Maintenance of property in Cyprus





Information about the Cyprus. Geography, history, population, map, coat of arms, visa
Central European standards, maintenance of property in Cyprus is relatively cheap. The tax rate depends on the value of the object, deductions for the content - the type of housing and footage.

Taxes, payments, utility payments


After receiving the title to real estate owner must pay an annual tax on real estate. Real estate is cheaper ? 170 thousand is not taxed, at a cost of up to ? 427 thousand tax rate is 0.2% up to ? 855 thousand - 0.3% more than ? 855 thousand - 0,35%.

Contents apartment with two bedrooms costs about ? 500-600 per year, plus electricity and water, which are covered by the meter (on average ? 20 per month). Utility expenses include costs for maintenance and cleaning of common areas, garbage collection, street lighting. They are paid a fixed time during the year.

The tariff for water supply (this also includes payment for sewer and maintenance) in each city is set to local water departments, and includes a subscription fee (about ? 8,5) and charges for water used. With delay of payment for water bills will be charged a penalty of 10% of the amount of payment. If in this case the bill is not settled, the water cut off and for the connection you want to make ? 8,5. The cost of electricity for a family of three people to be around ? 10 a month. The fee for garbage disposal - ? 59-76 per year.

Cyprus is the third largest in the world for the quality of communication services. Here are the lowest in Europe, prices for telephone calls. Cost of outgoing call from fixed phones - 0.4 cents, mobile - 10 cents. Well-developed the Internet in the private sector spend ADSL and ISDN networks. Most businesses work with ADSL.

Basic prices in Cyprus


The choice of products on the Cypriot market is large enough. Fruits, vegetables, meat, fish is always fresh and are relatively inexpensive, while dairy products are quite expensive. A loaf of bread costs about ? 1 euro.

Meals in restaurants in Cyprus costs from ? 10 to ? 30 per visit. This kitchen is very high. Reasonable prices and excellent quality of different alcoholic beverages, especially wine. The cost of a bottle of wine - from ? 2,5 to ? 5, a pack of cigarettes - about ? 2,7.

Rail and domestic air service in Cyprus is not, so the main means of transport - cars, buses and shuttles. The taxi fare has two - day (6.00-20.30; about ? 3,42 per landing) and night (20.30-6.00; ? 4,36 per landing). If the baggage weight exceeds 12 kg, will have, regardless of time of day, pay an average of ? 0,37 for each seat. Kilometer afternoon is about ? 0,37, per hour of downtime - about ? 6,7, at night - ? 0,43, respectively, and ? 9,6.

Buses in Cyprus are very expensive - about ? 6 for 50 km. On Sundays at the bus output. Shuttle buses run on weekends, but they cost twice as much. "Minibuses" do not go to and from the airport, in this case it is necessary to resort to conventional taxis.

Demise

Relationships rent in Cyprus are governed by the provisions of the Law "On the lease agreement, which states that the rules regarding the lease relations do not apply to foreigners. That is, foreign nationals have no right to pass your property directly - only through the agency or management company.

Upon delivery of housing required to conclude a lease agreement governing the relationship of the parties. To hand over property easier management company - it would deprive the landlord need to personally monitor the state of housing, conduct repairs, pay bills, hire janitors.

With long-term lease holder has the right to raise fees to tenants every two years by 12%. Nevertheless, it is not too profitable for the landlord: the annual income in this case is about 3-3,5% of the value of the object. Profit for short-term lease out more - about 5%. Average cost of rent in the resort cities of Cyprus - from ? 7,5 to ? 12,5 per square. m.

When completing the declaration on income received in Cyprus, a foreign national in the country delivers the property for rent, must indicate in a special paragraph of the size of their income from such transaction. VAT in Cyprus is 15%. However, the work for you to perform the asset management companies to which you refer.

The best places to rent in those cities and areas where tourists do not stop in winter. Here are allocated Paphos and Limassol.

Rent for a period of more than 15 years may be registered in the Land Registry. If the tenant - a citizen of Cyprus, he gets the right to use the leased property for commercial purposes.

Properties for sale in Cyprus


If the title of a property owner has the right to resell the alien object to another person. In a separate sale of real estate is advisable to begin the process with advertising in local newspapers or to place an ad with a detailed description of the object in the database of real estate agency.

If the seller is not certain that he will be able to solve all issues related to the sale, can be trusted with the procedure of real estate agencies. The agents will competently assess the apartment to pick up potential buyers and to compile the necessary documents. Commission agent is 5%, it pays the seller.

Tax on capital gains, which must pay the resale property in Cyprus (if its price rose with inflation), representing 20% of the profits, but the first ? 17 thousand are not subject to taxation. Proceeds from sale of property in Cyprus can be freely exported from the country.

Since the land is bought by foreigners only for construction, sale of land by foreign nationals are generally not practiced.

Registration and maintenance of a legal entity in Cyprus

A foreigner may not conduct any business prohibited by law in Cyprus without restrictions on the percent of foreign shares in the company and the minimum investment. It should be noted that Cyprus is the lowest in the EU income tax - 10%.

As during the registration process the company and its activities during the physical presence of the founder is not necessarily - you can send orders by fax or e-mail.

To open a company in Cyprus are required registration statement on the company, a statement of the name of the company, a memorandum on the establishment of the company and its charter, the share capital, registered office, director, secretary and shareholders. Secretary and Director of the company must be resident in Cyprus.

Registration of a legal entity in Cyprus, costing an average of ? 2,5 thousand This amount includes the cost of registration of the firm, attorney, legal address, bank account opening and printing, shareholder profits, the Secretary and Director.

Company name is passed to the Registrar of Companies for consideration and approval. Normally it takes five to eight days. Upon receipt of permission for assignment of the company's behalf an agreement to establish a joint stock company and the company's charter to be submitted for registration with the Registrar of Companies. It takes about ten days. You can select the name of the company from an existing list or re-register had finished, a registered company. This procedure takes one to two days.
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