Property Partners Worldwide: Property Cyprus | Investment Property Cyprus

Property Cyprus	PROPERTY SEARCH CYPRUS
Top reasons to buy Property in Cyprus: •Joined EU in 2004 •Set to join the Euro in 2008 •Skiing in winter •All year round rental potential •Increase in tourism •Modern Infrastructure •Low cost of living •Tax benefits for investors •No inheritance tax
CYPRUS INTRODUCTION: This is a fantastic area for both investment and personal use. The location of this island, being the most Eastern part of the Mediterranean, ensures some of the best weather in Europe providing all year round sunshine. It is described as being at the crossroads of Europe, Southwest Asia and North Africa.Steeped in history, and being the birth place of Aphrodite, there is an abundance of things to occupy your self here, from visiting monuments and historical places of interest to every kind of water sport imaginable, not to mention taking in the breathtaking scenery. From an investor’s perspective, Cyprus has the potential of all year round rental, and with limited rental properties currently available, it provides the opportunity to see some favourable returns.	Cyprus Country Info: REGISTER FOR YOUR FREE CYPRUS BUYERS GUIDE Population:780,133 Capital:Nicosia Languages:Greek, Turkish Area (km2):9,250 Currency:Pound (CYP) Exchange rate:£1=CY£0.83 Dialling code:+357 Emergency services:112
GETTING TO CYPRUS: There is a good selection year round of both scheduled and charter flights from most major airports around the UK to Cyprus, with extra flights provided during high season. Visa/Residency issues in Cyprus: Any EU citizen can stay for up to 90 days in Cyprus without a visa. Those wishing to spend longer will need a residence permit, which can be obtained from the local Cypriot authorities. This is a fairly straightforward process for anyone coming from an EU member state. That said, anyone wanting to stay permanently will need something called an Alien Registration Certificate. Proof of residence, funds and identity are required for this Cyprus property Buying Process: •When a property has been chosen, a buyer puts down a deposit of between £1,000 and £2,000. This represents a legally binding purchase agreement •Contracts are then drawn up, outlining all the conditions of the sale, and at this point a further deposit of between 10% and 30% of the purchase price is payable (10% is usually paid for a resale, and between 20% and 30% for a new-build) •At this point the contracts are sent to the land registry and the buyer must make a written application to the Council of Ministers in Cyprus for approval to transfer ownership of the property into the buyers name . This is really only a formality (no-one from the UK has ever been denied approval), and you can live in your property while waiting for the approval to come through. Buyers need to present bank and character references with the application •The balance of the money is generally paid on completion for re-sales and in stages agreed by the developer for new-builds •All taxes are payable when approval is granted Fees and taxes in Cyprus •Transfer tax varies between 3% and 8%, with additional stamp duty of up to 0.2% •You also need to allow up to 3.5% of the value of the property for annual taxes