Land and Building

Maispa Developers recognize and agree with the Pan Cyprian Association of Land and Building Developers to be careful and responsibly manage the naturalization plan through investment whichMaispa Developers recognize and agree with the Pan Cyprian Association of Land and Building Developers to be careful and responsibly manage the naturalization plan through investment which has proved to be a Significant contribution in the recovery of the Cypriot economy The Pan Cyprian Association of Land and Building Developers (member of OEB) considers that the contribution of the naturalization plan through investment to the recovery of the Cypriot economy has been catalytic. Therefore, it supports the very careful management and visibility of the project, away from exaggerations and actions that may expose Cyprus and adversely affect our country's promotion as an attractive but primarily credible investment destination. The Association welcomes the stricter regulations for project management approved by the Cabinet and the efforts of the Government and other stakeholders, such as CIPA, to limit aggressive advertising and / or investor misinformation. The plan must be protected because it is an important incentive to attract foreign investment and has contributed to the dynamic reactivation of the construction sector and to the creation of skilled jobs. The construction industry and, more broadly, the country's land development sector contribute substantially to Cypriot GDP, about 17% per annum. has proved to be a Significant contribution in the recovery of the Cypriot economy

The Pan Cyprian Association of Land and Building Developers (member of OEB) considers that the contribution of the naturalization plan through investment to the recovery of the Cypriot economy has been catalytic. Therefore, it supports the very careful management and visibility of the project, away from exaggerations and actions that may expose Cyprus and adversely affect our country’s promotion as an attractive but primarily credible investment destination.

The Association welcomes the stricter regulations for project management approved by the Cabinet and the efforts of the Government and other stakeholders, such as CIPA, to limit aggressive advertising and/or investor misinformation.

The plan must be protected because it is an important incentive to attract foreign investment and has contributed to the dynamic reactivation of the construction sector and to the creation of skilled jobs. The construction industry and, more broadly, the country’s land development sector contribute substantially to Cypriot GDP, about 17% per annum.

Capital of Culture 2017

After the successful Capital of Culture 2017 year. Maispa Developers was presented with an honorary plaque for our support and sponsorship.NEW-LOGO-FINAL-1140x1177

Paphos has now officially handed the title of the European Capital of Culture to the next European Capitals of Culture, Valletta & Leeuwarden (Netherlands)

We wish them well and hope that they can achieve the level of excellence we achieved in Paphos.

Capital of Culture Capital of Culture

 

Cypriot cuisine

Cypriot cuisineCypriot cuisine  is closely related to Greek and Turkish cuisine; it has also been influenced by Byzantine, French, Italian, Catalan, Ottoman and Middle Eastern cuisines.
Frequently used ingredients are fresh vegetables such as zucchini, green peppers, okra, green beans, artichokes, carrots, tomatoes, cucumbers, lettuce and grape leaves, and pulses such as beans (for fasolia), broad beans, peas, black-eyed beans, chick-peas and lentils. Pears, apples, grapes, oranges, Mandarin oranges, nectarines, mespila, blackberries, cherries, strawberries, figs, watermelon, melon, avocado, citrus, lemon, pistachio, almond, chestnut, walnut, hazelnut are some of the commonest of the fruits and nuts.
For Greek Cypriots, there are many fasting days defined by the Orthodox Church, and though not everyone adheres, many do. Pulses are eaten instead, sometimes cooked in tomato sauce (yiahni in Greek) but more usually simply prepared and dressed in olive oil and lemon. On some days, even olive oil is not allowed. These meals often consist of raw onion, raw garlic.
Seafood
The most traditional fish is salt cod, which up until very recently was baked in the outdoor beehive ovens with potatoes and tomatoes in season. Gilt-head bream is popular because it is relatively inexpensive and like sea bass extensively farmed
Many fish restaurants also include in the fish meze a variety of different food which includes fish, for example, fish souffle and fish croquettes.
Vegetables
Salad vegetables are eaten at every meal, sometimes whole. More often, they are prepared chopped, sliced, and dressed with lemon and olive oil. In the summer, the usual salad is of celery leaves and stalks, parsley, coriander leaves, tomatoes, and cucumber
Bamies (okra or ladies’ fingers) are baked in the oven with tomato and oil, and kounoupidhi (cauliflower) is also given this treatment.
Vazania/patlican (aubergines) can be prepared in a variety of ways, including stuffed and in moussaka. They are commonly fried and stewed slowly in oil, where the cooking time brings out the flavour and also allows them to shed the oil they have absorbed
Meat
Preserved pork is very popular, and before refrigeration, it was the main source of red meat available to Cypriots.
Lountza is made from the pork tenderloin. After the initial brining and marinading in wine, it is smoked. Although it can be aged, many prefer younger, milder lountza
Lamb and goat meat are also preserved as samarella, made very salty to prevent the fatty lamb meat from going rancid. Very popular amongst both communities is preserved beef. The whole silversides and briskets are salted and spiced quite powerfully to make pastourma/bastirma.
Many Cypriots consider snails a delicacy. The most popular way to prepare snails is to barbecue them. Another popular variation is to cook them with onions, garlic and tomatoes.
Meze

