New or Resale?

[WizzyWaz]

Hello All,

I wonder if you could help me please.

We have decided that we would love to retire to Cyprus when we are 55 years old.

On the Tax side of buying a house is it more beneficial to buy new or resale on a house or is it about the same tax either way lets say on a house of 300000 EU

Any advice would be appreciated

Kind Regards
Richie

[rivonia]

I think you need to take into account your financial situation as a whole - there are plenty of financial advisors who might be able to steer you in the right direction. It does help to have everything in joint names as you get more allowances and if anything happens to one person, it is far easier to sort out eg ownership of property, vehicle etc. Cyprus Law is based on UK Law and there are many differences between the two, so do plenty of research before putting pen to paper!

[WizzyWaz]

Hi Rivonia

Thanks for your prompt reply

Yes I did notice that having tha house in both names would half the tax.......I suppose the only thing about a resale is you all but know what it looks like and location to other houses.

You are totally right in getting the research right...good thing is it will be part of our holiday looking into this until we move.

Kind Regards
Richie

[rivonia]

Hi

That's the best way to get up to date information - just make sure you get some R & R on your holiday visits or you might be going back more stressed and more confused than when you arrived! I think the trend is for people coming to Cyprus to rent a property before committing to puchase so they find out if it is the right place to live (it is so different living in a place to coming on holiday), choose the right type of property etc etc

Good Luck with your plans

Claire
Happy to be here for over 4 years

[WizzyWaz]

Hi Clare

Yes I think it is getting the balance right of being on holiday and looking for a location to start with.

Good idea about renting for at least 6 moths to a year but I still like the idea of just taking the plunge after doing my our homework

Richie

[Monty]

Hi Richie
If the property is in both your names and you pay half the tax, I was wondering is it worth it to also put our son,s name on as well ? So when we go to buy do we then pay only a third
Cheers
David

[grumpy]

Hello WizzyWaz
Research is always the right thing to do, however dont get yourself into the situation of being over searched as you can run yourself round in circles.

Essentailly, get yourself out there (DO NOT go on an inspection trip), decide which part of the Island you want to live in. Select the type of accommodation that will suit your needs, decide when you are going to need the property, then decide if a resale or new build is right for you. Speak also to property professionals and use independant solicitors etc. If you have any questions you can pm me.

Resales can offer good value for money pruchases just now, and new build has attractions as well, so take the time to consider all issues well.

[WizzyWaz]

Hi Grumpy

Thanks for the advice.

We have already booked our holidays away from Cyprus this year (kefalonia, Zante.)

Next year we are going out twice just look around Cyprus for the location that we want the year/s after will be looking at properties.

I am still keen on resale my wife is looking at off plan.

One question I would be grateful if you would answer is I have a Army mate who I have just got in touch with after many years who has just come back from Cyprus on holiday who says the price of everything has gone through the roof.

I know that it is different living out there from being on holiday but has the cost of living gone up that much since the Euro has come in?

Kind Regards
Richie

Thanks for the saying that I can send you a email I will take you up on that in the future.

[Big Pete]

Originally Posted by WizzyWaz

Hello All,

I wonder if you could help me please.

We have decided that we would love to retire to Cyprus when we are 55 years old.

On the Tax side of buying a house is it more beneficial to buy new or resale on a house or is it about the same tax either way lets say on a house of 300000 EU

Any advice would be appreciated

Kind Regards
Richie

Hi Richie

Its a Resale everytime , in my opinion .. you see what your getting

[WizzyWaz]

Originally Posted by Big Pete

Hi Richie

Its a Resale everytime , in my opinion .. you see what your getting

I couldn't agree more but it's the other half I have to convince

But then I always get my own way

Richie