Buying real estate in various jurisdictions - UAE, Cyprus, and other

[troubled soul]

Every Country Has good and bad project.
In dubai ,⁢ Biggest Developer is Emaar.
Some emaar project has world class quality, Some are not that︀ Good.
You have to see individual Project for buying .
My experience is that Only︁ invest in Marina or Downtown.
I think It is best investment.

 

[Marc Rich]

Easy, they use hawala from their home country. Billions of dollars enter UAE like this⁠ on a weekly basis, all cash..

 

[tyrexoid]

shops that⁠ convert BTC to local cash? What are the limits, range? like, 1-2k, 10-20k ?

 

[Kol019201]

100k+ should be no problem at all if you‍ contact the shops beforehand.
You do not have any regulations from the state about this⁠ like in Europe.
On their website they say:
"High Volume: We do not like limits,⁤ do you? Sell Cryptocurrency in our Bitcoinshop in tiny or bulk amounts, without trade limits."⁣

 

[RustCohle]

Another issue here would be what do you do *after* you buy the property with‌ cash? (I know it's a slightly off topic for this thread, but I've been ruminating‍ over this a lot) If you plan to rent it out, your country of origin⁠ would be notified of your foreign income, if you bought a house in a country⁤ that has joined CRS. I'm worried they might ask how did you buy the house⁣ in the first place, with what money (really hoping I'm too paranoid, but you never⁢ know). The only options I see here:
1. Buy only in non-CRS countries ( pro:︀ currently bank privacy, cons: you never know when they will join CRS, plus most of︁ the non-CRS countries are not really appealing)
2. Have someone to do property management for︂ you in cash (very risky)
3. Don't rent it out, just hold it until you︃ figure out get a residence permit in a country that won't bother you.

Please feel︄ free to point out any mistakes in my logic here, I really hope I'm wrong︅ and that there is a better way.

 

[Silvio]

Has real estate in CY really crashed so much? Can someone corroborate that?⁣

 

[RustCohle]

Is it possible to buy a small property (like a 40k studio) in Turkey with‌ physical cash? They have good OTC bitcoin exchanges there and the real estate market looks‍ cheap and beautiful. Thinking about getting a resident permit there, I love the country very⁠ much and I need a break from eussr.

 

[CyprusLaw]

I have said this on multiple occasions, please do not state false facts claiming that they︅ are true as you end up confusing people in this forum.

For stamp duty in︆ Cyprus:

1. For Contracts with a value of €1 up to €5.000 there is no︇ stamp duty payable.
2. For Contracts with a value between €5.000 up to €170.000 the︈ stamp duty payable is of €1,50 for every €1.000.
3. For Contracts with a value︉ over €170.000 the stamp duty payable is €2,00 for every €1.000 with a maximum stamp︊ duty of €20.000.

So for a EURO 500,000 property the stamp duty payable on the︋ agreement is around 900 euros.

With respect to VAT - if the property is a︌ resale there is no VAT. If the property is a new development the VAT is︍ 19%, if it is your first purchase and the intention is to be used as︎ a residence then you can apply for a reduced VAT rate of 5%.

With respect️ to CGT:

Capital gains tax (CGT) is charged at the rate of 20% on gains‌ arising from the sale of immovable property in Cyprus or the sale of shares of‍ companies which own immovable property in Cyprus. Gains from the sale of shares listed on⁠ any recognisable stock exchange are excluded.

The taxable gain is the difference between the proceeds⁤ of sale and the original cost of the property plus the cost of improvements, adjusted⁣ for inflation from the date of purchase.

Some disposals are exempt from taxation, including transfer⁢ due to death and gifts between relatives. There are some circumstances in which rollover relief︀ is available if a gain is used for the purchase of a further property. Additionally,︁ land or land with buildings bought or otherwise acquired from 16 July 2015 and 31︂ December 2016 is exempt from CGT.

Capital gains tax does not apply to profits from︃ the sale of overseas property by non-residents, offshore entities, or residents who were not resident︄ when they purchased the asset.

Expenses Eligible for indexation allowance

• Planning Permission fees
  
• Water installation︅
  
• Leveling of Land
  
• Architect fees
  
• Civil engineer fees
  
• Enhancement expenditure such as swimming pool or︆ installation of central heating
  
• Acquisition costs
  

Expenses Eligible for deduction from CGT without indexation allowance︇

• Transfer fees
  
• Advertising fees
  
• Valuation fees
  
• Disposal fees
  
• Interest
  
• Legal fees
  
• Commissions to licensed agent︈
  

Lifetime Exemptions

Disposal of private principal residence (subject to certain conditions) 85.430

Disposal of agricultural︉ land by a farmer 25.629

Any other disposal 17.086

The above exemptions are lifetime exemptions︊ subject to an overall lifetime maximum of €85.430

 

[glengoolie]

i linked the source, if you don't like it, take it out with them and‌ get off my back.

 

[CyprusLaw]

For the stamp duty it says‍ exactly what I have told you so how on earth did you end up with⁠ 90,750 stamp duty?

You are here to learn as all of us so stop posting⁤ information for jurisdictions you are not aware of!!!

 

[glengoolie]

170 000 - 5000 = 165 000 / 100 * 15 = 24⁣ 750€
500 000 - 170 000 = 330 000 / 100 * 20 = 66⁢ 000€
-----
24 750 + 66 000 = 90 750€

 

[CyprusLaw]

Αξία Σύμβασης⁠ €1 μέχρι €5.000, η αξία χαρτοσήμου είναι μηδέν.

Αξία Σύμβασης €5.001 μέχρι €170.000, για κάθε⁤ ποσό €1.000 ή μέρος των €1.000 η αξία χαρτοσήμου είναι €1,50.

Αξία Σύμβασης πέραν των⁣ 170.000, για κάθε ποσό €1.000 ή μέρος των €1.000, η αξία χαρτοσήμου είναι €2 με⁢ μέγιστο ποσό χαρτοσήμου €20.000.

This is directly from the law - it's in Greek, I︀ am sure you can translate since you know everything apparently.

It says what I have︁ told you in my previous post. Also, there is a general cap of EURO 20,000︂ on the price, but to reach this cap the purchase price should have been millions!!︃

 

[Silvio]

What about the rest of the stuff that︀ he wrote:

"up to 500€ a year for public services
up to 2% municipal tax(10︁ 000€)
up to 0.03% garbage(1500€)"

is this accurate?

 

[CyprusLaw]

As someone who owns property in Cyprus and lives⁠ in Cyprus I can guarantee you that I have never paid this amounts. Please see⁤ below a more accurate break down:
Not really. As︀ someone who owns property in Cyprus and lives in Cyprus I can confirm that the︁ amounts mentioned are not at all accurate.

I set out below a more accurate break︂ down:

(a) Local authority fees

Depending on the size of the property local authorities charge︃ between EURO 85 – EURO 256 per annum for regular refuse collection (this is about︄ to change probably by next year and will be a ‘pay as you throw’ kind︅ of thing in order to promote recycling).

(b) Municipality Tax

The municipality tax is calculated︆ on the market value of a property as it appears in the Land Registry (which︇ is usually lower than the purchase price) at a rate of 0.1-0.2%, once per year.︈

(c) Sewerage Tax

Applied by each Sewerage Board. Calculated on the market value of the︉ property as it appears in the Land Registry, at a rate of 0.3-0.35%, once per︊ year.