Buy a house in Cyprus and enjoy the sunshine and beaches whenever you want.
At the crossroads of three continents, at the meeting point of great civilisations, Cyprus has developed – and for thousands of years has maintained – its own civilisation centre, assimilating the various influences from those who conquered the island. It has remained a thriving centre of Greek culture with some specific characteristics.
The island is now a full member of the European Union. The Island of Aphrodite is the third largest island in the Mediterranean, situated in the east and in close proximity to the busy trade routes linking Europe with the Middle East, Russia, Central Asia and the Far East. Its climate is Mediterranean, with mild winters and dry summers while 17% of its surface is covered by vegetation, including forests of evergreen and deciduous trees, shrubs and flowers. The flora comprises about 1800 indigenous species, subspecies and varieties. The official languages are Greek and Turkish, with English and other European languages being very widely spoken. The cultural life of Cyprus finds expression through the creative arts: literature, poetry, concerts, opera, dance, painting and sculpture are some of its manifestations, with an abundance of museums and art galleries.
Are you longing for a quiet lifestyle?
Legal system in Cyprus
The legal system in Cyprus is modelled on the British system due to its colonial legacy. In addition, with EU membership, Cyprus has harmonised its laws and regulations in line with the acquis communautaire. In effect, this means that EU citizens can now buy more than one property in Cyprus.
The Land Registry system is one of the most advanced and reliable systems in the world, being based on the British equivalent. Purchasers of property in Cyprus will be far more secure with regards to matters such as title deeds than they might be in other Mediterranean countries.
Property ownership
Compared to many countries Cyprus has flexible property buying procedures. People of Cypriot origin and EU citizens are allowed to purchase however much property they choose. A non-EU citizen is entitled to FREEHOLD ownership of a villa, apartment, or a piece of land of up to 4,000 sq.m.
International business units may also acquire premises for their activities or for residence of their foreign employees.
Paying for property
It is a requirement to pay for your property in Euro. Personal cheques, bank drafts and telex transfers are acceptable.
Approval of the council of ministers
Having signed a contract of sale for your property, it will be necessary to make an application to the Council of Ministers to grant its approval for a non-Cypriot to acquire immovable property.
Selling your property in Cyprus
In case of selling property, foreigners are allowed to repatriate the funds immediately to the value of the purchase price (including any amounts spent on improvements and/or additions to the property).
Low taxation in Cyprus
Cyprus is unique when it comes to the taxation aspects of living on the island. Cyprus has double taxation treaties with: Austria, Bulgaria, Canada, China, Czech Republic and Slovakia, Denmark, France, Germany, Greece, Hungary, Ireland, Italy, Kuwait. Norway. Poland. Romania, Russia, Sweden. UK, USA and Yugoslavia. Furthermore there are negotiations for the ramification of treaties with Egypt, Malta, Syria, Belgium, Finland and the countries comprising the Commonwealth of Independent States. The main purpose of these treaties is the avoidance of double taxation of income earned in any of these countries.
For example. UK citizens may take advantage of the Double Taxation Treaty existing between the UK and Cyprus. This enables you to receive private and public pensions and investment income in Cyprus FREE of UK withholding tax.
The remittance system compares extremely favorably with the tax system used in many other countries including popular sunspots like Spain. Recent tax reforms sharply reduce the tax burden and foreign residents are now taxed on a flat basis of 5% per-annum on pension income over € 3417. There is 0% on investment income (i.e. dividends & interest) brought into Cyprus. In special circumstances exemptions totaling up to € 6834 per person or € 13669 per married couple may apply.
Consequently, the total tax burden on alien residents is in practice often only 3%. This compares extremely favorably with competing destinations where property owners are subject to high tax exposure levels of up to 60%. Insurance pensions can be paid to retirees in Cyprus on a similar tax-free basis, and are index-linked by virtue of the Reciprocal Agreement, compared to their “frozen” status in other overseas destinations.
Get the benefits of a duty free car in Cyprus!
Duty free privileges in Cyprus
Duty free cars and household goods are just two examples of the products that one that moves to Cyprus can benefit from. Third country citizens benefit fully from these privileges.
With respect to the rights of EU citizens, duty free privileges have changed since Cyprus’ accession to the EU, where now only retirees are eligible.
Languages in Cyprus
The official languages are Greek and Turkish with English as an unofficial second language. French, German, Italian and Spanish are now a part of the national curriculum. Russian is also widely spoken.
European Union
Cyprus joined the EU on May 1st, 2004. Cyprus already exports 50% of its products to the E.U. and can expect to be transformed into a regional business center, as it has a democratic system of government, a free market economy, excellent telecommunications with direct dialling to over 200 countries, a favourable tax regime, bilateral investment agreements, double tax treaties and a strategic location at the crossroads of three continents.
The move to Cyprus
There are many experienced and reputable specialists in Cyprus to assist you with all formalities, packaging, forwarding and customs clearance from any country.
Family pets
As of July 3rd 2004, the EU has implemented its new EUPETS policy, with Cyprus being a party to this agreement. In effect, it is mandatory for pets from EU countries to have an EU passport for movement between member states. Movement from a third country will require an additional EU Health Certificate.
Private schools in Cyprus offer education in English.
Education in Cyprus
There are many private schools in Cyprus, catering for English and other students. The schools accept day students and also have boarding facilities. Additionally, there are a few colleges of higher education offering business studies, hotel management and many other subjects.
Banking Standard
The banking system in Cyprus closely follows the British pattern. The banks, having many convenient branches are efficient, modern and well equipped with the latest technology. Non-Cypriot citizens may open both foreign and local currency accounts. Many international banks have branches in Cyprus.
Major credit cards, such as Visa and MasterCard are widely used. Transactions and payments are simply made through your foreign deposit account.
