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Electricity Rebate |
| Antonis Loizou & Associates |
| We had a house built at Nata, (which has still to be transferred into our name) and included in the price was the cost of bringing electricity to the house. The cost for this was £11,000.00 cy which the builder paid from the money that we gave him. The application was made on 23/5/2005 and the agreement was signed and paid by the builder on 3/1/2007.
Since the construction of my house, another house has been built farther along the road and using the existing supply has since been connected.
It was the owner of this new house that suggested that since he was connected within five years of of my connection I can claim a rebate on my instalation.
I made enquiries at the electrical office and although they were very sympathetic they informed me that as the builder signed for the connection then it is only him that can claim the rebate. |
| 09/05/2010 |
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Commission payable to Estate Agent in Cyprus |
| Antonis Loizou & Associates |
| In Cyprus it is the seller who pays the commission and not the buyer, unless otherwise agreed amongst the parties. The “new procedure” means most likely that the agent wants commission from both, buyer and seller. |
| 02/05/2010 |
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Repossession of premises |
| Antonis Loizou & Associates |
| I have stated the law and the recourse she can undertake. I am addressing a similar letter to another reader regarding repossession of premises which will be published in the Cyprus Weekly. Far from discouraging both readers, I have given them valuable information on how to fight back (in both cases). This is the law and it is unfair to a great extent. Having said that, I understand that the property owners association is taking the Government to the European Court on this. We have to wait and see. |
| 28/04/2010 |
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Local Town Planning Office in Cyprus |
| Antonis Loizou & Associates |
| I own a plot of land of 1200sq metres with 90% build, at the moment, because of the exchange rate I have decided to put a static caravan having double axle wheels measuring 7.3m x 13m on the land, I already have applied and got temporary electric on the land as the A.E.K said it was allowed for a caravan, but can you tell me what permission, if any, I need for me to do this.
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| 21/04/2010 |
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Capital Gains Tax |
| Antonis Loizou & Associates |
| My wife and I would very much appreciate your guidance.
We jointly own a villa here in Cyprus, if we sell it will the sale be subject to capital gains tax?
If so, how is the tax calculated, what allowances do we have, and is it paid here in Cyprus on completion of sale, or in the UK when funds are transferred?
Are there any other taxes / charges likely to be incurred apart from legals and agents fees?
Sincere thanks in anticipation of your valued assistance.
Peter and Ann Goddard, |
| 14/04/2010 |
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Rent Control Act in Cyprus |
| Antonis Loizou & Associates |
| My name is J. Ch. I have rented my hair salon in Zakaki Court for the past 27 years, moving in when the building was new, always paying my rent on time. Just over two years ago I was told there would be major repairs needed to the whole building. I heard nothing more until 10th February 2010 when I received a letter (attached) from a solicitor representing my landlord, giving me four months notice to leave the premises in order undertake renovations. I believe that many other tenants may refuse to leave however, I am willing to abide by their wishes and vacate the property be the end of June provided I am compensated fairly. |
| 28/03/2010 |
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Green Area |
| Antonis Loizou & Associates |
| We bought a plot of land at Strovolos next to what we thought was a green area. In fact we went ahead and without asking, planted it and upkept this “green” area for the last 3 years. Suddenly we are informed that on this plot a small church will be erected!! Despite the fact that we are church going people we object. WE have visited the Municipality and we were told that everything is legal and that there is nothing we could do about it. Before going down the legal route and the expense do you think we have a case Mr Loizou? – My husband and I love your articles and the free advice that you promptly offer. We have no problem offering to pay a reasonable fee for your advice. |
| 14/03/2010 |
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VAT on Cyprus Property |
| Antonis Loizou & Associates |
| I have just purchased a house off plan in Larnaca on ------ Project, the value including VAT is Euros 553,000 and it has been mentioned that I may be able to get the VAT back if I can prove I am a permanent residence.
Now, I will not live permanently in Cyprus but as I live and work in Asia for the time being and I am able to have my salary paid into my Cypriot account that was set up when I was granted a 65% mortgage, is it possible to get around some of the issues?
