Buying in Cyprus is easy but consider very carefully before buying in northern Cyprus as title isn’t straightforward due to the sensitive, political situation and many reputable agents don’t cover this area. If it looks too good to be true, it very probably is and the consensus among informed opinion is to steer well clear.
- 80% mortgages are available and the euro currently offers the best value for money. Once the reservation contract has been signed on your new property the lawyer will take approximately two to four weeks to carry out checks before you sign the main contract. It isn’t necessary to appoint two lawyers, one here and one in Italy, otherwise you double the legal bill and the Italian lawyer is quite capable of looking after your interests!
- Once you pay your non-refundable deposit, the price is fixed and you won’t be subject to price increases As a rough guide, the total costs incurred in purchase will be approximately 16% of the purchase price
- If buying off plan agree stage payments before you sign anything. Typically, you might be required to pay 30% within four weeks.
- Non-nationals need a permit to buy in Cyprus but to bona fide buyers, this is a routine procedure, and if you plan to live there permanently, this is equally straightforward providing you can show you are self-supporting.
- It isn’t necessary to instruct a UK lawyer as you will have to use a local Cypriot lawyer and simply end up paying two bills. It’s tempting to think you will be better protected if you have somebody looking after your interests at home, but it really isn’t necessary. Your Cypriot lawyer will act on your behalf at the various stages of the buying process.
- Non-nationals pay a flat rate of 5% income tax, one of the many inducements to life in the sunshine island. This applies also to pensions and income from overseas investments. There is currently no inheritance tax.
- Stamp duty is levied at the time of signing the contract, at a rate of CY£1.50 per CY£1,000 up to CY£100,000 then CY£2 per £1,000.
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