Cypriot meze
Mezedes is a large selection of dishes with small helpings of varied foods, brought to the table as a progression of tastes and textures. The meal begins with black and green olives, tahini, skordalia (potato and garlic dip), humus, taramosalata (fish roe dip), and tzatziki all served with chunks of fresh bread and a bowl of mixed salad. The meal continues with fish, grilled halloumi cheese, lountza (smoked pork tenderloin), keftedes (minced meatballs), sheftalia (pork rissoles), and loukaniko (pork sausages).
Desserts
Loukoumades (fried doughballs in syrup), loukoum, ravani, tulumba and baklava are well-known local desserts. There are also pasti?, cookies made of ground almonds, that are offered to guests at weddings.
Cypriots also make many traditional sweets that are usually made of turunch/ bergamot, figs, tiny aubergines, fresh fleshy walnuts, watermelon or pumpkins processed akin to jam but without the over-cooking.
Cheeses
Halloumi is a semi-hard white-brined cheese with elastic texture, made in a rectangular shape from a mixture of goat and sheep milk; it may be sliced and eaten fresh, grilled, or fried. Aged halloumi may be grated over pasta dishes. It is the national cheese of Cyprus.
Anari, is a crumbly fresh whey cheese, similar to ricotta, made from goat or sheep milk. Two varieties exist, dry and fresh anari. Dry anari is salted and is much harder than the fresh variety, and is served grated with pasta dishes and Giouvetsi, while fresh anari is eaten in slices with honey or carob syrup.
Drinks
Non-alcoholic
Ayran is a traditional drink made of milk. Its recipe varies from region to region.
Alcoholic
Among Cypriots, traditional brandy and zivania are of the most popular drinks on the island. Zivania, a grape distillate similar to Cretan raki, is another popular spirit.
Evidence of wine production on Cyprus goes back for millennia. Commandaria, the oldest wine in continuous production, is a popular dessert wine.

 

Cyprus property taxes in 2018

Cyprus property taxes in 2018

A number of changes to Cyprus property taxes have been made in recent times, most notably the introduction of VAT on the sale of building land, which I have summarized together with other changes in this article.

Filed Under RECENT changes to property taxes in Cyprus include the imposition of VAT on the sale of undeveloped building land intended for the construction of building(s) and changes to the VAT payable on the acquisition/construction of a property to be used as the purchaser’s primary and permanent residence.

Here is a summary of the property-related taxes that apply as we enter 2018.

Property Taxes payable to Communities and Municipalities This ‘local’ property taxes payable to Communities and Municipalities is calculated on the Land Registry’s assessment of the 2013 value of the property. Property Transfer Fees

(a) No Property Transfer Fees are payable If VAT was paid on the purchase price of the property.

(b) Property Transfer Fees are reduced by 50% if VAT was not paid on the purchase price of the property. However if the Director of the Land Registry considers that the price stated on the contract of sale does not reflect the market value of the property at its date of purchase he may, at his discretion, charge the full Property Transfer Fees based on the Land Registry’s assessment of the market value of the property at its date of sale less the price stated on the contract of sale. (The Department of Lands and Surveys has an on-line Transfer Fees Calculator .)

