QUESTION AND ANSWERS

The Cyprus £ Pound

January 2008.

Yes.

Yes retired couples are entitled to purchase 2 duty free cars.

CY£1.50 per CY£1000 for the 1st 100,000 Thereafter
CY£2.00 per Thousand.

There is VAT on New Projects which were approved after 1 May 2004.

Not at present but there are plans to introduce VAT in 2007.

There are Quarentine regulations in place however they are quarantined at home.

Immovable Property Tax is a tax levied by the government on your property every year.  This is similar to the Poll Tax.  The rates varies on the value of your property and is between C£60 – 120 per year.

Yes – provided you have carried out the purchase procedure correctly when buying.

This will depend on the level of pension that you receive.  You are allowed CY£6,000 before taxation at 5% on any amount above this.  If you have other income then the 1st CY£2000 is exempt tax and the remainder taxed at 5%.

Up to CY£50,000  3%,  CY£50,000 – 100,000 5%,  Over CY£100,000 8%.  If property is purchased in joint names the 1st  CY£100,000 is at 3%

Yes – with repayments up to 15 years in various currencies.

Yes.

When you buy a property Off Plan you are buying a project that has not yet or has only just commenced with a delivery date which could up to 18 months away.