expected to be lifted over the next couple of years. Permits are granted in normal circumstances, without question. |
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| Q : | How does the medical care system operate?
| | A : | The medical care system in Cyprus is very inexpensive. A doctor's visit costs about €17 and X-rays about €26. Inexpensive Private Medical Insurance is also available. Cyprus residents, whether Cypriots or not, can have a private medical insurance starting from €222 pa. The health care is of a very high standard. The majority of the doctors have being trained in the U.K and U.S.A.
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| Q : | Is the crime rate high?
| | A : | Cyprus enjoys a remarkably low crime rate, at 1/6 of the European average. This is another reason for its popularity with foreign buyers, for whom security has become a key element in the property world. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace.
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| Q : | Is the British Pension subject to Tax payment?
| | A : | Yes it is! According to the Cypriot tax system you are obliged to declare your income from pension. Individual non-Cypriot residents are taxed on a flat basis of 5% per annum on pension and investment income brought into Cyprus. In some circumstances, exemptions totaling up to €6,835 per individual or €13,669 per married couple apply.
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| Q : | What other tax advantages are there? | | A : | Compared with other international financial centres, Cyprus offers a distinct benefit in the form of double taxation treaties. Agreements with an increasing number of countries eliminate the double taxation of income earned in any one of these countries. In practice, the tax levied by one country is credited against the tax levied in the taxpayer’s country of residence. Where different tax rates apply, the tax payer will ultimately not pay more than the higher of the two rates of the respectively countries. Immigrant retirees may import personal effects, household goods and furniture duty free. This is provided that they are for personal use and have been in use for at least one year. There is no duty on one car and retired couples benefit from the additional concession of two duty free cars.
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| Q : | What are the driving regulations in Cyprus?
| | A : | Visitors in Cyprus may drive using a valid International Driving Licence or their National Driving Licence, provided it is valid for the class of vehicle they want to drive. If they wish to get a Cyprus driving licence, then they must convert their national licence to a Cypriot one or take the driving test. In any event, the Cyprus licence will cost €59.80 for a lifetime.
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| Q : | Do the properties have title deeds?
| | A : | Properties have title deeds. The title deeds are transferred to the buyer's name as soon as they are issued by the Land Registry Department and following the settlement of the agreed selling price, and the Council of Ministers approved.
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| Q : | What media is available in Cyprus?
| | A : | There are six Cypriot/Greek T.V. stations available at the moment free of charge. Approximately 30% of the programmes are broadcast in English and all foreign films are broadcast in their original language, with Greek subtitles. Residents can also subscribe to the Cypriot cable service LTV to watch US and UK sports and programmes. There are also a number of satellite services available including Sky. There are also numerous radio stations, which are broadcast in Greek and English. In addition to these is the British Forces Radio that broadcasts on a 24 hour basis in English. The island offers two independent English newspapers and UK national papers are available on the island, usually with a delay of only one day from their date of issue.
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| Q : | What is the Cypriot communication system like?
| | A : | Cyprus has one of the most advanced (rated third in the world!) and cheapest telecommunication systems available. ISDN, ADSL and standard dial-up PC networking are also easily accessible.
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| Q : | What is the governmental structure in Cyprus?
| | A : | Cyprus is an independent and sovereign republic with the elected president (5 year election cycle) as head of state. The legislation power lies with the elected House of Representatives and appointed council of ministers. The legal system is based on the British/European system with independent power exercised by judiciary. Cyprus is a member of the EU, UN, the British Commonwealth, the non-aligned movement, World Bank and IMF.
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| Q : | How much can I expect to spend on utilities and council rates in Cyprus? | | A : | Normally local council rates for services such as rubbish collection etc are no more than €136 a year per property. Bottled gas is charged at around €5 a bottle and lasts around three months. Telephone call charges in Cyprus are set at one of the cheapest rates in the world. Electricity on average s about €840 a year and water around €140 a year for a two bedroom apartment.
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| | Page Top | | Investing in Cyprus | | Q : | Are the property prices increasing?
| | A : | Cyprus is a small island with a limited supply of land and properties. With Cyprus’ accession to the E.U. demand is expected to grow and as a result property prices are predicted to increase dramatically. Properties that are well built and well maintained benefit from the highest increases.
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| Q : | Do you have any case studies supporting these figures?
| | A : | We can discuss the success and appreciation of many of our previous properties. For example on its release in spring 2004 one-bedroom properties in Hills 4 were sold at £28,000(€47,840) and two bedrooms at £42,000(€71,761). Recently the same properties have been resold at £51,000(€87,139)(including furnishings) and £70,000(€119,602) (including furnishings).
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