Capital Gains Tax Capital Gains Tax is payable at 20% on gains resulting from the disposal of a property. The acquisition cost is adjusted for inflation by reference to the cost of living index. (If the property was acquired before 1980, the 1980 value shown on the property’s Title Deed is used as the acquisition cost.) Expenses related to the acquisition and disposal of a property may also be deducted, subject to certain conditions e.g. interest costs on related loans, transfer fees, legal expenses etc. Further allowances are granted for ‘allowable expenses’ such as accepted capital additions and improvements to the property – planning permission where necessary. Note that subject to conditions, immovable property acquired between 16th July 2015 and 31st December 2016 inclusive will be exempt from CGT at its disposal at a future date.

Value Added Tax VAT is charged at the rate of 19% on the first purchase of a property. VAT is also charged at the rate of 19% on the sale of undeveloped building land intended for the construction of building(s) in the course of carrying out a business activity. A reduced VAT rate of 5% is applied on the first 200 sqm. of the acquisition/construction of a property to be used as the purchaser’s primary and permanent residence for a period of ten years. VAT is imposed at the standard rate (19%) on the remaining square metres. VAT is not charged on resale properties or on land in protected zones and farming land.

Stamp Duty Stamp duty is calculated on the value of the purchase agreement and remains unchanged at the rate of: €0 to €5,000 – zero

€5,001 to €170,000 – 0.15%

Greater than €170,000 – 0.2%* *

Capped at a maximum of €20,000

Copyright © Cyprus Property News

Parliament approves VAT on building land

Parliament approves VAT on building land The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union. By: George Psyllides Published: Sunday 5th November 2017 • Filed Under PARLIAMENT on Friday approved a bill imposing 19 per cent VAT on the sale of building land, fulfilling an EU condition some 10 years after the original deadline. The bill passed with the votes of 26 MPs from DISY, DIKO, Solidarity, and the Green Party. Eighteen MPs from AKEL, EDEK, ELAM, and one MP each from DIKO and Solidarity, voted against. The law in question should have been passed by January 1, 2008, and delays prompted the EU Commission to warn Cyprus repeatedly with stiff fines. The new law will come into force on January 2, 2018. House finance committee chairman, DISY leader Averof Neophytou said VAT can be recouped and will only be imposed in cases where the land is sold by a company or businessman registered with the VAT service. Neophytou said the new arrangement could create some short- or medium-term liquidity problems. He reminded parliament that Cyprus has already received a second official warning from the European Commission over the delay in passing the bill. Some MPs voiced concern over the way the law would be applied by the tax commissioner who has the power to decide whether a transaction is commercial or not. Main opposition AKEL warned about the possibility of newly-weds having to pay the tax when buying a plot to build their home. AKEL MP Giorgos Loukaides said there was nothing in the bill ensuring it would not happen. “We have not in any way ensured that new couples will be exempted from paying tax on their first house,” Loukaides said. The land falls under the category of undeveloped building land will be determined by regulations passed by parliament. Protected zones and farming land will be exempted. VAT will be imposed on all sales of building plots taking place as part of economic activity. According to the tax commissioner, any other cases will be examined individually.

Copyright © Cyprus Property News

Cyprus the safest country in the world for young people

Cyprus the safest country in the world for young people

Taken from the Cyprus Mail 23/08/17

Cyprus the safest country in the world for young people

Cyprus is the safest country in the world for young people out of 184 countries across the globe, according to the latest data published by the World Health Organisation (WHO) it emerged on Tuesday.

Analysing the data, British newspaper The Guardian found that Cyprus topped the charts compared to countries from other continents with a death rate of almost one in every 4,762 youths. A young person was defined as aged between 15 and 29.

On the other side of the scale, Sierra Leone proved to be the most dangerous with one youth in every 150, estimated to have died in 2015, the paper reported.

The figures show a widening gap in youth mortality between the developed and developing world as nine of the 10 most dangerous countries are in Africa, the Guardian said citing WHO data.

