On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Any profit can be exported at the rate of CY 10,000 per calendar year, plus any interest.There is no Capital Gains Tax where the property was acquired by the importation of foreign currency. Otherwise CGT is levied at 20% on gains in excess of CY 5,000.
Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate. A Cypriot will speed up the process of obtaining probate in Cyprus.Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning.
The Minister of the Interior may grant a permit only if the Immigration Control Board confirms that the applicant falls under one of the following categories and meets the necessary criteria. (a) Farming. He possesses adequate land or a permit to acquire it and at least CYP250.000.(b) Mining. He possesses a mining permit and at least CYP200.000. (c) Trade. He has capital of at least CYP150.000,(d) Retirement. He has a secure income of about CYP5.000 per person and he and hid dependants will not work.
The most important factor however is access. Do not be fooled by what is on the ground. Check the Lands’ and Surveys’ plan to see whether the property abuts onto a public access, as well as the nature of its boundaries (shown on the title deed). The fact that the property abuts a public access does not necessarily mean that a building permit can be obtained based on this road access.
If you buy property but the property is not transferred in your name immediately, you are urged to deposit your contract with the District Lands’ Office within two months from signing. If you do not deposit your contract and the seller changes his mind about the sale, then, your only remedy for the breach is damages, whereas if you deposit your contract you can seek (through the Courts) specific performance (i.e. the transfer of the property in your name). The depositing of the contract operates also as a charge on the property.