I am a UK passport holder but have lived in Asia for 12 years, I have no permanent property in Asia that is used for a home and my company pay my housing costs, my salary is well in excess of the E30k you state. I have 2 investments properties in Asia to a value of approximately E500,000.
Do you have any relevant issues on my case and could your company help me with the process for a fee?
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| 28/02/2010 |
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Building Amnesty |
| Antonis Loizou & Associates |
| We are building our house and to be quite honest with you, we find that now, at this late stage of design, that it is a bit small!! Our architect has suggested to add a loft/attic on top, but we are anxious not to break any building law. We took the route “ask Loizou” and we hope you do not mind in helping us out. |
| 21/02/2010 |
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Photovoltaic Systems (Continued) |
| Antonis Loizou & Associates |
| May I make some comments on your answer to the reader's question about photovoltaics?
Coming from Germany to Cyprus, I always was wondering, why over here it is not common or even the law to put those panels to new buildings.
So I started to look into the matter, if it is worthwhile to invest in my house for this issue.
Unfortunately I found out, it's not. Starting with the cost for a "normal house", they would be around 30.000,- EUR minimum. With the fee, the EAC is giving you for the electricity produced, your pay back period is about 15-20 years. Not mentioning the hazzle, until you have all the permits from the EAC and the local authorities to place the panels - provided you have enough space on your roof or elsewhere on your plot. But of course the E-Lobby is not interested in having everybody their own power plant, as the profits they make, would drop a lot. It's a shame, but reality is, everybody (politicians especially) is talking about global warming, emissions and protecting the environment, but as soon as it comes to give incentives on green energy you will face a wall of ignorance for the above mentioned reasons. So I'm afraid on this lovely island, that has ideal conditions for solar energy with more than 300 sunny days a year, we will keep on burning imported oil instead of producing our own green energy (the windpark to be built is just a drop on the hot stone and only being built because of the EU-pressure on Cyprus). |
| 14/02/2010 |
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Photovoltaic Systems |
| Antonis Loizou & Associates |
| For many years we have been reading your very helpful advices on different matters. As you are not fully aware of the details concerning photovoltaic, we would like to give you some information's, as it is quit new in Cyprus. It is now a very good investment in green energy to produce electricity from the sun since the Government finally subsidises all the electricity one produces from a photovoltaic system and sells it back to the grid. EAC pays together with a 15-20 year contract between 22.5c and 38.4c per KW/h which leads to a profit of 14-19% per year from the invested capital. A 55% grant for the equipment is only given if the installed system is facing perfectly south, but also without the grant it is very profitable. For example a 10 KW system which costs less than 40.000 EU produces between 16500-17000 KW/h which one can sell back @38.4 c (6500 EU/year) Beside the financial advantage it is very helpful for the environment to save CO 2 emissions. |
| 07/02/2010 |
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Tax benefits on pensions |
| Antonis Loizou & Associates |
| We noted what you say regarding the tax benefits on pensions if we become permanent residents of Cyprus. Do you just declare that we are such and thats it? |
| 31/01/2010 |
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Common Expenses |
| Antonis Loizou & Associates |
| I bought a Limassol Apartment in mid 2007 from one of Cyprus's major Developers. At that time I was asked for CY£500 in respect of 2 years common expenses in advance, which I duly paid.
Towards the end of 2009 I was advised by the Developer that I owed nearly Eur 3,500 in unpaid common expenses! |
| 24/01/2010 |
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Property Tax In Cyprus |
| Antonis Loizou & Associates |
| Dear Mr Loizou
A very happy new year to you.
We read your articles every week they are so informative keep up the good work.
Never having written to you before I now need some clarification on this
Proposed increase in PROPERTY TAX.
What is it?
Who pays it, how is it billed?
How is it worked out?
I have a friend who has had an apartment in Limassol for the last twenty years
he is unaware of the tax.
Can you en-lighten us
Kind Regards
John & Sue Finn |
| 17/01/2010 |
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Property Transfer fees |
| Antonis Loizou & Associates |
| What are the transfer fees (in U.K. stamp duties) involved in a transfer of property? We are invited to have our apartment transferred on our name, but we want to be prepared on the cost. |
| 10/01/2010 |
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