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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 Cyprus property prices increasing?

Cyprus is a small island with a limited supply of land and properties. As a result, property has been the traditional safe investment. With Cyprus’ accession to the E.U., demand has continued to grow as not only do EU citizens purchase Cyprus property for holiday and retirement but now also for permanent residence. Many E.U. citizens are now deciding to both live and work in Cyprus.

Legal System

As of May 1st, 2004, the acquis communautaire has now been extended to the island. Due to Cyprus’ colonial legacy, the legal system on the island is based on the British and Greek legal systems, as is the Land Registry, which is considered to be one of the most advanced and reliable systems in the world.
Purchasers of Cyprus property, therefore, will be far more secure, with regard to their title deeds, than they might be in other Mediterranean countries.

Property ownership

Compared to many countries Cyprus property has flexible 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 in Cyprus of up to 4,000m2. International business units may also acquire premises for their activities or for residence of their foreign employees.

Paying for Cyprus property

It is a requirement to pay for your property in Cyprus Pounds. Personal cheques, bank drafts and telex transfers are acceptable.

Approval of the council of ministers

Having signed a contract of sale for your Cyprus 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 Cyprus property

In case of selling Cyprus 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). Profits can also be repatriated.

Extremely low taxation

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 favourably 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 £2000. There is 0% on investment income (i.e. dividends & interest) brought into Cyprus. In special circumstances exemptions totalling up to CYP 4,000 per person or CYP 8,000 per married couple may apply.

Consequently, the total tax burden on alien residents is in practice often only 3%. This compares extremely favourably 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.

Duty free privileges

Duty free cars and household goods are just two examples of the products that those who move into their Cyprus property 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.

Property taxes/fees

Cyprus Property Transfer Fees
These are necessary in order to transfer FREEHOLD ownership to your name. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase of your Cyprus property has been settled.

The Property Transfer Fees are payable once only to the Land Registry Office according to the following scale:

Up to 50,000 Cy£ - 3% transfer fee rate
From 50,001 to 100,000 Cy£ - 5% transfer fee rate
Over 100,000 Cy£ - 8% transfer fee rate

Local Authority Taxes (Rates)
These are between 30-100 CY£ per annum depending on the size of the property and are for refuge collection, street lighting, etc.

Immovable Property Tax
The registered owner of the property is liable for this annual tax which is based on the value of the property.
Up to 100,000 Cy£ - Exempt
100,001 to 250,000 Cy£ - 2.5%
250,001 to 500,000 Cy£ - 3.5%
Over 500,000 Cy£ - 4.0%

Capital Gain Tax
For foreign owned property that is sold, generous exemptions from capital gains tax exist.

Estate Duty/Inheritance Tax
Estate Duty, which is paid on assets based in Cyprus, provides very generous allowances, which, in effect, means that in most cases nothing or only a small amount is paid. You may also make out your will as a Cypriot resident, which will exclude you from country of current residence inheritance tax.

Stamp Duty
The purchaser is liable for the payment of stamp duty at the rate of 1.5 pounds per thousand up to the value of CY£ 100,000 and thereafter the rate is 2 pounds per-thousand. This duty should be paid within 30 days of signing the contract.

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 dialing to over 200 countries, a favourable tax regime, bilateral investment agreements, double tax treaties and a strategic location at the crossroads of three continents.

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.

Education

There are both junior and secondary schools in Paphos, of very high standards, 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, making the upkeep of your Cyprus property quick and easy.

Paphos

Paphos, the birthplace of Aphrodite and the capital of Cyprus during the Roman years, is situated on the southwest coast sheltered from the north by the Troodos mountains and has the healthiest year-round climate in the Mediterranean.
It is the most scenic town in Cyprus combining mountain, plain and sea. Buy Cyprus property and living in Paphos, one can enjoy the endless coastline of rocky coves and sandy beaches, swim in the clear blue seas or walk through fertile countryside. UNESCO has included Paphos in its World Cultural Heritage list and the Cyprus government has imposed planning and building restrictions, which guarantee its architectural character.

Background Information


Capital: Nicosia (Lefkosia).
Population: 665,000.
Foreign Community: The population of Cyprus is 78 per cent Greek, 18 per cent Turkish and 4 per cent other nationalities. There’s a large foreign community, including many British residents concentrated mainly in resort areas.
Area: 9,250km2 (3,572mi2).
Geography: Cyprus is situated at the eastern end of the Mediterranean 64km (40mi) from Turkey and 122km (76mi) from Syria. It’s 240km (149mi) in length and 96km (60mi) wide, with a coastline of 782km (486mi). The northern coast is backed by the long limestone range of Kyrenia. The central plain between Morphou and Famagusta is fertile and well irrigated, and produces fruit, flowers and early vegetables.
Climate: Cyprus is the sunniest island in the Mediterranean with over 300 days of sunshine a year and long, hot, dry summers and mild winters. Most rain falls between November and March. August is the hottest month, when temperatures are between 21 and 40ºC/70 and 104ºF, and January the coldest with temperatures between 6 and 13ºC/43 and 55ºF. Sea temperatures range from 16ºC/61ºF in January to 32ºC/90ºF in August. In winter it’s possible to ski on Mount Olympus in the Troodos mountains.
Language: National languages are Greek and Turkish, although most Turkish Cypriots now live in the self-declared Turkish Republic of Northern Cyprus. English is spoken by some 90 per cent of Greek Cypriots.

