Purchasing property at Ayia Napa Marina

* Prices quoted are excluding VAT. Please speak to us today for more information.

We are pleased to offer a selection of properties for sale at Ayia Napa Marina. To discuss your requirements, current availability and pricing simply enquire now and we will be happy to assist you in purchasing a home at Ayia Napa Marina, Cyprus.

The Cypriot Government has introduced a framework of investment and business incentives to develop economic growth and encourage international investment to the country.

These incentives include:

• No VAT is imposed on properties sub-leased in Ayia Napa Marina. Normally, a 19% VAT is imposed on the purchase of a property.
• Transfer of Title; is actioned once the property has been handed over. At this time, the District land Registry Office will charge Transfer fees, based on the market value of the property at the time of purchase and calculated as follows: Value of property:Up to €85,000 – 3% €85,000 – €171,000 – 5% €171,000 and over – 8%. For reservations of new property during 2017, where VAT is paid, the Land Registry will take the difference in purchase price stated in the contract and the valuation upon transfer and assess the transfer tax value. 50% of the above percentage will then be charged on the difference.
• Stamp Duty; On signing of the contract the purchaser is liable to pay stamp duty at the rate of .15% from €5,000 – €170,000 and at 0.20% thereafter, with a cap of €20,000. This is charged on property purchase and payable within 30 days of signing.
• Leasehold Registration Fees; Leasehold Registration Fees are imposed by the Famagusta District Land Registry Office in order to register the Sub-Lease and the Long-Term-Lease agreements. The fees are payable upon the registration of the Agreements and amount to 2.5% of the Property Valuation. This amount will be payable in 3-5 years after completion of the project when the separate Lease certificates for each unit are issued by the Famagusta District Land Registry.
• IPT; Immovable Property Tax – abolished as of January 2017.
• Capital Gains Tax; is 20% on the gain but the first €17,086 is exempt. If there are two owners on the original contract of sale then the tax allowance can be up to €34,172 (two allowances maximum). There is a double taxation agreement between Cyprus and many other countries of the world.
• Inheritance Tax; no inheritance tax.
• Tax Advantages; Retirees drawing a pension are exempt from withholding taxes at source and may be taxed on the nominal rate of about 5% or less, depending on their income. Cyprus has double taxation treaties with many countries, safeguarding its residents from paying tax in both countries. No duty is levied on cars for retirees or personal effects.
• PLEASE BE ADVISED BY YOUR CYPRIOT LAWYER AS TO TAXES AT THE TIME OF GOING TO CONTRACT AS THESE CAN CHANGE AND THIS IS JUST A GUIDE.

• The applicant must prove that he/she has at her disposal a secured minimum annual income of at least €30,000 and a further €5,000 for each dependent person.
• The acquisition of a property of a minimum market value of €300,000 – This has to be a new property (resales do not qualify).
• The applicant must deposit a minimum amount of 30,000 with a Cyprus bank which must be held for a minimum of 3 years.
• The applicant is required to visit Cyprus at least once every two years.

Applications take approximately 2 – 3 months for approval.