new to the forum - aphrodite

Tommaso


Joined: 19/11/2010
Posts: 2

Message Posted:
20/11/2010 09:39

Hi all



I am new to the forum and I really find it very useful.



I am a citizen of the EU, and I have been offered property in TRNC at Aphrodite. The co handling ths issue is Evergreen developments.



I am supposed to be going there to check out the place in a week or so.



I tried to go through various postings and found some useful info, albeit I didn't find some answers to some of my questions:



Being an EU citizen, will this property be subject to EU taxation if the TRNC unifies with Cyprus and enters the EU ? (or if Turkey enters the EU).



Would the former Greek Cypriot residents be able to claim back land/property (I mean those who claim they were there prior to 1974 ?)



Are there any extra charges (utilities ) ?



Does this property grant the owner a resident status in the island ?



Some people say the return on investment is 12% ? But who might be the potential buyers ?



Thanks in advance and I'm really looking forward to visit TRNC.



Regards



Tommaso.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
20/11/2010 11:36

"Some people say the return on investment is 12%"



Who are the people that say that?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
20/11/2010 13:21

If this is Pre 74 property you are unlikely to get Permission to Purchase. As a result you will not get your title deeds even though you have paid in full. This means the developer will continue to own the property. You leave yourself at risk of memorandums being placed on your property.



If it is exchange yes you run the risk of displaced GC's going to IPC then onto ECHR to claim back their property. This is the risk you take buying in the TRNC. Its the reason property is cheap.



For years Estate Agents and Developers have been promising high percentage returns on investments, unfortunately these never seem to materialise .Prices in the TRNC have plummeted.



Check out what the maintenance fees are. A really lovely development but you need to check out the problems associated with buying in the TRNC and if you think its worth a gamble.

LordJim


Joined: 12/10/2010
Posts: 221

Message Posted:
20/11/2010 18:17

below the belt crass and bang out of order mess 4 i would say you were a banker but your nickname says it all.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
20/11/2010 19:31

Lordjim. Has your message above been put on the wrong thread?

Tommaso


Joined: 19/11/2010
Posts: 2

Message Posted:
21/11/2010 08:31

No1Doyen : A south african resident in the Gulf said that, she said she has property in TRNC and it could generate a +/- 12%



Bradus: thanks .. sounds scary



Lordjim: i don't get what u mean.. can't Tommaso be a banker ? lol

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
21/11/2010 09:42

Hi Tommaso re "Does this property grant the owner a resident status in the island ?" - the answer is no. You can however apply for a 12 month temporary residency which entails medical checks in the form of a blood test and TB test and you will need to show that you can support yourself. This process will need to be repeated annually.

findhaven


Joined: 06/11/2010
Posts: 27

Message Posted:
25/11/2010 20:32

Msg to Tomasso -I live at pre-74 Aphrodite Beachfront working for Evergreen who built it + can give a lot of answers to your queries. 1st, there has been 75% capital growth from off plan to completed stage one, av 25% p.a I can provide figures to support this. It will not continue at this level but 10% p.a + at least 5% rental, since there is now the new Florida Style Theme Park (Wonderland) coming nearby within 2-3 years, as well as the Eco Hotel and prob upgraded golf course as well as new Free Port nr Lefke University. 2nd, with the recent legislation, as soon as the contract of sale is reg at the Land Reg you CANNOT lose your property, this protects you + there can be no claims on pre-74 . Yes there is a TEMP block on issuing Permission 2 Purchase or P2P to foreign individuals but anyone wanting title deeds soon can use the Trust or Company method, or else wait for it to be resolved. Any queries I can answer here or angela@evergreendevelopments.com. Hope this helps - do visit!

Linus


Joined: 04/05/2008
Posts: 281

Message Posted:
25/11/2010 21:10

Hi Tommaso



I am an owner at Aphrodite and overall am pleased with my purchase.I bought when phase 1 was half built. In my experience Evergreen are a reputable organisation. OK the site took ages to complete but they built it and have delivered on virtually everything they said they were going to do over time. They are well on with phase 2. That is not the case with many other developers in NC in the current climate.

