Population: 780.133
Area: 9.250 km2
Capital: Nicosia
Language: Greek, Turkish
Currency: pound (CYP)
Gdp per capita: €16,984
Gdp Growth: %3.2
Dialing code: + 357
Emergency service: 112
Embassy phone in Ireland: 016763060
Visa requiry: no
Dublin - Nicosia distance: 3.682 km
Agent Fees: %3 - %10 paid by seller
Legal fees: %2 - % 5
Season High: May - Oct
Buying Process and taxes Buying property in Cyprus is very simple. After you found your perfect place, the buyer puts down a deposit (usually €1,500 and €3,500) which represents a legal binding agreement and will be lost upon withdrawal. Contacts are drown up, signed and exchanged: at this point the first stage payment of a 10% of the cost is paid and the rest is payable on completion. Following this, contracts will be presented to the land registry office and the buyer applies to Cyprus Council of ministers for approval (to ensure the buyer conforms to Cypriot law – at present only one property may be owned by any given individual non-Cypriot at any one time, with a few exceptions): buyers need to present bank and character references. Approval may take anything up to even a year, though you can occupy your property while waiting for approval and if approval is denied, you can reapply or sell your home with in 17 years. Once approval is granted, taxes are paid and the transaction is complete. Taxes will include transfer tax of up to %8 and stamp duty is at up to %0.2; total fees including approval applications and notarizations should be around €2000. Annual taxes could reach %3 of the property’s value. |