What factors are not included in Zyprus Affordability Test?
INCOME TAXES
This is an annual tax that Cypriot Government place on ‘‘individuals'’’ income on the excess of the first €19.500. It differentiates between bands and on the source of income acquired. The national average is within 20% to 30%.
OTHER MINOR TAXES
LOCAL AUTHORITIY FEES
Depending on the size of your property, local authorities charge between €85 – €256 per annum for regular refuse collection, street lighting, sewerage and similar community services. Communal Services fees are payable to your local municipal authority.
MUNICIPALITY TAX
Homeowners are required to pay an annual Municipality Tax, calculated on the market value of the property. Rates vary from 1‰ - 2‰. Municipality tax is payable to your local municipal authority.
SEWERAGE TAX
Sewerage Tax is calculated on the market value of the property. Rates vary from 3‰ – 3,5‰. Sewerage taxes are payable annually to your local sewerage board (commonly this tax is added to your water bill).
OTHER MINOR FEES
MORTGAGE INSURANCE
Mortgage insurance is required primarily for borrowers. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Also known as PMI (Private Mortgage Insurance).
COMMUNAL SERVICE CHARGES
Typically, owners of Townhomes / Maisonettes / Flats are required to pay communal service charges to cover common amenities or services within the property such as landscaping, pool maintenance, and hazard insurance.
The information in this section is intended as a guide only and every reasonable effort was made to ensure the accuracy and the timeliness of the information. In no circumstances shall Zyprus be legally bound by any information contained in this section, and shall accept no liability whatsoever in respect of loss caused by reliance on such information.