Cyprus topped the list with 21 deaths for every 100,000 youths, followed by Luxembourg which had 22, Spain with 25 and Denmark along with Malta with 26.

The UK and Japan had 33 young deaths for every 100,000 youths while Greece had 45.

Sierra Leone, Syria and Ivory Coast are the most dangerous for young people according to the 2015 figures which indicate 671, 579 and 574 young people die every 100,000 youths.

The most common cause of death in the figures was due to road accidents and according to WHO estimates, 350,000 young people died in 2015 as a result of traffic related injuries.

Entire Paphos coastline wins quality award for second consecutive year

Coastline in PaphosCoastline

Taken from the Cyprus mail 14th July 2017

PAPHOS has won a Gold Quality Award as a top Sustainable Coastal Tourist Destination for 2017, the second consecutive year it has held the title.

This is the third time that the entire coastal area including, Yeroskipou, Paphos, Kissonerga, Chlorakas, Peyia, Polis Chrysochous and Neo Chorio has achieved Quality Coast status, the first win was in 2013.

“Following the recent award of 17 Blue Flags across the district, Paphos has now been honoured and managed to win the Gold Quality Award as a Sustainable Coastal Tourism Destination for 2017,” Nasos Hadjigeorgiou, the head of the Paphos regional board of tourism, told the Cyprus Mail.

Three new beaches in the Paphos district were awarded blue flags this year; Neo Chorio, Peyia and Yeroskipou.

Hadjigeorgiou said that the achievement has been a concerted effort of the bodies involved.

The prestigious award is given out to holiday destinations that best maintain their local identity, natural and cultural heritage, scenic beauty, and a clean environment. Quality Coast Awards will be presented to winning destinations.

“The distinction has been made possible by the cooperation of all of the Paphos municipalities and communities of the region, under the coordination of the Paphos regional board of tourism who also made the submission made for the region,” he said.

Hadjigeorgiou said that the awards recognise areas that they are clean and safe with great facilities.

The tourism head said that the entire coastline of Paphos has been recognised as most attractive for visitors who want to combine holidays with an enjoyment of nature at a destination with enchanting scenery that cares for and preserves the quality of the environment and practices to protect and enhance the local identity and cultural heritage.

Quality Coast is the largest international certification programme for sustainable tourism destinations.
Since 2007, more than 125 tourist destinations in 23 countries have been selected for awards, including coastal towns, resorts and islands. As from 2013, destinations from all the world can apply for a Quality Coast Award, giving it even more global recognition.

Hadjigeorgiou said that the district of Paphos is already well known all over the world for its beautiful nature, clean beaches and crystal-clear waters. He noted that the Gold Award will give more kudos and ensure that the districts’ international reputation will continue to grow.

“Paphos has maintained its place a top destination for those wanting to experience areas of unparalleled natural beauty, picturesque beaches and rich and rare vegetation as is found in much of Polis Chrysochous and Neo Chorio.”

The main criteria for the selection of areas are water cleanliness, biodiversity of areas, environment, active good environmental behaviour, such as the saving of natural resources, socio-economic status, cultural heritage, lack of air pollution, noise levels, quality of tourism infrastructure, security, accessibility, easy access to information, and so on.

He said: “We would like to thank the municipalities of Paphos, Geroskipou, Peyia and Polis Chrysochous, the community councils of Chlorakas, Kissonerga and Neo Chorio, as well as PASYXE Paphos, for this well-deserved outcome.”

Latchi Marina Harbor Polis Paphos

Latchi MarinaLatchi Marina

A bit about Latchi

Latchi is a sleepy port of Cyprus, where the fishermen still bring in the fresh catch of the morning and supply those who are lucky enough to have got up early that day.

In the past few years due to it’s ever growing facilities and amenities, Latchi Harbour and Marina has become a favorite stopping point after the Greek Isles and Turkey.

Tavernas litter the quayside offering the local speciality Fish Meze and still at a very good price, unlike the other harbours around the island.
Polis is the closet town, situated just 2km away from the harbour and with 2 large supermarkets and various other shops and restaurants. Not leaving the harbour? Then don’t worry, there are several kiosks and mini supermarkets where you can buy all essential products. For more