Property


Market: Cyprus has a flourishing property market and it’s traditionally a popular location for both holiday and retirement homes. A wide range of properties is available, both new and old, including restored and unrestored old village houses.
Areas: The most popular locations for foreign buyers are in and around the coastal towns of Ayia Napa, Limassol, Larnaka and Paphos. The Troodos mountains and the capital Nicosia are also popular.
Local Mortgages: Mortgages of 70 or 75 per cent are available from local banks over five to ten years. There’s a mortgage registration fee of at least 1 per cent of the amount borrowed. Some new properties are sold on ‘hire purchase’ terms by developers, e.g. a 25 per cent deposit with the balance payable in monthly instalments over two to five years. Other schemes require one third on signing, one third during construction and the remaining third to be paid in monthly instalments over two or three years.
Fees: Fees total around 10 per cent of the purchase price. Lawyer’s fees are between C£200 and C£500 or 1 per cent of the purchase price up to C£75,000. Stamp duty is C£1.50 per C£1,000 of value up to C£100,000 and C£2 per C£1,000 above this amount. The application to the Council of Ministers costs around C£200. A land registry fee or transfer tax is levied at between 3 and 8 per cent, depending on the value of the property. When a couple are buying a property together as co-owners, they can split the transfer tax between them.
Precautions: Buyers should engage a local lawyer, although it isn’t required by law. Always ensure that the deeds are produced as required in the contract and make this a condition of a sale. Note that the signing of a contract and payment of a deposit can lead to a buyer being irrevocably committed, even if the title is defective or there are flaws in the contract.
Building Standards: The design of new properties and developments has improved greatly in recent years, and the construction quality of new properties is generally high. The quality of older resale properties is variable and a survey is recommended on older detached properties.

General Information


Crime Rate: Cyprus has one of the world’s lowest crime rates, and both serious crime and crime against property are relatively low.
Medical Facilities: Very good. Many doctors are trained in the UK or USA, and inexpensive health services are provided at government hospitals. Private health insurance is necessary for retirees.


Click the ref number to view details KEY : Yes Yes   No No   Maybe Maybe
REF Cyprus Property Found : 85 Price € Bed Pool Renovation Req.?
101209
Cyprus Apartment Paphos
Located on the outskirts of Paphos, 4km from the nearest beach. 1 bedroom apartment with communal swimming pool. .... <more_info>
Property in Cyprus, South West Cyprus
102,175 1 No No Cyprus Apartment For Sale
101211
Cyprus Apartment Paphos
Situated on a hillside approx 14km from Paphos and 4km from the nearest beach 1 bedroom apartment with communal swimming pool. .... <more_info>
Property in Cyprus, South West Cyprus
106,650 1 Yes No Cyprus Apartment For Sale
124643
Cyprus Apartment Fournado
Fournado is located on the hills, south of Kastelli, the second largest urban centre of the Chania district. The project is conveniently pos .... <more_info>
Property in Cyprus, South West Cyprus
120,000 1 Yes No Cyprus Apartment For Sale
124645
Cyprus Apartment Mandria Village
Set on the edge of the peaceful village of Mandria, close to the sea, in an ideal location only 10 minutes from Paphos International Airport .... <more_info>
Property in Cyprus, South West Cyprus
124,141 1 Yes No Cyprus Apartment For Sale
124647
Cyprus Apartment Molos
A traditional style development situated in the fishing village of Molos, 100m from the beach, consisting of 1 and 2 bedroom apartments, 2 a .... <more_info>
Property in Cyprus, South West Cyprus
125,000 1 Yes No Cyprus Apartment For Sale
124648
Cyprus Apartment Tala Region
One of the latest in a refined series of Leptos resort residences in the Tala region, offering 1 & 2 bedroom apartments, garden flats, penth .... <more_info>
Property in Cyprus, South West Cyprus
132,900 1 Yes No Cyprus Apartment For Sale
124650
Cyprus Apartment Pathos
Apartment in an elegant development designed in the local character, typical of the Greek islands with features that produce a very attracti .... <more_info>
Property in Cyprus, South West Cyprus
145,230 1 Yes No Cyprus Apartment For Sale
101215
Cyprus Apartment Paphos
Located 4km from Paphos and 4km from the nearest beach is this new 2 bedroom apartment with communal swimming pool. .... <more_info>
Property in Cyprus, South West Cyprus
149,800 2 Yes No Cyprus Apartment For Sale
109266
Cyprus Apartment Chloraka Village
This 2 bedroom, 1 bathroom fully furnished apartment is located within a quiet residential area of Chloraka Village.
This spacious apart .... <more_info>
Property in Cyprus, South West Cyprus
156,335 2 Yes No Cyprus Apartment For Sale
101220
Cyprus Apartment Paphos
New 2 bedroom apartment situated 14km from Paphos and 4km from the nearest beach. There is a communal swimming pool. .... <more_info>
Property in Cyprus, South West Cyprus
158,500 2 Yes No Cyprus Apartment For Sale
101222
Cyprus Apartment Paphos
New 2 bedroom apartment located on the outskirts of Paphos. It is 13km from the airport and 2.5km from the beach. .... <more_info>
Property in Cyprus, South West Cyprus
158,500 2 Yes No Cyprus Apartment For Sale
109268
Cyprus Commercial Property Kato Paphos
Located on a new and very busy road which is situated near to the nightlife area of Kato Paphos making this one of the busiest areas within .... <more_info>
Property in Cyprus, South West Cyprus
160,000 0 No No Cyprus Commercial Property For Sale
124652
Cyprus Apartment Zanatzia
Newly constructed 2 bedrooom apartment, in a superb location combined with the carefully planed interior designs and layout surrounding the .... <more_info>
Property in Cyprus, South West Cyprus
170,400 2 Yes No Cyprus Apartment For Sale
109215
Cyprus Apartment Kato Paphos
1 bedroom apartments, located in Kato Paphos with communal swimming pool.

