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A Guide to Cyprus - The Value

Living in the Sun - International Property Sales

Information kindly provided by Living in the Sun - http://www.livinginthesun.com


The Value
The Cyprus properties are good value, the taxation is low, there are duty free opportunities, business opportunities – more of your money, and more for your money. Below you’ll find a guide to what it will cost to buy, and to run, a home on the island. 

All prices are reasonably up to date at the time of writing, and we do update regularly. The purchase costs will vary depending on the building, so it’s a good idea, once you have made a decision, to check that you have everything correct. You’ll need only around CY£6000 per year as an income to live on – amazing value, and you’ll live the rich life - Living In The Sun!

Cyprus Properties

Budget
 
Car Utilities Insurance
Lawyer
 
Stamp Duty Property Tax Transfer Fee
Common Services
 
Mortgage VAT/Income Tax Removals
Cost of Living
Exchange Control Duty Free Rental Income

Budget

Planning your costs – with the detail

Running costs

From the detail below, for a 2 Bed property priced at CY £75000: -

Municipal tax 60
Water 130
Electricity 200
House Insurance 120
Car Tax 85
Car Insurance 200
Food 3000
TOTAL £CY 3795 or £CY 316 per month (543 Euros)

Capital Costs

House 75000
Lawyer 1100
Stamp duty 112.50
Immoveable Property Tax exempt
Transfer fee 2750
Removals (if permanent) 3283
TOTAL £CY82133 or 141,268 Euros

(NB an exchange rate of 1.72 Euros to the CY£ has been used, and exact figures will vary according to the property)

Cyprus Properties
Car

 To purchase a medium sized saloon car in Cyprus would cost around half the price of a similar car in the UK, because of duty free opportunities.

Car tax is CY£85, and fully comprehensive insurance likely to be about CY£200.

Petrol is about 43p per litre ! Diesel is about 15p !!

Car Rental will be £20-£30 per day, depending on size and duration of hire. For 15 days plus, the smallest might cost CY£18, and a 4WD between CY£25 and CY£40 
Cyprus Properties
Utllities

The costs are relatively inexpensive:

Electricity is charged as and when you use it, with a minimal standing charge of two months. The supply is 240 volts, and in most places the familiar square 3 pin socket, though in some older places there could be older “Chelsea” round 2 pin sockets. Expect an annual cost to be typically about £150.

Water is precious, and although there is a standing charge per two months of about £4, you can use a set amount and after that pay a minimal amount per gallon. Say CY£32 per quarter.

Telephone is charges as you use, with a standing charge of about CY£1.40 per month

Sewers and Street Lighting is paid annually and generally is around CY£40 to CY£50, according to house size.

A one-off connection charge is usually payable.

Cyprus Properties
Insurance

House Insurance will be around CY£150.  Private healthcare will start at about CY£25 per month, and a prescription is £6 – a visit to a doctor will be about CY£10.
Cyprus Properties
Lawyer

A very rough guide would be CY£1000 + 8% VAT and stamp duty.
Cyprus Properties
Stamp Duty

£1.50 for properties up to CY£100,000, and at 2% for the amount above that limit. It’s payable within 30 days of signing the contract, when presenting the contract to the authorities for authentication and verification.
Cyprus Properties
Property Tax

An annual tax paid by the owner and based on the property value in 1980 – anything valued at less than CY£100,000 is exempt
Cyprus Properties
Transfer Fee


Paid once only to the land registry office, by the purchaser when the title deeds are transferred to his name: -

First CY£50,000 3%

Next CY£50,000 5%

Anything over CY£100,000 8%

Cyprus Properties
Common Services

If there are shared services such as a pool or garden, you might pay between CY£150-£200 per year.
Cyprus Properties
Mortgage

There is a 1% registration fee of the amount secured, plus any relevant stamps.
Cyprus Properties
VAT/Income Tax

10% VAT is payable currently, and will rise to 15% by the time Cyprus becomes a full member of the EU. Income tax, if you reside in Cyprus, reaches a maximum of 5%!! If you do move, that’s all you will pay on your income from the UK – so it will stretch a lot further. This is one of the real benefits – it really is a tax haven. There can be business advantages also in operating from Cyprus too.
Cyprus Properties
Removals

If you are moving permanently, we can put you in touch with a good company. For planning purposes, a quote for a typical semi would be: -

From Birmingham to Paphos, with a price including: -

Packing
Loading
Sea freight
C/Clearance
Delivering
Unloading (based on easy access)

               £ Sterling 3283

This doesn’t include duties or taxes, and assumes no storage or rent involved.

