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

Category: Finance.

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. Prefer to get hired accommodation rather than think that you will sell your one bedroom unit and buy a larger one in the future. 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. This state of affairs is fluid however and changes from time to time and from location to location. Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate.

Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. A Cypriot will speed up the process of obtaining probate in Cyprus. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning. Fees for this consultant are around 4% for the design and 2% for supervision( on the cost of the works) .Insist on all drawings being ready before inviting tenders. In case you require air condition ing/ central heating, we suggest that the advice of a qualified electrical and mechanical engineer be sought. It is recommended that a building permit be secured first before works commence, although works such as excavations etc may begin prior to the issue of the building permit. Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis.

In this case, your architect must consult with the Appropriate Authority to see whether there are any major objections to the drawings. Projects are developed to take the form of villages with the individual villas designed in traditional architecture. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area. There are, cases where the, of course purchaser may have a good say in the design of his villa. The Minister of the Interior may grant a permit only if the Immigration Control Board confirms that the applicant falls under one of the following categories and meets the necessary criteria. (a) Farming. He possesses a mining permit and at least CYP2000( c) Trade.

He possesses adequate land or a permit to acquire it and at least CYP2500( b) Mining. He has capital of at least CYP15000, (d) Retirement. He has a secure income of about CYP000 per person and he and hid dependants will not work.

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