On the crossing of continents

Cyprus is situated in the north-east Mediterranean on the crossing of three continents - Europe, Asia and Africa. This strategic location ensured development of the island as an international business center with high-quality service, vast infrastructures and great deal of entertainment facilities. Living and business conditions there are more than comfortable. Cyprus differs from most developed countries by its minimal crime rate, high living standards and relatively low prices. That's why many tempted foreigners are buying real estate there.

For many years this island has been a second home for many people coming from all over the world. Those who've never been to Cyprus should really go and see what it's like. During 320 days in a year the island is cherished by caressing sun. Cyprus is washed by waves of Mediterranean Sea that gave life to gorgeous Aphrodite, according to ancient Greek myths.

Foreigners can by properties or land lots for construction activities on the invariable property right basis. Long-term rent is hardly ever practiced in Cyprus. After setting the sale agreement the buyer will face a simple formal procedure with the lawyer. All that is necessary is to hand in an application to the Council of Ministers that will approve the purchase.

Since the buyer pays the full price for the property he receives the paper on the transfer of ownership. What are the expenditures that a real estate buyer will face when purchasing a property in Cyprus? Firstly, the transfer of ownership fee… It's a lump-sum paid to the Department for Estate Registration. It constitutes around 3.9 percent of the property price. Secondly, the annual property tax… It's necessary to admit that real estate priced lower that 100,000 Cyprus Pounds (around $210,000) that belongs to a private person requires no annual property tax payments. Stamp duty on sale agreement is estimated at 2.5 Cyprus Pounds per one thousand of value, while if the property costs more than 100,000 the buyer will pay 2 Cyprus Pounds per thousand. The county tax ranges from 30 to 100 Cyprus Pounds depending on the property size. The tax covers expenses on garbage cleaning and street lighting.

The judicial system in Cyprus inherited the British one guaranteeing secure buyer's rights on different levels. Thus, the sale agreement cannot be breached by anyone except for the buyer himself. The seller is not allowed to sell, rent out or pawn the property since then.



Learn more about real estate in Cyprus by reading the articles below

Beware! Illegal real estate in Cyprus ( http://www.realestategates.com/Articles/20092004/Illegal_RealEstate_Cyprus0001.html )
Illicit regime implemented on the occupied territories allows and promotes illegitimate buying and selling

Beating carpets and hanging linens outdoors can now cost you about $100 in Cyprus ( http://www.realestategates.com/Articles/31082004/article98763.html )
New system of penalties will make Nicosia a beautiful European city

Author: Cameron Lindblom, Real Estate Gates ( http://www.realestategates.com )