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[Bella]

Hi

We want to sell a house in the mountains near Limassol. Does anyone know a good way of selling it, apart from using the local estate agent - which is not getting anywhere.

Also, we want to get a new place and wondered if anyone knows whether we could roll the money across from the old house, into the new one to avoid tax. What do you think?

Thanks for you help!

Bella

[Bella]

Hello

Also, wanted to know what solicitors usually charge for buying an apartment in places like Limassol. Would it be an hourly rate or a percentage of the price etc? Are there specific property solicitors that we should use?

Thank you!

Bella

[dolmadis]

Hi Bella

CGT. You are unable to roll over to a new property.

Lawyers fees - Budget for CYP1000 plus VAT

Selling - use the Cyprus Boards - some are free - and use a private web page.

Good Luck

[nhowarth]

Hi Bella,

When buying, lawyers tend to charge a percentage of the sale price. I have prices from a solicitor in Paralimni which may give you a guide:

* lawyers fees 1.2% + VAT of purchase price
* 0.15% stamp Duty on Property
* Certified copies 3 x CY£10
* Registration documents CY£1
* Council of ministers permit CY£100 (per purchase / per unit)

In Limassol, many British expatriates use Areti Charidemou's law firm.

As John has said, you can't roll over any Capital Gains Tax liability to a new property. The base date for calculating the acquisition cost of property is 1st January, 1980. If the property was built after this date it is calculated backwards.

The Capital Gains Tax rate is 20% of the chargeable gain as adjusted for inflation, but certain lifetime exemptions apply to individuals for the disposal of their main residence.

The first CYP10,000 of a gain is exempt. This rises to CYP50,000 if you have lived in the property continuously for the previous five years.
Further allowances are granted in relation to:

Land Transfer Fees
Stamp Duty
Estate Agent's Commission - (but only if a licensed agent)
Professional Charges
Advertising
Capital Additions or Improvements - (receipts required and planning permission where necessary)

Indexation can be applied to the above expenses as well as the initial purchase price.

Immoveable Property Tax
Interest on Loan used for the acquisition of the Property

These expenses cannot be indexed.

The total exemption cannot exceed a CYP 50,000 limit.

Note that these are personal allowances. So if the property is owned in joint names, e.g. husband & wife, each owner is entitled to the exemption of CYP 10,000 or CYP 50,000.

Regards,

[Bella]

Thank you so much both John & Nigel - this is exactly the information I needed!! It was really kind of you to go to so much trouble and detail.

Many thanks.
Bella

[nhowarth]

You're welcome Bella,

And a cheap way to advertise the mountain property is to put up a sign yourself and to let the locals know you want to sell.

Regards and good luck,