So first off for those that have an interest in owning beautiful beachfront property and coastal properties in general you have an amazing chance here. Let me explain a little further. There are at least three different ways you can save money right now on this. First we have the Property Transfer Fees. Alright so right now up until December 31st of this year. That’s until December 31st of 2016 if you bought a property and paid VAT they are waiving Transfer Fees. There are no payable Transfer Fees. Even if you didn’t pay VAT however, they’re still reducing all Transfer Fees by 50%. That’s an amazing deal.
Next way you can save is on the capital gains tax. As of July 16th 2015 and running through yet again December 31st of 2016 you can save 100% on capital gain tax. That’s you don’t have to pay a dime of capital gains. Total tax exemption on this one. This is yet another way to outstanding savings in Limassol.
Alright now you remember earlier how we mentioned VAT right? Well guess what you can even save on that. That’s right if you have to pay VAT. You can save the 50% on the Property Transfer Fee AND a special 5% Cyprus Property VAT rate. When did this happen you might be wondering? Well let’s take a look shall we. Back on June 8th in 2012 it would appear someone had the brilliant idea to draw in more people. How? By offering this special rate if you intended to become a citizen and use the residence as a permanent place of residence. Meaning if you or your family move there and intend to live there if you fill out the forms you are applicable for this 5% special rate.
You might think well that’s nice but I hadn’t really considered moving there. You should. What these things mean is that you can take that money you’ve saved and go a little bigger. Buy or build a bigger home than you could elsewhere. Looking at having kids share a room? Maybe it’s just you and you wanted a guest room but didn’t think it was in your budget. Or a spare room to work out in? What these savings mean is that you can do more with your money. You can dream a little bigger with your budget. That’s why this is important to think about. Because that for some people that alone might be enough to entice them. I mean aside from the stunning beach vista and warm climates that is.
Now we’ve talked about the expenses of moving there. The financial perks of living there. Let’s discuss the mundane perks. I want to take a moment and discuss the mundane everyday perks of living there. Just like living in “The Big Apple”, Paris, or Tokyo has the perks of being urban big cities with lots to do. Limassol has it’s perks as well. Well for starters there are the beautiful stunning sandy beaches. Or how about the Fasouri Watermania Water Park just a short distance away? You’ve also got Ancient Kourion and Omodos Village with the Monestary and cobblestone streets. If you’d like to visit prior to purchasing there are tons of hotels and restaurants. From average fast food fare to the illustrious Four Seasons 5 star Hotel. Limassol has a little of everything. So feel free to pay a visit before you make up your mind. Check out your investment for yourself.
So let’s review here. There isn’t a better time than RIGHT NOW to invest. As almost all these discounts seem to until the end of 2016 only. They may extend that deadline. They may not. Do you really want risk it? The time is right to invest. Next the potential to own a home in a resort style setting. With plenty of attractions, things to do, and mind blowing natural scenery like something straight from a postcard. Location, price, tax cuts. What more incentive do you need?
We hope that we’ve been a deciding factor in helping you make the decision to make Limassol your next property investment.
Source: akinia.com.cy - Cyprus Property
Copyright August 24th, 2016
Author: Harley Sharpe