The Depositing Of The Contract Operates Also As A Charge On The Property

Category: Finance.

Compared with other international financial centres, Cyprus offers a distinct benefit in the form of double taxation treaties.

In practice, the tax levied by one country is credited against the tax levied in the taxpayer s country of residence. Agreements with an increasing number of countries eliminate the double taxation of income earned in any one of these countries. Where different tax rates apply, the tax payer will ultimately not pay more than the higher of the two rates of the respectively countries. A developer s past performance is the best form of guarantee but if you are afraid that the block will not be completed( and it is not the first time such a thing happened) ask for a bank guarantee. Reliability: Be very careful to whom you are giving your money. It is most important for you to deposit the sales contract with the Lands Office within two months of the purchase, so that you will have some form of a right to claim and/ or seek specific performance if something goes wrong. If you do not deposit your contract and the seller changes his mind about the sale, your only remedy, then for the breach is damages, whereas if you deposit your contract you can seek( through the Courts) specific performance( i. e. the transfer of the property in your name) .

Significance Of Depositing Your Sales Contract At the District Lands Office If you buy property but the property is not transferred in your name immediately, you are urged to deposit your contract with the District Lands Office within two months from signing. The depositing of the contract operates also as a charge on the property. Estate agents may prove helpful but use them as a second choice. The best approach in buying your cottage is to visit the village of your choice yourself and seek information from the village muchtar( the chairman of the village parish) . It is evident that the less popular the village is by foreigners, the lower the cottage s price. The Cyprus currency system is based on the decimal system.

Transactions and payments are simply made through your foreign deposit account. One Cyprus Pound is divided into 100 cents. Coins range in value from one cent to 50 cents and four bank notes are in circulation: 1, 5, 10 and 2

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