Tax advantages

Cyprus is unique when it comes to the taxation aspects of living on the island. Retirees who become residents in Cyprus are taxed on their pensions from abroad at the rate of 5% for amount: exceeding £2,000 annually. Of course as for all Cypriot tax residents their total annual income up to £9,000 (£10,000 from 2004) is tax exempt.Additionally, Cyprus has Double Taxation treaties with many European and other countries, safe-guarding its residents from paying tax in both countries. This gives the option to the citizens of those countries to take advantage of the very low rate in Cyprus.

Double Taxation Agreement

Cyprus has double-taxation agreements with Austria, Bulgaria, Canada the People's Republic of China, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, (Armenia, Belarus, Kurdistan, Moldova, Tajikistan, Turkmenistan and Ukraine) Slovakia, South Africa, Sweden, Syria, the United Kingdom, the United States, Yugoslavia (Serbia and Montenegro).The main purpose of these treaties is the avoidance of double taxation of income earned in any of the above countries. A credit is usually allowed against the tax levied by the country of the tax payer's residence for taxes levied in the other country

Duty Free Privilege

There is no import duty on cars and for retired couples there is an additional concession of two duty free cars.

Personal effects, household goods and furniture can be imported free of any taxes by immigrant retirees provided they are for personal use (and have been used for a while) or - and are not brand new, indicating prior usage.

Selling your Property

In the event that the purchaser should wish to sell a property at some time in the future, the funds / profits from the sale can be repatriated easily to the value of the purchase price including any amounts spent on improvements and/or additions to the property. Profits can also be repatriated plus the interest earned.

Cypriot and non-Cypriot sellers can sell their properties to both Cypriot and non-Cypriot buyers.

Ideal Property Solutions ltd is a full service real estate organization that looks after its customers all the way. Besides consultation on all matters regarding buying property in Cyprus, viewing tours and finding its customers the home of their dreams, Ideal Property Solutions ltd offers the following services:

• Furniture and appliance packages
• Landscaping
• Legal advice on all matters
• Assistance with moving to
• Assistance with getting your home organized and ready to move in
• Solutions to all your financial needs, including mortgages, insurance and tax services, foreign exchange and more