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Renting Property In Cyprus

Jan 30, 2008
There have been instances where various agents or owners show a prospective buyer one plot whereas they are selling him another. Items in the description such as "near the road", "near the village" etc, are used off handedly by people eager to sell, which, in many instances, are far from being true. Also beware of "terrific opportunities".

For all the towns and for some villages there are water development zones and it is most difficult to get public water supply to a property sited outside the zone. Do not take, therefore, the word of the estate agent, the owner or the village muchtar, that water supply can be made available. Remember that the appropriate water authority is the Water Development Department only.

Location: In any particular area there are many blocks of flats under construction (this is less true for the Paphos residential areas). Try to shop around and choose a block in a good area. Of course what is a 11 good" area is relative and depends on various factors including personal judgement and taste. it is widely accepted, however, that a 11 good" area is one which is relatively central, not densely developed with flats, more of a residential area, relatively quiet (not on main roads) and which is close to schools and shops.

Permission will be granted to company for the acquisition of property, provided that it is for its own use. Offshore companies could therefore, acquire property within the above limits.Generally the permission will not be granted if the property is to be used for letting to others, commercial exploitation or speculation.

On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Any profit can be exported at the rate of CY 10,000 per calendar year, plus any interest.There is no Capital Gains Tax where the property was acquired by the importation of foreign currency. Otherwise CGT is levied at 20% on gains in excess of CY 5,000.
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