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Villa Sale Cyprus Secrets

By: William Marind

Compared with other international financial centres, Cyprus offers a distinct benefit in the form of double taxation treaties. Agreements with an increasing number of countries eliminate the double taxation of income earned in any one of these countries. In practice, the tax levied by one country is credited against the tax levied in the taxpayer's country of residence. 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 survey on any resale property is strongly recommended, just as it would be in the UK or elsewhere. Our Cypriot team or your lawyer will be able to recommend a surveyor to you. He will inspect the property and prepare a report, eventually showing any defects, which would not be visible to everyone's eyes. It will save you unpleasant surprises at a later stage, and depending on the type of defects stated (if any), you may get a reduction on the price or you maybe in a position to request the vendor to repair them, or insist additional guarantees be inserted in the contracts. One thing is for sure; you will know what you are buying. A surveyor will not allow his love for a property to cloud his judgement as you may have done.

Cyprus is an independent and sovereign republic with the elected president (5 year election cycle) as head of state. The legislation power lies with the elected House of Representatives and appointed council of ministers. The legal system is based on the British/European system with independent power exercised by judiciary. Cyprus is a member of the UN, the British Commonwealth, the non-aligned movement, World Bank and IMF, and shortly to be a full member.

Try to check whether there is any road or other scheme which affects your property or the locality in general. It is advisable that you buy a recent Lands' and Surveys' plan (a whole sheet) for the property you intend to buy, since on these plans many proposed public projects such as roads etc are shown. It is best, if you suspect any schemes in the area you wish to invest, to see the District Inspector (at the District Officer's Office) and/or pay a visit to the local Planning Office.

Never sign anything or pay any money until you have sought legal advice in a language in which you are fluent from an experienced solicitor (ideally, someone who has been recommended).Under no circumstances should you use a solicitor who has been introduced or recommended to you by a vendor, agent or developer.

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