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Selling Villas In Cyprus

Jan 30, 2008
Furthermore, it is not sufficient to merely check the zone of the property under consideration but one should also check the zone of the neighbourhood in general. This is so, since your plot may be within an agricultural area but a few feet away there may be another zone, say industrial or animal farming, which will create nuisance to your property.If an area is not subject to zoning, it is best to consult an expert or even pay a visit to the Planning Office and consult, unofficially, the officers on their views on the possible planning use of the area under consideration.

The seashore protection zone is independent of the town planning zones. It is a zone which extends from the sea and it usually (but not always) has a width of approximately 300 feet. Within this zone no building can be allowed, even a small hut, ice cream shed or a swimming pool. When there are ancient monuments close to your plot, be careful to examine whether the Director of Antiquities has any objections to a building project. If a plot of land is classified as an ancient monument area, the Director's approval must first be sought.

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.

Mortgage facilities have recently become available for the purchase of Cypriot property. You can generally borrow up to 70% of the lower valuation and purchase price, for a term of 5 to 15 years. The minimum loan is usually 25000 and the rate of interest is presently 2% above UK base rates and is subject to variation.Alternatively many developers offer payment terms which are comparable to mortgages. In these circumstances one third is usually required at the preliminary contract stage, another position is required at the possession stage and the rest paid in monthly installments.

If you buy property but the property is not transferred in your name immediately, you are urged to deposit your contract with the District Lands' Office within two months from signing. If you do not deposit your contract and the seller changes his mind about the sale, then, your only remedy for the breach is damages, whereas if you deposit your contract you can seek (through the Courts) specific performance (i.e. the transfer of the property in your name). The depositing of the contract operates also as a charge on the property.
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