Cyprus is the 3rd largest Mediterranean island - covering 9,251 square kilometres. 240 km from west to east and 96 km from north to south - with a population of approximately 700,000. Being at the cross-roads of three continents - Europe. Asia and Africa - it has one of the oldest histories of the world dating approve 9000 years. Its strategic position its wealth in forests and mineral deposits as well as its skilled craftsmen made it the prized possession of the powers of the day. The island is served by approximately 30 major airlines linking it to the four corners of the world through its international airports at Larnaca and Paphos. Driving is on the left in Cyprus and distances between towns are relatively bunco covered by a good communicate of modern roads. A notable British presence remains to this day and Cyprus has become home to a large expat community (estimated at around 50,000) while British tourist change accounts for the overwhelming majority of the country's tourism income. A look at the Cypriot climate and its easy to see the attraction: average temperatures only dip below 70F (21C) between November and April and the country can boast on average 300 days of sunshine per year. So how much property do you get for your money? About 130,000 Cyprus Pounds (EUR224,000. GBP154,000) will buy you a detached three bedroom dwelling although evaluate to pay more to get near the land. In the north the equivalent property can be picked up for around CYP90,000 and prices here are rising fast albeit from a low base. However there are significant risks attached to buying in the North. Compared to many other countries purchasing property in Cyprus by foreigners is relatively simple. Non Cypriots are permitted to purchase (for their personal use) either: an apartment,a house or a villa on a site,a conjoin of arrive. The maximum allowed area is 4,013 form meters (an equivalent of 43,195 form feet)Permission to transfer the property bought to the non-Cypriot's name must be sought from the Cyprus Council of Ministers. However this is granted more or less as a matter of course to all bona fide purchasers. In the meantime purchasers may act possession of the property without restriction. The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable time after signing the assure of sale. Property Registration / Transfer FeesReal Estate Transfer tax-fees are necessary in request to assign FREEHOLD ownership to the label of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the acquire has been completed. The Transferee is responsible for the tax payment. There are a be of taxes that are associated with the purchase of property in Cyprus. Real Estate Transfer Tax. This is necessary to transfer the freehold into the label of the buyer and is levied on a progressive scale starting at 5 above CYP75,000. For residents there is an Immovable Property Tax based on the determine of the property at a evaluate of 0.2 up to CYP500,000; and 0.35 on the first CYP100,000 and 0.2 to 0.5 and 80% of the value of the property with the term usually fixed at seven to ten years although longer repayment periods can be negotiated. As things stand it would be very difficult to obtain a Cyprus mortgage from a non-Cyprus bank. These guidelines are meant for guidance only and describe a straightforward purchase scenarios. However this information is not meant to replace proper legal advice which we always beg you take. John Everitt is a consultant to Globespan European property portal. gratify visit our estate agents directory and this Cyprus buyers guide
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