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Associated Costs Stamp Duty will be due upon signing the Contract of Sale at the
rate of 1.5 cents per CyŁ1,000 (0.15%) up to a purchase price of
CyŁ100,000. Thereafter it is 2.0 cents per CyŁ1,000 (0.2%). For example
the stamp duty payable for a property priced at CyŁ50,000 would be
CyŁ75.
Transfer Fees are payable to the Land Registry when the Title
Deeds are released to the purchaser. The amount is based on a sliding
scale - up to CyŁ50,00 - 3%, CyŁ50,001-100,000 - 5% & over CyŁ100,001 -
8%.
For example the transfer fee due on a property of CyŁ125,000 =
3% of 50,000 = 1,500 +
5% of 50,000 = 2,500 +
8% of 25,000 = 2,000 = 6,000
Immovable Property Tax is an annual tax on properties. Properties
up to the value of CyŁ100,000 are exempt. Thereafter the rates are:
CyŁ100,001-250,000 – 0.2%, 250,001-500,000 – 0.3% over 500,000 – 0.35%.
Local Authority Taxes & Rates are paid annually (around November) &
covers sewage, refuse collection, street lighting etc & are based on the
size of the property ranges from CyŁ50-150.
Electricity, Water & Telephone services are easily arranged.
Bills can be paid by direct debt. The set up fees being: electricity –
CyŁ10 with bi-monthly bills, water – CyŁ44 with quarterly bills of CyŁ6,
telephone – CYP30 with monthly bills. (There is no main source gas,
bottles cost approximately CYP12.50 with refills costing approximately
CyŁ2.50) .
Common Services Fees apply if the property is within a block or
complex. The monthly fees cover the owners share towards the cost of
cleaning & maintaining the common areas such as swimming pool, gardens,
stairways & lifts. The fees range from CyŁ200-400/year depending on the
size of the property and the facilities provided.
Insurance - The company insures the property until the day of
delivery. Buildings & contents insurance costs approximately
CyŁ2.50/thousand.
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