Property Canvas - Properties for sale and rent in Paphos

No tax on mortgaged property sales

Those selling their mortgaged property in Cyprus to reduce or repay their mortgage debt will be exempt from paying capital gains, income tax, special defence contributions, as well as stamp duty and transfer fees. Borrowers who sell their property to reduce or repay their loans on the free market will be eligible for tax relief, extending a regime that has so far applied only ...

Real Estate Wednesday, 18 July, 2018

Tourism Revenue Rises between January - April

Revenue from tourism decreased in the fourth month of 2018 but showed an increase in the first months of the year, as Cystat, the Statistical Service of Cyprus, reported on Wednesday 11 July.  On the basis of the results of the Passenger Survey, revenue from tourism reached €181.4 mn in April 2018 compared to €189.6 mn in the corresponding month of the previous ...

Local Thursday, 12 July, 2018

Paphos marina contract awarded

The contract to build the long-anticipated Paphos marina has been awarded to Pafilia by the ‘new’ Marina Management Committee, which was appointed in March to examine documents submitted as part of the marina tender process.  After nearly three decades of bureaucratic delays and legal wrangles, the contract to build the Paphos marina has been awarded to Pafili...

Real Estate Monday, 02 July, 2018

High-rise developments coming to Paphos

The Paphos Municipality has given the green light for the construction of two twenty storey high-rise buildings in the tourist area of the town on land close to the Aloe Hotel on Poseidonos Avenue.  THE PAPHOS Municipality’s Town Planning Committee of the Paphos Municipality has given the green light for permits to be issued for the construction of two 20-storey hig...

Local Monday, 02 July, 2018

Cyprus property rent reforms

It should soon be easier for landlords to recover their properties in Cyprus from tenants who fail to pay the rent if the bill submitted to parliament by the DISY parliamentary group is approved. AS MANY landlords will confirm, evicting tenants from properties in Cyprus that are regulated by the Rent Control Law who fail to meet their contractual obligations and fail to pay th...

Real Estate Thursday, 28 June, 2018

MPs table bill to tax Airbnb-style rentals

A bill to regulate and tax the income on short-term Airbnb-style property rentals has been tabled by two MPs and should go before the plenum prior to the parliamentary summer recess.  TWO MPs have tabled a bill that aims to regulate and tax short-term property rentals like Airbnb. According to Disy deputy Averof Neophytou, who co-authored the legislative proposal, approx...

Real Estate Saturday, 23 June, 2018

Why India's Richest Are Seeking Citizenship In Cyprus

India's wealthy have long coveted foreign passports. Some see it as a ticket to easier tax regimes and more business friendly climates. For others, it’s the desire for a more western lifestyle or the ability to study, work or travel abroad with ease. For rich Indians looking for citizenship or permanent residency in a European nation, the scenic island country of Cyprus i...

International Tuesday, 19 June, 2018

Cyprus Property Price Index Q4 2017 Prices as at 31/12/17

This is the thirty-third publication of RICS’ Cyprus Property Price Index, a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types. Introduction & Commentary During the fourth quarter of 2017 the Cyprus economy showed further s...

Real Estate Friday, 15 June, 2018

Financial Times: Cyprus Developments Offer a Passport to the Sun

The Cyprus property sector, a much-discussed topic among international investors, has been reviewed once again in an article featured on the Financial Times website which makes reference to the Cyprus Citizenship by Investment Scheme, the opportunities attracting foreign investors as well as various property developments offered such as ONE, Trilogy and Limassol Del Mar. &ldqu...

Real Estate Friday, 01 June, 2018

Cyprus property: biggest in Europe

Did you know that the average size of a Cyprus property is the largest in Europe, while properties in Romania are the smallest according to the dwelling size statistics published by Eurostat. THE AVERAGE size of a Cyprus property (dwelling) is 141.4 square metres and it’s the largest in Europe according to the league table published by Eurostat. Commenting on the figure...

Real Estate Monday, 21 May, 2018

Tax shock for British residents in Cyprus

The revised UK and Cyprus Double Taxation Convention, which was signed on 22 March, could result in higher taxes for some retired British residents in Cyprus whose pensions are paid by the UK Government.  Earlier this month Cyprus and the United Kingdom signed a revised double taxation convention, based on the OECD Model Convention for the avoidance of double taxation on ...

International Tuesday, 08 May, 2018

VAT break for young couples buying land for first home

Young couples buying land for their first home in Cyprus may only pay 5 per cent VAT on its purchase price rather than 19 per cent under a draft bill submitted to parliament by the government. THE GOVERNMENT has submitted a draft bill to parliament indirectly exempting from payment of 19 per cent VAT young couples who buy land for the purpose of building a primary residence. ...

Local Tuesday, 24 April, 2018