You May Well Find That Selling The One Bedroom Flat Is Problematic

Category: Finance.

With the increasing complexity of the property market and the constant introduction of new concepts and measures new for the island( although not so in the European countries) it is advisable that the potential purchaser seeks professional advice prior to concluding a deal in order for hardships and disappointments to be avoided. For this reason this firm has prepared the following tips which may be useful to the local property purchaser.

This advice is specially useful to the foreign purchaser who has to encounter the problem of different laws and local attitudes. Such treaties combined with very favourable tax rates for international business entities in Cyprus open the doors to significant tax planning opportunities. To date, double tax haven treaties exist between Cyprus and the following countries: Austria, Bulgaria, Belarus, Canada, Czech Republic, China, Denmark, France, Egypt, Germany, Hungary, Greece, India, Italy, Ireland, Kuwait, Norway, Malta, Poland, Russia, Romania, Slovakia, Syria, Sweden, United Kingdom, United States and, South Africa Yugoslavia. The fact that Cyprus is not considered a tax haven but rather a country offering tempting tax incentives expels the distrust that international tax havens often arouse. Cyprus is registered on a land registry, similar to that on the United Kingdom. Use a Solicitor! !! Therefore, the purchase process generally follows that of the United Kingdom but with differences.

It cannot be emphasised too strongly that anyone planning to buy land or property in Cyprus must take expert, independent legal advice. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future. Accommodation: Avoid purchasing an one bedroom or studio type of accommodation( unless you are in a resort area) since you will have problems on resale. You may well find that selling the one bedroom flat is problematic. This state of affairs is fluid however and changes from time to time and from location to location. Flats most in demand are the three bedroom( around 120- 130 sq. m. ) and two bedroom( 70- 100 sq. m. ) ones. In resort areas the most marketable accommodation are the compact one and two bedroom flats.

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Seems simple doesn t it?