When owning property in Cyprus there are running expenses listed below:
Communal Expenses
A service charge is applicable for properties for cleaning/ maintaining the building, swimming pool and garden maintenance on a managed development like a complex, apartment building etc. The cost depends on the area of the property (m²), the facilities and services available at the specific development/ complex. The service charge ranges from €50 to €250 every month.
Municipality / Community Property Tax
Approximately 0.23% or €50 – €500 per annum on the property’s value.
Sewerage Tax (Local Authority Tax)
As the owner of the property, you are required to pay an annual Sewerage Tax, calculated on the market value of the property. Rates vary from 0,1-0,4‰
A rough guide could be approximately € 85 – € 260 per year depending on the size of your property. This tax is for refuse collection, street lighting, sewerage, etc.
Buildings Insurance
This is provided by our company at no cost until your property is delivered. Thereafter, the property owners need to have buildings insurance in their own name and our company can offer competitive annual premiums.
Immovable Property Tax
Immovable property tax has been abolished as of 1 January 2017
Water
Water bills are issued quarterly and show a monthly standing charge which varies according to the municipality. If the owner intends to be absent from Cyprus for long periods, it is advisable to arrange to pay water bills by standing order.
Electricity
When a new property is purchased a new electricity contract must be established in the owner’s name. Electricity is charged on a bimonthly basis.
There is an initial connection fee and deposit in Cyprus. Depending on the city and region of the island, the deposit varies. The deposit also depends on the status of the customer. The procedure of transferring the account in your name is within 2 business days. The deposit is refundable assuming the final balance is paid off and disconnection is requested.
For the owner to transfer electricity in her/ his name are required following documents: Purchase Agreement or Title Deeds, Identity card or Passport and Deposit (the owners are charged on the first electricity bill).
For the tenant to transfer electricity in her/ his name are required valid Lease Agreement, ID card or Passport and Deposit.