Ok PTP is an ongoing issue but that is the goverment not Evergreen's fault. Nothing is likely to happen on that front until either there is some form of settlement which I believe there will be even if it is two states. Personally I wouldn't have bought on exchange land but that's just me. You can still sell or rent the property without the PTP and I believe it is a good investment



Regards



Linus

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
25/11/2010 21:25

many excellent comments tommaso which I hope you find helpful



as regards a "single" cyprus this is unlikely given the contradictory views of the governments



concerning turkey's application to join the eu, five chapters are resolutely blocked by france,

...so even if the cyprus question was solved (whatever that means!) turkey would not get in



I don't know that there is such a thing as "eu taxation" though vast amounts of cash go to brussels

...if you mean rental income you are supposed to declare this in the trnc and pay a flat 10%

and in theory as well, declare it in the uk as well



as regards any capital gains, I'd imagine the trnc have their tax take, if therre are any

but like in most european countries vat is levied on property purchases

though at what point this is to be paid has varied somewhat in the past



I would be vary skeptical on any investment return figures, the market is in the doldrums,

unless you mean a hot rental prospect

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
25/11/2010 21:43

Registering your contract does not safeguard you from memorandums being taken out

You can have fully paid and registered your property, but because you did not get PTP and can therefore not get your deeds, the developer still legally owns the property according to TRNC law. You leave yourself "wide open" if you cannot take immediate transfer of deeds.



There are several threads where this has been discussed and people have shared their experiences of this happening. Seek them out.



Temp block on PTP? Many have already been waiting several years. How much longer will this TEMP block be? Do you have a date?



Trusts are incredibly expensive and as yet have not been tested in the TRNC law courts. Linus is right, you can still rent or sell. But does that not show how stupid the current system is?



Sorry but the best advice has to be "no deeds, no money" If Aphrodite could achieve this they would be the busiest and most in demand developer in Cyprus.

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
25/11/2010 21:44

cont/



The development and build are excellent. Its simply the system that lets them and all other developers down.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
26/11/2010 11:32

msg 12..Dear Bradus ...I feel your post should read...The Development and Build are Excellent,by "Cypriot standards".........Without this tag potential customers would be led to believe that the build qualities are on a par with houses built within the F.M.B..and they are most certainly not....

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
26/11/2010 19:57

martinD41



I stand corrected. You are absolutely right, the omission of by "Cypriot standards" would have made my comments more valid and accurate.



Thanks.

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
27/11/2010 10:39

msg14...No, your posts are valid ,but are somewhat misleading when it comes to "Excellent" build quality..re post 12.. IMHO.

findhaven


Joined: 06/11/2010
Posts: 27

Message Posted:
27/11/2010 18:58

IMHO although am biased, the build quality at Aphrodite honestly really IS very good. Several British qualified chartered and quantity surveyors have looked at it and are very impressed, say it is one of the few really well built apartment complexes in TRNC. Can provide a contact for an independent one if you want! Build quality is not something to be worried about - honest!

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
27/11/2010 19:30

"Can provide a contact for an independent one if you want"



How can it be independent if you market these properties and are providing the contact?

Tenakoutou



Joined: 27/07/2009
Posts: 4110

Message Posted:
27/11/2010 19:39

Tommaso/Msg 1:



If you believe 'findhaven' [Msg 8 & 16], you'd better place yourself in the category of those that believe 'The Moon is made of green cheese, etc.'!!!

martinD41


Joined: 06/09/2010
Posts: 3001

Message Posted:
27/11/2010 19:48

Having watched the construction of many dwellings in the TRNC ,Build quality, or the lack of it, is and should be a major concern to all potential buyers..........Providing a contact for an independent surveyor does nothing to dispel my concern sorry..........

newscoop


Joined: 23/12/2007
Posts: 2197

Message Posted:
27/11/2010 21:44

Findhaven;



"Probably upgraded golf course"



I presume you mean CMC at Yesilyurt and if so can you explain further re upgrade please?

findhaven


Joined: 06/11/2010
Posts: 27

Message Posted:
28/11/2010 15:38

A few replies - I am only trying to be helpful! Bradus - I mean there are OWNERS at Aphrodite who are not employed by the company who have bought there and whose work is as a quantity surveyor. Not employed by Evergreen. So that was what I meant by "independent". I can ask one of those if they would be willing to speak to you if you are interested. Re the golf course, the current Captain of the nearby CMC has told me personally that there are tenders at the moment for the upgrading to 18 hole and it is extremely likely.



I am trying to helpful and provide accurate information to this thread, to counter the tendency of people to believe gossip without checking the sources and wish people could be a bit more positive!!!



If anyone wants to contact me personally please do contact us via http://www.aphroditebeachfront.com - I will always be happy to give information on Aphrodite, but won't write more here as it seems my posts are not welcome! Hope this was useful, all the best.

Swany



Joined: 01/12/2009
Posts: 255

Message Posted:
28/11/2010 20:06

I am buying from Evergreen (different site) at the moment and am very happy with everything so far yes we have a long way to go but not worried yet and don’t expect to be...

As for and investment return remember the what goes up can go down (and will at times) a 12 % return will not be without its risk and on this occasion your question as to who will be the purchaser is a valid one.

In regard to tax check out http://www.ncmoneyguide.info