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Frequently Asked Questions

Are after sales services available?

Yes. The following services are available:

• Water-Electricity-Telephone

• Purchase of household appliances and furniture

• Insurance policies for the house and its contents

• Medical Insurance

• Property Management

• Cleaning, gardening and pool maintenance.

For more details contact as at aftersales@aloizou.com.cy.

What are the communal charges?

In case of Multi ownership projects whereby a series of common use services are provided, charges vary from apartment to villa according to the quantity/quality of services available and the covered area of the property. Charges are allocated according to the covered area of the property. Charges vary, for apartments from CY£150-CY£250 p.a. and houses with common use facilities from CY£250-CY£350 p.a.

What taxes are payable on property [Depositing of the Sales Contract]?

1. Transfer fees: one-off payment.

The purchaser will be liable to pay the following transfer fees for the property acquired, when this is registered in his name at the Lands’ Office. The fees are charged on the property’s market value at the date of purchase:

2. Immovable property tax. This is an annual tax which is paid on the value of the property, [on the market value as at 1/1/1980] and is a fixed percentage per thousand:

3. Fees for the deposit of a sales contract in the Land registry: The deposit of the sales contract is advisable in order for the purchaser to exercise the defense of Specific performance against the developer/seller. The purchaser has the right to deposit the sales contract within 60 days after signing of the contract. However the sales contract must be deposited and stamped within 30 days after signing. After this period a penalty is imposed. The fees are 1.5‰ for values up to £100.000 and 2.0‰ for values there after.

4. Capital gains tax: The difference between the purchase price, and other costs incurred, such as inflation, interest costs, improvements etc., and the sales price is liable to the capital gains tax of 20%. The first £10.000 of the difference is exempt. In case of a permanent resident the amount is increased to £50.000 per year.

5. Other Property Taxes: These are taxes paid to the Municipality and depend on the size and value of the property. It covers refuse collection, sewerage, street lights etc. and it varies according to the area, from C£50 - 150 annually.

Is there medical care system in Cyprus

The medical profession in Cyprus is of high standard the majority of doctors having been trained in Europe [UK mainly] and the USA. Medical care is inexpensive. A doctor visit costs £15-25 and X-rays £20-25.

Medical care through private insurance is available starting from £142.- per annum.

Estate duties

Inheritance tax has been abolished since 1/1/2000.  Foreign Residents domiciled in Cyprus are exempt from Estate Duty from world wide assets. This is especially important for people with tax inheritance problems.