Cyprus Properties
Cost Of Living

Cyprus has one of the highest per capita GNP in the Mediterranean. The cost of living is substantially lower than in most countries yet reflects a comparable standard of living and quality of life. Add a very low crime rate, and low pollution, and you have an extremely attractive package. Then take into account the tax advantages, the duty free opportunities, and a modest income will go much further in Cyprus, and give you an excellent standard of living.

A couple living in Cyprus can expect to require an income of around CY£6k.

The first CY£2000 of any investment income from foreign residents is tax free, including pensions, with the remainder subject to a flat rate 5% tax. Interest earned from foreign capital is exempt. The double taxation treaty with the UK means you do not pay UK tax if you reside in Cyprus.

Cyprus Properties
Exchange Control

This distinguishes between residents and non-residents, irrespective of birthplace, residency determined by where people work and live. Residents are subject to some exchange control on capital transfers. All current payments are transferable abroad without restriction. So non-residents can hold and manage assets in any currency anywhere.
Cyprus Properties
Duty Free

As a foreign resident, you can buy cars at duty free prices. A medium sized saloon car will be around half the price you would pay in the UK. These items do not have to be imported but can be purchased locally.

The list includes items an intending resident may want to bring, such motorised caravans and yachts and boats for sport and pleasure. The list is fairly extensive and is at the discretion of the Director of Customs and Excise.

Cyprus Properties
Rental Income

The first thing to note is that, strictly speaking, foreigners aren't allowed to rent their property in Cyprus, though many do and with the EEC looming it doesn't seem likely that it would be an issue. 

The season is a long one - 24 weeks or even longer. You need a property with good facilities, and near the attractions, particularly the beach. Swimming pool is pretty much obligatory, and preferably a private one - some letting agencies won't handle properties without a pool. 

Rental income is subject to income tax in this country if you are non-resident in Cyprus.  Rental rates are inevitably very varied - an average town house sleeping 4-6 people might go for between 300-600 euros, and a top end luxury villa for 8-12 people for up to 1500 euros.  High season is July/August, mid-season June, late September and October, and even perhaps Xmas and Easter. Mid-season rates are usually about 25% less than high season. The rest of the year you may be talking 200 euros, and often owners only allow rentals for a minimum on a month then. Rates generally include linen, gas and electricity, though heating in winter is often an add-on cost. 

Furnish inexpensively - things will get broken though theft is rare. A high chair for infants is useful. If aiming at the higher income, include things like dishwasher, microwave, satellite TV etc. Bicycles are provided by some - as are garden furniture and games e.g. Badminton. Telephones aren't usual - a payphone is a possibility. You will definitely need plenty of sets of keys, and always try to get back lost keys to avoid changing locks. 

A management company is not a bad idea - they can deal with the domestic issues for you. Note that a short term tenant who refuses to leave can be difficult to evict. A letting agent will charge between 20-40% of gross rental income. To get into an agents catalogue you'll need to contact them the summer before you want to rent. You may want to consider letting yourself, advertising here in relevant newspapers etc - it's a balance between agency fees and your own time, but if you work at it you can get higher occupancy yourself. If you do use an agent, check them out - ask for references from current owners, and to see income statements from other properties. Ask about how and where they advertise, and check that you have access when you want - some are not keen to let the owner use the property during peak weeks. 

Sunday Times, Telegraph and Daltons Weekly are key places to advertise, and there are companies who will produce a catalogue but clients contact the owners direct to arrange letting. (e.g. Private Villas 01564 794011). 

