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Post by milla143 on Nov 15, 2011 6:13:42 GMT -5
Buyers of new Cyprus property should be aware that this process can take anywhere up to seven years and there is a deed tax to pay when the deeds are available. This tax is based on a sliding scale of 3% on the first cyp100,000 and 5% on the next cyp1000,000 followed by 8% on any further amounts over 200,000.
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Post by kingfisher007 on Nov 15, 2011 6:28:10 GMT -5
Although the legal system in Cyprus is based very closely on the one in the U.K. there are some big differences in the area of property conveyance. The most important difference between the two systems is how and when your new Cyprus property will be paid for. In England after paying around 10% deposit you would make no further payments to the builder until the house or apartment is finished and habitable. I
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