Buying Cyprus Villas Secrets

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Compared with other international financial centres, Cyprus offers a distinct benefit in the form of double taxation treaties. Agreements with an increasing number of countries eliminate the double taxation of income earned in any one of these countries. In practice, the tax levied by one country is credited against the tax levied in the taxpayer’s country of residence. Where different tax rates apply, the tax payer will ultimately not pay more than the higher of the two rates of the respectively countries.

Transactions and payments are simply made through your foreign deposit account. The Cyprus currency system is based on the decimal system. One Cyprus Pound is divided into 100 cents. Coins range in value from one cent to 50 cents and four bank notes are in circulation: 1, 5, 10 and 20.

There is no difficulty in finding apartments to buy in any of the towns in Cyprus. Land development into apartments is very common and there is an abundance available for sale at any time all over Cyprus, the vast majority being very new. There is also a tendency to sell apartments “on paper”. (ie when construction plans are still on the drawing board), or during construction, as a means of raising part of the finance for the project.Apartment prices are not uniform. They vary to a great extent with the location, the quality of the project and the town where they are situated. It is usual for developers to give credit terms of payment when selling these flats.

It is recommended that a building permit be secured first before works commence, although works such as excavations etc may begin prior to the issue of the building permit. In this case, your architect must consult with the Appropriate Authority to see whether there are any major objections to the drawings.

In addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects & Engineers (all licenced architects must be registered). Please bear in mind that in case of large buildings you may be able to negotiate a lower fee (as also in the case of repetitive work).

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MLA Style Citation:
Marind, William "Buying Cyprus Villas Secrets." Buying Cyprus Villas Secrets. 5 Feb. 2010. uberarticles.com. 7 Apr 2012 <http://uberarticles.com/miscellaneous/buying-cyprus-villas-secrets/>.

APA Style Citation:
Marind, W (2010, February 5). Buying Cyprus Villas Secrets. Retrieved April 7, 2012, from http://uberarticles.com/miscellaneous/buying-cyprus-villas-secrets/

Chicago Style Citation:
Marind, William "Buying Cyprus Villas Secrets" uberarticles.com. http://uberarticles.com/miscellaneous/buying-cyprus-villas-secrets/

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