F.A.Q.

17 October 2017

F.A.Q.

  • October 17, 2017

Why Cyprus?
Apart from the obvious beautiful sandy beaches, wealth of culture and gorgeous climate, there is a wide selection of property options available for sale and the Cyprus property market is one of the fastest growing markets within Europe. Purchasers are attracted by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe and the United Kingdom
Why Purple?
PURPLE are a well established licensed real estate agent and market leader island wide. We recognise the importance of customer care and by building relationships with developers we are able to offer our clientele the highest standard of service in the industry, with fantastic after sales care.
How do I view properties in the area?
Once you have selected a property or properties you wish to view, your designated sales representative will book an appointment to suit your schedule.
Does PURPLE offer inspection trips?
PURPLE does not offer inspection trips as a package however if you are coming specifically to look a properties with PURPLE we offer 3 nights’ accommodation, and flights are refundable subject to purchase.
Can i reserve a property?
Of course you can reserve a property at any point with a €3000 reservation (price subject to seller’s discretion)
What fees/taxes can be expected during the buying process?
Legal fees inclusive stamp duties and VAT on final solicitor’s cost – 1.25% of the purchase price.Bank Fees - 1.25% of the purchase price. (Only applies to people if a loan is required)Transfer Fees
What is the cost of living in the Cyprus?
Daily expenses may be relatively similar to the UK. The taxation aspect must be considered in the overall cost of living in Cyprus. In the UK one of the major expenses for any home owner is Council Tax, with the average annual bill now exceeding the £1,500 mark. In Cyprus however, the equivalent charge is not nearly so dramatic, with 'council tax' weighing in at a staggering €120 to €140 per year, plus a 'refuse tax' of about another €170.
What Capital gains tax will I pay when I come to sell my property?
Dealers in land fall under the income tax laws and non-dealers fall under the capital gains tax. The gain is calculated as the difference between the sales proceeds and the original cost of the property. As from the 1st August 1980, tax is imposed at the rate of 20% on gains realized from the disposition of property (building or land) as adjusted after the deduction of different allowances. More details can be found on our detailed Cyprus taxes page.
Do I need to make a Cypriot will?
Yes, this is a very simple process, one that can be completed with your solicitor when you purchase.
Which permits will I need to live in Cyprus?
Nationals of any Member State who move to Cyprus in order to pursue activity as employed persons are granted a residence permit. The Cyprus Residence permit must be applied for within 4 months of arrival in Cyprus. The date of arrival in Cyprus will determine the time factor.
Application must be made in person at the Civil Registry and Migration Department or the Immigration Branch of the Police. It is highly recommended to apply, as failure to do so will result in a fine.

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Contact Us
(+357)99 548 479
(+357)23 811 058
Freephone:
(+357) 8000 90 99
Head Office Protaras:
(+357) 23 811 058
Larnaca Office:
(+357) 24 817 711
Paphos Office:
(+357) 26 002 811