Real Estate
Nasos A. Kyriakides & Partners LLC advises on all legal aspects of buying, renting or developing property in Cyprus.
We have extensive experience in real estate transactions in Cyprus. Our property lawyers and planning consultants can provide consulting on residential, commercial, mixed-use and industrial property acquisition, sale and lease; consulting on residential, tourism and industrial real estate development; government permits and procedures. Nasos A. Kyriakides & Partners LLC advises on all legal aspects of buying, renting or developing property in Cyprus. We also work closely with banks, architects and involved parties to ensure smooth property transactions. We are also able to coordinates our in-house project management service for conversion or refurbishment projects of residential and commercial property where appropriate.
Our Property & Development Team also provides a full service in connection with the drafting, review and negotiation of preliminary agreements and deeds of sale/purchase of property in Cyprus.
Why invest in Cyprus
A number of economic and natural factors combine to make Cyprus the ideal property investment location. An average 340 days of sunshine a year make Cyprus an agreeable place to visit or live and holiday in outdoor activities are rich. Cyprus is a great holiday location with varied appeal which offers an interesting mix of cultures, with strong UK, Greek, Middle Eastern and Turkish influences.
In addition, most of the local people speak English are welcoming and hospitable towards visitors. Proximity to the European mainland means that Cyprus benefits from regular budget direct flights, making access to the island very easy.
Economic Factors
Competitive prices and a low cost of living compared with other Mediterranean destinations make for an ideal investment climate. The growth rate for real estate investors grow higher every year in carefully selected locations. Cyprus EU inclusion since May 2004 means EU financial assistance and several other economic benefits. The Strategic Plan for Tourism 2010 is upgrading facilities and resorts in line with 21st century tourism trends. This is set to boost an already thriving tourism industry on the island. A successful and growing economy indicates strong potential for property investment growth in the future a low tax regime makes investors’ money go even further.
We can assist you in the setting up joint venture opportunities in Cyprus and the implementation of investment strategies to best suit your needs. We maintain valuable contacts with large-scale individual investors and investment groups, all wishing to take advantage of the current profitable investment opportunities in Cyprus.
Summary
Calculating your Immovable Property Tax liability
Every registered owner whose immovable property exceeds € 170,860 is required to submit a Declaration of Immovable Property (IR 301 and IR 302) and pay the respective tax every year before 30 September. The tax rates are as follows:
It should be noted that the nil rate IPT on property valued up to € 170,861 only applies to natural persons (individuals). If you have set up a company (a legal entity) to own a number of properties, the nil rates does not apply.
Market Value of Property (1/1/1980) (€) | Annual Property Tax (%) |
up to € 170.860,14 | 0% |
from € 170.860,15 to € 427.150,36 | 2.5% |
from € 427.150,37 to € 854.300,72 | 3.5% |
over € 854.300,73 | 4% |
Nasos A. Kyriakides & Partners LLC, can provide advice on Cyprus property law
Legal Services
- Draft/Review of Sale or Rental agreement
- Search of the Land Registry
- Settlement of stamp duty
- Filing of sale agreement with the Lands Office
- Negotiation\Settlement of capital gains tax
- Completion and submission of necessary documentation for the completion of the transfer and registration of the title deed
- Execution of agreement by Power of Attorney
- Application to the Council of Ministers for the issue of the permit to acquire property in Cyprus (if necessary)
Interested in Real Estate?
If you are interested in our Real Estate service, don’t hesitate to contact us by completing the following form. An expert from our team will get in touch with you within 24 hours.
The firm was established in the year 2003 by the Managing Partner Mr. Nasos A. Kyriakides. Nasos A. Kyriakides & Partners Law firm has been committed to providing the highest standards of service with integrity.
Contact us
Anexartisias & Athinon, Nora Court, 2nd Floor, Office 201-202, 3040 Limassol, Cyprus