A few other tips:- 
  • Ring letting agencies and ask the price of a property like yours to find out the going rate If doing it yourself, find out about flight and car hire as clients will ask. 
  • Do you accept children and/or pets? 
  • Have a brochure. 
  • Have a pack for clients which has all the info, directions  and contacts that they might need. 
  • Make sure you cover any health and safety risks. Plumbers, doctors etc etc. 
  • Consider a welcome pack - flowers and a bottle of wine plus enough in the fridge to make one good meal.
  •  Management contracts last a year, normally, covering cleaning between lets, pool maintenance, house and garden maintenance, briefing guests on how the house works, and being available to help with problems. They will also make periodic checks when the property is empty.

Letting agencies are not hard to find. For a top class service expect to pay maybe 30%. It seems a lot, though you can lose clients or perhaps have problems with your property's maintenance if the service isn't good - we have some contacts in this field so get in touch if you need details.

Furniture Packages - by maximising your property’s potential, you can achieve maximum occupancy giving you a higher return on your investment. Well-equipped homes command a higher rental and are rewarded by repeat lettings year after year.

We have links to a company who specialize in affordable designer furnishing packages tailored to your individual requirements and own budget. From teaspoons to TV’s, beds to bath towels, all fully co-ordinated to give you a sought-after home. Choose from three packages and leave the hard work to them - get in touch for details.

 

3 Bedroom Apartment - cost CYP £105,000 on mortgage with 25% deposit

 

 

Monthly expenses

Average:

 

Approximate income:

 

 

Electricity

90

 

Utilities

23

 

 

 

 

Assuming only 50% rented occupancy

Total

CYP £113

 

during the year.

 

 

 

5 weeks @ CYP £205 between

 

Annual expenses:

CYP £ 1,356

 

1st November and 31st March

1,025

Mortgage per annum

6,230

 

Communal charge

100

 

20 weeks @ CYP £375 between

 

Home insurance

160

 

1st April and 31st October

6,750

 

Total annual expenditure:

CYP £ 7,846

 

Total annual income:

CYP £ 7,775

 

2 Bedroom apartment - cost CYP £95,000 on mortgage with 25% deposit

 

 

Monthly expenses

Average:

 

Approximate income:

 

 

Electricity

90

 

Utilities

22

 

 

 

 

Assuming only 50% rented occupancy

Total

CYP £112

 

during the year.

 

 

 

5 weeks @ CYP £205 between

 

Annual expenses:

CYP £ 1,344

 

1st November and 31st March

1,025

Mortgage per annum

5,700

 

Communal charge

250

 

20 weeks @ CYP £355 between

 

Home insurance

160

 

1st April and 31st October

6,390

 

Total annual expenditure:

CYP £ 7,454

 

Total annual income:

CYP £ 7,415

 

3 Bedroom Apartment - cost CYP £110,000 on mortgage with 25% deposit

 

 

Monthly expenses

Average:

 

Approximate income:

 

 

Electricity

110

 

Utilities

23

 

 

 

 

Assuming only 50% rented occupancy

Total

CYP £133

 

during the year.

 

 

 

5 weeks @ CYP £225 between

 

Annual expenses:

CYP £ 1,596

 

1st November and 31st March

1,125

Mortgage per annum

6,500

 

Communal charge

250

 

20 weeks @ CYP £415 between

 

Home insurance

175

 

1st April and 31st October

7,470

 

Total annual expenditure:

CYP £ 8,521

 

Total annual income:

CYP £ 8,595

 

1 Bedroom Apartment - cost CYP £59,000 on mortgage with 25% deposit

 

 

Monthly expenses

Average:

 

Approximate income:

 

 

Electricity

50

 

Utilities

20

 

 

 

 

Assuming only 50% rented occupancy

Total

CYP £70

 

during the year.

 

 

 

5 weeks @ CYP £150 between

 

Annual expenses:

CYP £ 840

 

1st November and 31st March

750

Mortgage per annum

3,600

 

Communal charge

150

 

20 weeks @ CYP £275 between

 

Home insurance

100

 

1st April and 31st October

5,500

 

Total annual expenditure:

CYP £ 4,690

 

Total annual income:

CYP £ 6,250

 

 

 

 

 

 

 

 

 

Cyprus Properties



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