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Limassol Properties - Questions & Answers

Q: Do I need to appoint a solicitor?

A: In most cases we can arrange all the paperwork for you but we still advice you to appoint a lawyer to handle your purchase in Cyprus. The duties of a lawyer involve all necessary searches in the Land Registry Office, the preparation and correction of the Contract of sale, the deposition of the Contract of Sale in the Land Registry Office and your application to the Council of Ministers, if one is needed.

When choosing a lawyer to represent you always choose one who is experienced in Real Estate matters and make sure he is only representing you and NOT both parties. Needless to say we can recommend reputable Cyprus English speaking or Russian speaking lawyers, if you ask us to do so.

Q: Application to the Council of Ministers, do I need to apply?

A: All non-European nationals need to apply in writing for permission to buy property to the Cypriot Council of Ministers. Your lawyer will deal with your application and there is no need to worry of the outcome as this application is more like a routine process and permission is granted to all genuine buyers more or less automatically.

Remember also that if the property you buy is €300,000 euro or more, u are granted permanent resident status and you can live in Cyprus without any immigration control formalities.

Q: Do I need to make a Will in Cyprus?

A: It is advisable to make a Will in any Country where you have immovable assets. Inheritance tax has been abolished in Cyprus.

Q: What is the cost of living in Cyprus?

A: Even though the cost of living has increased in recent years Cyprus still enjoys a very low cost of living in relation to many other European countries. At the same time the standard of living in Cyprus is considered very high.

As for the cost of properties yes some can be quite expensive but when you consider the quality of accommodation, the generous space offered with most properties, the quality of building and the expensive materials used, the beautiful sea and mountain locations and views, the day to day high standard of living, the safety and fine weather... then all considered property prices in Cyprus and Limassol are still very attractive.

Q: Do EU citizens need a work permit?

A: Since Cyprus entry into the European Union on May 1st 2004, all EU citizens have every right to live and work in Cyprus without restrictions provided that they hold an EU passport.

Non-Cypriot citizens though must still follow the formality of registering at the local immigration office in order to obtain a social security number.

Q: What is the Cypriot education system like?

A: The education system in Cyprus stands at very high levels. There are both Junior and Secondary schools in all cities, as well as Colleges and Universities that cater for European students and where lessons are taught in English.

In Limassol you will also find Russian speaking nurseries and junior schools as the town has a large population of Russian residents. The costs of private international schools are much less than in the UK and other EU Countries with an average cost of around €3,500 – €4,500 euro per annum.

Q: When is VAT applicable on Properties?

A: As from 1st of May 2004, there is VAT on newly built properties at 15%. In most cases 10% will be refunded to first time buyers that will be using the property as a permanent home. There is no VAT at the purchase of a resale property or on a plot of Land.

Q: What is the Income Tax rate in Cyprus?

A: Income Tax

Q: How about Inheritance tax?

A: There is no Inheritance Tax in Cyprus!
Please note that for Foreign Pensions the first €3,400 of income is exempt each year while the remaining amount is taxed at 5%. The corporation Tax for companies is 10%.

Q: Does Cyprus have an efficient Land Registry Office?

A: Though it can sometimes be slow due mainly to the large volume of work and not enough staff Cyprus has still one of the most reliable and well-organised Land Registry Offices in the world which is based on the British equivalent.

Most land paperwork and registrations were done when Cyprus was still a British colony so the foundations for today's land and property dealing through the land registry were laid by the British and based on the extremely efficient British model. Purchasing a property in Cyprus is therefore a very safe procedure.

Q: What is the Legal system in Cyprus?

A: Again, as Cyprus was a British colony the legal system is also based on the British legal system. Since Cyprus entry in the European Union foreign nationals can be even more comfortable knowing that all European laws and decisions now also apply to Cyprus.

Q: What are the annual property charges and taxes?

A: The Immovable property Tax in Cyprus is calculated at the market value of the property as at 1st January 1980 and that is why the majority of property owners in Cyprus don’t have to pay any property Tax. The property Tax is calculated according to the following chart:

The annual charges that a property owner can face in Cyprus is the Council Tax that varies from €80 – €300 euro per year accordingly to the area and size of the property.

Q. Is the information in your website concerning size of properties, specifications and asking prices always as described?

A. Yes, all resale properties are viewed and inspected by us for accuracy information.  When we promote properties still under construction or off plan we depend on the information provided to us by Developers. We cannot accept legal responsibility for any inaccuracies or price changes concerning properties advertised but rest assured that this kind of problem very rarely occurs.   

Q. You have some really generous promotion offers...how is that possible? And why are you the only Property Brokers to offer such incentives?

A. As in most business today promotions and incentives are part of the Business regardless what you sell. We started the trend, we will have to wait to see if others will follow our example. Please note that all the incentives we offer will be honoured after the purchase of the property is fully completed. 

Q: What will happen after I buy a property through your office? Do you provide some kind of after sales assistance if I need it?

A: You can rest assured that any assistance you need we will be there for you regardless how much time has lapsed since you bought the property from us.

You may need a plumber or an electrician or new furniture or electrical goods or even a new car or simply want us to recommend a good restaurant!

We can even look after your property when you are away or if you want us to call on and make sure your family is ok and safe during your absence if you are a travelling business man.

We will arrange it all for you ....you will be given a mobile telephone number that you can call anytime day or night for assistance. This after sales service is completely free when you need information, advice and recommendations.

If a charge needs to be applied we will advice you and where possible quote the charge before the task or work you have requested is carried out.

Needless to say that as we have our team of associates you will receive the best service and we will negotiate the best prices or charges on your behalf.

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