Buying Property in Limassol
Buying Property in Limassol
Owning a holiday home in the quite suburb of a city of your choice is a dream for many tourists, however, before you pick the best home in this foreign land, keep in mind the following tips to make your investment lucrative and worth the effort taken.
Once you have selected your dream home on this foreign land, you need to seek permission for buying the property from the Cyprus ministry. The application needs to be submitted by a non-Cypriot purchaser, property consultants or solicitors can help in placing the application, the approval from the ministry is generally done in no time. If you want to engage a property consultant or a solicitor, you may have to pay 800 pounds as fees, some consultants help clients in choosing the right villa or apartment, many professional estate agents have a comprehensive after sales service to help customers if they have any issues regarding the purchase or construction of the new property.
The property bought with the help of an estate agent needs to be legalized as per the judiciary of Cyprus, this involves a series of tax payments, in addition to the sale price of a property, there is also stamp duty that is usually 0.15% of the value if the principal value is up to 100,000 pounds and 0.20% if the value is greater. The stamp duty is paid before signing the contract, a transfer fee needs to be paid while signing the contract, this fee also helps to register the property in your name. Value added Tax (VAT) is charged depending on the number of properties that are owned by you, you also need to pay Immovable Property Tax, which is approximately 50 to 100 pounds per annum and Capital Gains Tax, which is equivalent to 20% on property sales.
Buying an apartment is not enough if you plan to live in it, you need to secure a Residence Permit to prove that you have the authority to reside in the newly acquired apartment, the procedure is simple: apply to the local immigration office for this permit, the office would however ask you to submit a bank statement, and an undertaking from the bank that you have a valid account with it, copy of the sale agreement, and a token fee. Banks are therefore, a very important entity in making your property purchase successful, if you plan to take a loan, banks also come in handy.
Overseas property insurance is a must to protect your new home when letting it out to someone while you are unable to stay in the house or when it is not occupied at all, top insurance companies in Limassol have holiday home insurance polices to help work with overseas legislations if required. Premiums of the policies are collected every month by the insurance company, normally, the policies cover loss of rent, damaged buildings, damaged swimming pools, damage due to frost, emergency travel and temporary stay by the client, and cost due to public liability, the claim is paid in Euro or Sterling after verification by the local adjusters of the insurance company.
Search Limassol Hotels, Bed & Breakfasts, Guest Houses and Self Catering Accommodation.
Select your preferred start date from the calendar to view events.