 | Taxation |
| Immovable Property Tax:
The registered owner of the property is liable to an annual immovable property tax calculated on the market value of the property as at 1st of January 1980. This varies according to values between 0 to 4 CY£ per thousand. Typically the average cost is €85.00 (CY£50) to €170.00(CY£100) per annum. |
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| Finance |
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Finance schemes are available through most banking institutions in Cyprus. The rate of interest charged by most banks is currently around 5.5 (October 2007) and is dependant on the base rate dictated by the Central Bank of Cyprus. |
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| Cyprus Legal Infomation |
| The legal system in Cyprus is modelled on the British system due to its colonial legacy. In addition, with EU membership, Cyprus has harmonised its laws and regulations in line with the acquis communautaire. In effect, this means that EU citizens can now buy more than one property in Cyprus. The Land Registry system is one of the most advanced and reliable systems in the world, being based on the British equivalent. Purchasers of property in Cyprus will be far more secure with regards to matters such as title deeds than they might be in other Mediterranean countries. |
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