Real Estate Selling

If you are purchasing a property on a new development, it will have been set by the developers/management company. Regardless of agent’s commissions, you should still pay the same price whoever you purchase through whether you go direct or through a third party. Resale properties are handled much the same way as in the UK with a valuation taking place and the agent’s fees agreed before the property is marketed.

Permission will be granted to company for the acquisition of property, provided that it is for its own use. Offshore companies could therefore, acquire property within the above limits.Generally the permission will not be granted if the property is to be used for letting to others, commercial exploitation or speculation.

On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Any profit can be exported at the rate of CY 10,000 per calendar year, plus any interest.There is no Capital Gains Tax where the property was acquired by the importation of foreign currency. Otherwise CGT is levied at 20% on gains in excess of CY 5,000.

Property owners in Cyprus are advised to make a will in Cyprus to cover their Cypriot estate. A Cypriot will speed up the process of obtaining probate in Cyprus.Inheritance Tax is payable on a Cypriot estate and rates are on a sliding scale depending upon the value of the estate. Full professional advice should be obtained with regard to making a Cypriot Will and Inheritance Tax planning.

Such treaties combined with very favourable tax rates for international business entities in Cyprus open the doors to significant tax planning opportunities. The fact that Cyprus is not considered a tax haven but rather a country offering tempting tax incentives expels the distrust that international tax havens often arouse.

The transfer of the title can be effective once the Council of Ministers’ permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers name the district Land Registry Office will charge transfer fees which are based on the market value of the property at the time of purchase - as follows: Value up to CY50,000 - 3% CY50,001 - CY100,000 - 5% CY100,000+ - 8%

It is recommended that a building permit be secured first before works commence, although works such as excavations etc may begin prior to the issue of the building permit. In this case, your architect must consult with the Appropriate Authority to see whether there are any major objections to the drawings.

In addition a 1.5%-2% is payable for the structural design and 0.3% for structural supervision. If you are at a loss as to the choice of a suitable consultant, seek the advice of the Registrar of the Association of Architects & Engineers (all licenced architects must be registered). Please bear in mind that in case of large buildings you may be able to negotiate a lower fee (as also in the case of repetitive work).

Cyprus is the lead nation that joined the European Union in 2004 which is another factor affecting the growth and prices in the property for sale market of Cyprus. It is expected that in the run-up to becoming a member of “the club”, prices of property for sale in Cyprus will continue to rise at an estimated growth rate of around 20% per annum.The climate of Cyprus makes the island one of the healthiest places in the world. With 340 days of bright sunshine annually.

On a sale of a property the current policy is to allow immediate repatriation of a sum equivalent to the amount of the original purchase value of property. Any profit can be exported at the rate of CY 10,000 per calendar year, plus any interest.There is no Capital Gains Tax where the property was acquired by the importation of foreign currency. Otherwise CGT is levied at 20% on gains in excess of CY 5,000.

Who doesn’t dream of building his or her own furniture, knick-knacks, bookshelves, and boxes? Woodworking is a fun and rewarding hobby that anyone can learn to do. If you are just starting out, try not to be intimidated by all the expert craftsmen out there. At one point, they had to start out too. Everyone began with that first birdhouse or footstool. Eventually, you will be able to build with the big dogs too. Another thing that can be intimidating for the novice woodworker, is the equipment, both tools and machinery, involved in woodworking. This does not have to be the case. Just make one purchase at a time, and build your collection slowly. No one has the money to buy everything he needs in top quality when he is just starting out. This is impossible and ill-advised. What if you decide that you do not like woodworking after your first couple projects? Then you are stuck with thousands of dollars of equipment. No, it is better to build slowly from the bottom up when you are stocking your workshop. Here are a list of tools and machinery that you can use to begin your collection.

One of the basics you will need in your shop is a good set of chisels. Chisels come in a variety of sizes, from one to two inches, and you will use all of them eventually. It is worth it to buy top of the line chisels, as they will get a lot of use and their durability will have a chance to be proven over the years. You can also buy a mallet to complement your chisels, and to make your job easier.

Clamps are the necessary ingredient in gluing together objects. You will need this piece of equipment to hold your objects in place while the glue dries. Clamps come in many different sizes, and can usually be found used in decent condition. However, they are not overly expensive if you want to buy them new.

Carpenter squares and framing squares are what you require to make accurate measurements and angles when you are working with wood. You can also purchase a try square or a combination square.

Electric drills are essential for most woodworking enterprises. You do not want to be stuck wearing out your wrist by screwing in bolts and screws with a screwdriver for hours. You can find cheaper drills in the cord variety, but cordless drills are recommended for big projects, so you do not always have to search for an outlet or extension cord. However, it helps to buy a cordless drill with two batteries. Why does it need two? So you can charge one while you work. You will use a lot of power in your projects.

As a last piece of advice, never invest in cheap tools. Be patient in building your collection. Cheap tools will never pay off in the long run. You will always have to replace them with something better eventually and you will end up spending twice as much money.