Price and Payment Terms
Once you have agreed a purchase price with the developer, it is usual to give an immediate initial deposit of EUR 2,500 to secure the property. This can normally be paid by Credit Card. This makes the agreement legally binding, so that no "gazumping" can take place. A schedule will then be agreed concerning the method of payment. This is usually based on progress payments throughout the building process of your property, although it may be possible to negotiate other terms with your developer. It is, however, standard for the developer to request payment of between 20% and 30% at the time of Contract signature.
A Contract of Sale will then be drawn up, including the method of payment mentioned above.
You will be required by law to pay for your property from "external funds", i.e. from outside Cyprus.
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- Price and Payment Terms
- The Cost of Purchasing and On-Going Expenses
- Approval of the Council of Ministers
- Specific Performance
- Stamp Duty
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- Maintenance charges
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- Retirees
- Personal taxation
- Income tax and NI
- Inheritance Tax
- Selling your property
- Capital Gains Tax