Questions and Answers

Q 1. A 1.	What is the Lordos Organisation? We are a group of Companies established in 1936 specialising in Construction, Land and Property Development, Hotel Construction and Management, Tourism, Plastics Manufacturing and General Trading. LORDOS CONTRACTA, the parent Company, is the oldest, island-wide, leading property developer offering very high quality construction, at reasonable prices, with easy terms of payment, timely delivery, safety of investment and after sales service. In the last 14 years alone, our Property Company has DELIVERED more than 2000 villas, apartments and shops plus hundreds of plots. We have a reputation for quality and timely deliveries. [UP]
Q 2. A 2.	As an alien what am I allowed to buy? As an alien you are allowed to buy only one flat or one building site or one house on a piece of land not exceeding 2,500 M2 (2/3 of an acre). However, permission may be given to acquire more, if there are special reasons. [UP]
Q 3. A 3.	What should I buy and where? If you are looking for a retirement villa you may buy one of our plots on the hills overlooking - and close enough to - the sea, in the Limassol, Paphos or Pissouri regions of Cyprus. All our locations are close enough to a town, and next to a village. We have more than 14 different villa designs to choose from and, further, all of our designs are flexible to be adapted to the client's special needs. If you are looking for a holiday home you may choose a studio, 1,2,or 3 bedroom apartment or maisonette in Limassol, Paphos, Larnaca and Nicosia. If you just want a plot of land you may buy such a plot in the Paralimni (Protaras) region and build your own house any time in the future. [UP]
Q 4. A 4.	Is the property freehold or leasehold? It is freehold. The system of leasehold is almost unknown in Cyprus. [UP]
Q 5. A 5.	What are the prices and the terms of payment? Prices vary depending on size and location. Please consult price range. Building society finance does not exist and Bank finance is rarely, if at all, given. However the terms of payment offered by Company directly to the clients are very easy and can stretch to 5 years after delivery. The remaining amounts after delivery bear the usual Bank interest on the reducing balances. [UP]
Q 6. A 6.	How does the transfer of the property take place and how at what cost do I get possession of the title? Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a title deed completion and delivery. This can be done either by you personally or by Power of Attorney to your Bank Manager, Solicitor or Third Party. A prerequisite for registration, in the case of aliens, is evidence the properly has been paid for with foreign exchange and approval by the Council of Ministers of the Purchaser's application to buy property in Cyprus. These formalities can be taken up by our company on behalf of our clients, free of charge, as part of the agreement. Transfer fees range from 3%-8%, depending on the purchase price. For property from C£1 - 50,000 the fee is 3%, from C£50,001 - 100,000 it is 5% and from C£100,001 and above it is 8%. [UP]
Q 7. A 7.	Does your company undertake to furnish the property look after it on my behalf? Yes, we can furnish and equip your property at a lesser cost than if you were to do it yourself. Furthermore, our subsidiary, LORDOS FLAT MANAGEMENT LTD, can look after your property while you are away at a small charge. [UP]
Q 8. A 8.	Are there any fees payable over and above the price of property for legal/agency work? There are no agency fees and no legal fees need be paid as the normally required legal work is performed by our legal department without any extra charge. If a local lawyer is employed however, fees are most reasonable. The legal system in Cyprus is similar to the British legal system. [UP]
Q 9. A 9.	What expenses has the owner of the flat got to meet? What is the tenant's share? In Cyprus there are no rates as known in most countries in Europe. If a person has properties registered on his name the market value of which exceed C£100,000, there is a property tax of C£3.5 per C£1.000 on the excess value. However, before such registration is effected, the 3.5 o/oo may be payable regardless of the value of the property. The owner apart from the expenses of telephone, water and electricity for which there are separate metres, has to meet a proportion of the common expenses e.g. for the lighting and cleaning of the common facilities and the maintenance of the lift (and of course the upkeep of a garden or a swimming pool where there is one). Common expenses are comparatively insignificant - for a 2 bedroom flat they do not normally exceed C£15 per month on average. It should be noted here that the owners of the flats elect from among themselves, on the basis of the votes pre-allocated for each flat, a Committee of 3, who run the affairs of the building, payment of bills, allocation and collection of expenses for common facilities from the owners / tenants etc. Naturally in the case of individual villas most of the above common expenses do not apply. [UP]
Q 10. A 10.	What duty free items am I allowed? When you decide to live in Cyprus you will be allowed all house-hold personal effects, a car and a yacht free of import levy. Please ask for our separate information leaflet. [UP]
Q 11. A 11.	Are there health insurance schemes available? Yes, and they are very reasonable. They cost approximately Stg£500 for a family (in 1994), and they cover most possibilities. Final cost depends on age, state of health etc. Please ask for our separate information leaflet. [UP]
Q 12. A 12.	Are there reputable English schools in Cyprus? Yes! There are many reputable English schools in all towns. In Limassol there are four. Please contact us for their addresses. [UP]
Q 13. A 13.	What is the income tax situation? Please consult the information on page "Notes on Income Tax Law" [UP] -