Features include: Aluminium Shutters
Fitted wardr .... <more_info>
Property in Cyprus, South West Cyprus
170,690 1 Yes No Cyprus Apartment For Sale
124655
Cyprus Apartment Chania Crete
This new development comprises of apartments and villas in a variety of styles with or without pools, designed in traditional Cretan archite .... <more_info>
Property in Cyprus, South West Cyprus
171,500 2 Yes No Cyprus Apartment For Sale
109307
Cyprus Apartment Tala Village
This 2 bedroom, 1 bathroom spacious 1st floor apartment is located within a quiet residential area within the village of Tala and is perched .... <more_info>
Property in Cyprus, South West Cyprus
173,300 2 Yes No Cyprus Apartment For Sale
124657
Cyprus Apartment
A 1 bedroom, 1 bathroom, first floor apartment set in a superb seafront residential development with large themed communal swimming pool and .... <more_info>
Property in Cyprus, South West Cyprus
174,615 1 Yes No Cyprus Apartment For Sale
108001
Cyprus Apartment Paphos
In a very convenient location midway between Kato Paphos and the old town, Leptos Estates, Hermes Gardens consists of 29, 1 and 2 bedroom ap .... <more_info>
Property in Cyprus, South West Cyprus
183,540 2 Yes No Cyprus Apartment For Sale
124659
Cyprus Apartment Tala Village
Brand new 2 bedroom apartment with pravate and communal swimming pools. .... <more_info>
Property in Cyprus, South West Cyprus
187,940 2 Yes No Cyprus Apartment For Sale
124661
Cyprus Penthouse Geroskipou
This 2 bedroom spacious penthouse is located on a hillside in the south of Geroskipou Village. A large communal swimming pool as well as lan .... <more_info>
Property in Cyprus, South West Cyprus
194,695 2 Yes No Cyprus Penthouse For Sale
109218
Cyprus Apartment Kato Paphos
This 2 bedroom, 1 bathroom spacious 1st floor apartment is located within a quiet residential area of Kato Paphos, but within a short walk t .... <more_info>
Property in Cyprus, South West Cyprus
199,850 2 Yes No Cyprus Apartment For Sale
124662
Cyprus Apartment Mandria Village
Newly constructed 2 bedroom villa, located in Mandria Village, with private and communal swimming pools. .... <more_info>
Property in Cyprus, South West Cyprus
201,286 2 Yes No Cyprus Apartment For Sale
124664
Cyprus Townhouse Molos Paros
The superb location combined with the carefully planed interior designs and layout surrounding the communal gardens, swimming pools and club .... <more_info>
Property in Cyprus, South West Cyprus
203,000 2 Yes No Cyprus Townhouse For Sale
124666
Cyprus Villa South Coast Santorini
Newly built 2 bedroom villas, in the Greek island-style, with classic sky blue and white-washed exteriors that compliment and respect the ex .... <more_info>
Property in Cyprus, South West Cyprus
204,270 2 Yes No Cyprus Villa For Sale
124668
Cyprus Apartment Chania Crete
Newly constructed, 2 bedroom apartment, located on the hills, south of Kastelli, the second largest urban centre of the Chania district. The .... <more_info>
Property in Cyprus, South West Cyprus
205,800 2 Yes No
108004
Cyprus Apartment Paphos
This 2 bedroom, 1 bathroom spacious 2nd floor fully furnished apartment is located within a quiet residential area on the Tombs of the Kings .... <more_info>
Property in Cyprus, South West Cyprus
212,720 2 Yes No Cyprus Apartment For Sale
109228
Cyprus Apartment Kato Paphos
This 2 bedroom, 1 bathroom spacious 1st floor apartment is located within a quiet residential area of Kato Paphos, but within a short walk t .... <more_info>
Property in Cyprus, South West Cyprus
214,600 2 Yes No Cyprus Apartment For Sale
124670
Cyprus Apartment Kato Paphos
Newly built, 1 bedroom apartment, located in Kato Paphos, featuring:
* A/C (Full)
* Aluminium Shutters
* Double glazed
* Fi .... <more_info>
Property in Cyprus, South West Cyprus
217,491 1 Yes No Cyprus Apartment For Sale
124673
Cyprus Townhouse Chania Crete
Newly constructed 3 bedroom townhouse located in Chania Crete with communal swimming pool and gardens. .... <more_info>
Property in Cyprus, South West Cyprus
221,375 3 Yes No Cyprus Townhouse For Sale
124674
Cyprus Townhouse Paphos
Newly constructed 2 bedroom townhouse, located in Pathos Town, with private and communal swimming pools. .... <more_info>
Property in Cyprus, South West Cyprus
233,650 2 Yes No Cyprus Townhouse For Sale
124675
Cyprus Apartment Kato Paphos
This 2 bedroom, 2 bathroom spacious 1st floor apartment is located within a quiet residential area on the Tombs of the Kings road, but withi .... <more_info>
Property in Cyprus, South West Cyprus
241,500 2 Yes No Cyprus Apartment For Sale
101238
Cyprus Apartment Paphos
New 3 bedroom apartment located on the outskirts of Paphos and 2.5km from the beach.

