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Frequently Asked Questions

What expenses must the owner of a flat meet?

Every tenant has to pay his own expenses for telephone, water and electricity for which there are separate meters and furthermore he has to pay common expenses for the cleaning of the common facilities, the maintenance of the lift, lighting etc. These expenses are insignificant. For example for a two bedroom flat here in Larnaca the common expenses don't exceed £15 per month.

Are there any health insurance schemes available?

Yes, there are plenty of health schemes by various insurance companies. Our company can arrange for an appointment with an insurance company. The insurance costs will depend upon the age, health status etc.

Are there any after sales services available?

Yes there are plenty of services such as gardening, cleaning, pool maintenance etc. For more information see our after sale services section in our web-site.

What duty free items are allowed for non-Cypriots living in Cyprus?

A non-Cypriot living in Cyprus has the right to bring: household goods and furniture free from taxes provided that they are immigrant retirees and they will be used for personal purposes. In addition to this there is no import duties on cars and for retire couples there is an additional concession of 2 duty free cars.

Are there any international schools in Larnaca?

Yes, there are a couple of reputable international schools in Larnaca. The most popular, established school with a long history is the American Academy of Larnaca where students study under the English System with O-Levels and A-Levels for admission to a British University.

How easily can the property be sold afterwards? What about the proceeds of sale? Will I be able to take them out of Cyprus in another country?

The properties can be very easily sold afterwards with a considerable high profit especially now that Cyprus will soon become member of the E.U. We can take over to sell your property or you can give it to other estate agents as well.
You can send all the money paid originally for the purchase of the property to another country and the profit made can be send overseas at a rate of 50 000 per year.
However with the introduction of Cyprus in the E.U which is soon expected, all these will be abolished and a buyer will be able to sell his property any time and take all proceedings outside Cyprus.

 

Legal System

What is the system of buying property in Cyprus as a Non-Cypriot?

The system of the acquisition of immovable property by foreigners in Cyprus can be said to be one of the easiest and simplest in Europe. The Cyprus Legal system is primarily based on its English counterpart.

As a non-Cypriot you are allowed to buy:

a) An apartment or a house,
b) A villa on a building site not exceeding 4000 square metres or
c) A piece of land not exceeding 4000 square metres for the purpose of erecting a house within a reasonable time frame.
As a foreigner wishing to purchase land or property in Cyprus, there is a need to grant authorisation and permission from the council of ministers. Furthermore there is a need to provide proof that the property will be paid for with a foreign exchange. An application is made to the Central bank of Cyprus for an exchange control permit. A copy of the contract is also deposited at the Land Registry within two months of its completion.
As a result of this a right of specific performance is created in favour of the purchaser. This will ensure that the purchaser is safe since the deposit of the contract will mean that the property is now register on the purchaser's name until the transfer of the title will happen. Stamp duty will be paid by the purchaser which is C1.5 per thousand, up to a value of C100 000. If the amount is in excess of C100 000 then the rate is C2 per thousand plus C1 for depositing of the sales contract.
Following the permission from the council of Ministers and the central bank for your purchase, it is then possible to proceed at the transfer of the ownership by a simple process of registration at the Land Registry Office and the issuing of the title deeds soon after the completion of the project and delivery.
These formalities can be taken up by Costas&Zack Developers on behalf of our clients, free of charge, as part of the agreement.
Transfer Fees should be paid by the purchaser with the registration to the Land Registry Office. The transfer fees range is shown in the following table.

Property Value ( CYP) Transfer Fees %
0 to 50,000 CYP 3 %
50,000 to 100,000 CYP 5 %
100,001 CYP and over 8 %

 

E.g. If a property is valued at 130 000 CYP then the purchaser should pay 6400.
It should be noted that all properties sold by Costas&Zack Developers are freehold.
The above system is soon going to change with the entrance of Cyprus in the European Union. The System will be simplified even more with no restriction on the number of properties that a non-Cypriot will be able to buy. Furthermore no proofs will be needed that the property has been paid from external funds.

  
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