Whether the purchase is connected to an obligatory requirement for receiving a Cypriot residence/work permit or whether such is done for any other reason, we are here to guide you in choosing the correct property for you. Our firm offers support not only in the draft of a sales agreement which will secure rights, we also conduct proper due diligence for both new and used properties depending on your needs.
As such, when acquiring property in Cyprus you will need to be aware of the following tax and VAT implications.
Bear in mind that currently a 50% discount is provided on the transfer fees and therefore in our example of above the payable transfer fee will be EUR 4,600. When VAT has been paid on the purchase of the property, transfer fees will not be
Both the Local Authority Fee and the Sewerage Tax could be transferred to the tenant if the property is rented.
In addition to assisting you in the sourcing and purchasing of a property, our firm also offers to manage your property. The following services can be obtained from our firm:
|Renting||Where this is allowed under the law, we can take the initiative of registering your property with various agencies in order to find a tenant. Moreover, we will accompany the agencies for any viewings and prepare the relevant tenancy agreement on your behalf.|
|Collecting||In the event that the tenant has forgotten to pay the rent/common expenses or any other taxes/fees/utilities which are for his/her account, we may contact him/her on your behalf in order to ascertain the delay and rectify the situation (this does not include court proceedings).|
|Management||In the event of that the property is tenanted, we shall agree with the tenant the regularity of any inspections of the condition of your property. Additionally, inspections are made before a security deposit is returned to any tenant whose tenancy agreement has expired. The property will also be cleaned in line with your wishes.|
|Representation||Where a management committee exists our firm can also act as a proxy for any general or extraordinary meetings.|
|Repairing||Any damages in the property will be ascertained and repaired.|
|Keyholding||In the event that the property is not tenanted our firm will visit the property once every month in order to comply with any insurance clauses and in order to ascertain the condition of your property.|
|Utilities||Our firm may assist in transferring the utilities in your name, after the tenant has vacated the property/after the property has been delivered to you by the developer.|
|Furniture/AC’s||Our firm may arrange the installation of Airconditioning in your property or the provision of furniture.|
|Insurance||In the event that you wish for your property to be insured/it is required to proceed with insuring the property as indicated in your contract of sale, we can assist in contacting an insurance company for an offer.|