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LA10-14, Larnaca
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Special Promotion - Prices start at £42,500!
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Development:
Location: Status: Number of Plots: Completion: Discount: Price Range: Exchange Deposit: Reservation Fee: LA10-14
Larnaca Reserved 30 Summer 2006 12% From £50,000 - £83,000 30% £1,000 Features:
* £50,000 - £83,000 * 30 plots * Close to seafront * Holiday Location |
Development Summary
About The Development
Just 800 meters from the Larnaka - Dekelia Seafront. Spacious 1 bedroom (55 sq.m) & 2 bedroom (85 sq.m), apartments with spacious 13-95 sq.m of covered verandas. Buildings beautifully designed, with high quality finishings and a large common swimming pool. The whole area is booming from new construction and prices are on a constant rise.
The two blocks are sold already and there are only 3 apartment blocks available. Investors (minimum purchase of 2 apartments) are entitled to a 15% discount. Prices start at £42,500!
Buy to Sell Investment Plan
You purchase a luxurious “off-plan”, 2 bedroom apartment by the beach for £57k*. You put £17K and the remaining £40K is due in 1.5 year when the project will be completed. When the project is close to finishing (a few months before completion) you sell the property for £70K (properties appreciate by more than 20% when they are completed) and make £13K or 76% return on investment!
Legal issues & Costs related to buying property in Cyprus
BUYING PROPERTY IN CYPRUS - Compared to many countries, the logistics of property purchase in Cyprus by foreigners are relatively simple & easy.
ACQUIRING THE TITLE DEED - Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointed third party with a Power of Attorney.
TAXES & FEES - The transfer of title can be effected once the Council of Ministers’ permission is obtained and the Central Bank of Cyprus confirms receipt of the foreign funds. Upon transfer of the property and registration in the purchaser’s name, the District Land Registry Office will charge Transfer Fees, which are based on the market value of the property at the time of purchase, and are calculated as follows:
Value Up To Transfer Fee Percentage
0 - CY£ 50.000 3%
CY£50.001 - CY£100.000 5%
CY£100.001 + 8%
IMMOVABLE PROPERTY TAX, SERVICES TAX - The annual immovable property ownership tax imposed by the government is approximately CY£60-120 per year, depending on the value of the property.
CAPITAL GAINS TAX - Property sales in Cyprus are subject to Capital Gains Tax at the rate of 20% on the gain, however the first CY£10,000 are tax-exempt.
INHERITANCE TAX - Inheritance tax is not imposed.
LEGAL SAFEGUARDS FOR FOREIGN INVESTORS - Contrary to the risks inherent in the purchase of property in some countries, Cyprus has never been involved in the nationalization of any sector of the economy, nor in the expropriation of property owned by foreigners.
TAX PRIVILEGES - Personal effects, household goods, furniture & cars can be imported duty free by immigrant retirees.
FINANCING FACILITIES - C4P offers various long term payment schemes to assist its purchasers. In addition C4P may assist you to obtain from a Commercial Bank in Cyprus a housing loan at favorable conditions.
The two blocks are sold already and there are only 3 apartment blocks available. Investors (minimum purchase of 2 apartments) are entitled to a 15% discount. Prices start at £42,500!
Buy to Sell Investment Plan
You purchase a luxurious “off-plan”, 2 bedroom apartment by the beach for £57k*. You put £17K and the remaining £40K is due in 1.5 year when the project will be completed. When the project is close to finishing (a few months before completion) you sell the property for £70K (properties appreciate by more than 20% when they are completed) and make £13K or 76% return on investment!
Legal issues & Costs related to buying property in Cyprus
BUYING PROPERTY IN CYPRUS - Compared to many countries, the logistics of property purchase in Cyprus by foreigners are relatively simple & easy.
ACQUIRING THE TITLE DEED - Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointed third party with a Power of Attorney.
TAXES & FEES - The transfer of title can be effected once the Council of Ministers’ permission is obtained and the Central Bank of Cyprus confirms receipt of the foreign funds. Upon transfer of the property and registration in the purchaser’s name, the District Land Registry Office will charge Transfer Fees, which are based on the market value of the property at the time of purchase, and are calculated as follows:
Value Up To Transfer Fee Percentage
0 - CY£ 50.000 3%
CY£50.001 - CY£100.000 5%
CY£100.001 + 8%
IMMOVABLE PROPERTY TAX, SERVICES TAX - The annual immovable property ownership tax imposed by the government is approximately CY£60-120 per year, depending on the value of the property.
CAPITAL GAINS TAX - Property sales in Cyprus are subject to Capital Gains Tax at the rate of 20% on the gain, however the first CY£10,000 are tax-exempt.
INHERITANCE TAX - Inheritance tax is not imposed.
LEGAL SAFEGUARDS FOR FOREIGN INVESTORS - Contrary to the risks inherent in the purchase of property in some countries, Cyprus has never been involved in the nationalization of any sector of the economy, nor in the expropriation of property owned by foreigners.
TAX PRIVILEGES - Personal effects, household goods, furniture & cars can be imported duty free by immigrant retirees.
FINANCING FACILITIES - C4P offers various long term payment schemes to assist its purchasers. In addition C4P may assist you to obtain from a Commercial Bank in Cyprus a housing loan at favorable conditions.
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