Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They’re based strictly on the consumption of each unit. While the cost will vary, approximately CY180 per year can be considered a rough guide.
Non-Cypriot individuals residing in Cyprus pay income tax at a flat rate of just 5%. This applies to the amounts remitted to Cyprus from pensions or income from overseas investments. The first CY2,000 per annum are tax exempt. Personal effects, household goods and furniture might be imported duty free by immigrant retirees, provided that they’re for personal use and have been in use for some time (approximately one year). There is no duty on one vehicle and retired couples benefit from the additional concession of two duty free automobiles.
The most important pending legislation which affects the property market is the following: the Estate Agents’ Bill. This proposed legislation regulates the estate agents’ conduct and imposes penalties for misrepresentation etc. The agents must be registered with the Government and take out an indemnity insurance; the Developer’s Bill. This, most important piece of legislation, regulates development and it proposes to have the Lands’ Office to act as an overall controller on development projects which are for sale. Developers will have to take out an insurance in order to indemnify purchasers for wrong doings.
The ideal approach in buying your cottage is to visit the village of your choice yourself and seek information from the village muchtar (the chairman of the village parish). Estate agents might prove helpful but use them as a second choice. It is evident that the less popular the village is by foreigners, the lower the cottage’s price.
For all the towns and for some villages there are water development zones and it is most difficult to get public water supply to a property sited outside the zone. Don’t take, therefore, the word of the estate agent, the owner or the village muchtar, that water supply can be made available. Remember that the appropriate water authority is the Water Development Department only.