A spacious 3 bedroom, 2 bathroom 3rd floor apa .... <more_info>
Property in Cyprus, South West Cyprus
243,475 3 Yes No Cyprus Apartment For Sale
124676
Cyprus Apartment Kato Paphos
Newly constructed 2 bedroom apartment, located in Kato Paphos, featuring on site:
* Private and communal swimming pool
* Beach front .... <more_info>
Property in Cyprus, South West Cyprus
249,935 2 Yes No Cyprus Apartment For Sale
109262
Cyprus Apartment Tala Village
In the exclusive area of Tala village it is unique as it is in the mountains with views to the sea. The development comprises 1-2-3 bedroom .... <more_info>
Property in Cyprus, South West Cyprus
253,385 2 Yes No Cyprus Apartment For Sale
124678
Cyprus Plot of land Pissouri
Plot for sale in Pissouri Village, featuring: ample parking, attached to green area, close to the beach, with easy access to the main road .... <more_info>
Property in Cyprus, South West Cyprus
260,000 0 Yes Yes Cyprus Plot of land For Sale
124680
Cyprus Apartment Geroskipou
This spacious 3 bedroom, 2 bathroom, apartment with a large terrace is perched on a hillside within a quiet residential area of Geroskipou, .... <more_info>
Property in Cyprus, South West Cyprus
263,500 2 Yes No Cyprus Apartment For Sale
124682
Cyprus Plot of land Tsada Village
Hilltop plot for sale, in Tsada Village, on an exclusive award winning complex, close to a golf course and with a communal swimming pool. .... <more_info>
Property in Cyprus, South West Cyprus
268,500 0 Yes Yes Cyprus Plot of land For Sale
109211
Cyprus Villa Kamares Village
Located in a quiet residential area, fully furnished villa with landscaped gardens, large terraces and ample parking.

It includes b .... <more_info>
Property in Cyprus, South West Cyprus
273,800 2 Yes No Cyprus Villa For Sale
109270
Cyprus Apartment Kato Paphos
Limnaria Gardens is located in the heart of Kato Paphos. 1-2-3 bedroom apartments and 2-3-4 bedroom townhouses and villas with landscaped ga .... <more_info>
Property in Cyprus, South West Cyprus
275,000 2 Yes No Cyprus Apartment For Sale
124684
Cyprus Apartment Chania Crete
A 2 bedroom, 1 bathroom, first floor apartment part of a superb seafront residential development with large themed communal swimming pool, l .... <more_info>
Property in Cyprus, South West Cyprus
275,625 2 Yes No Cyprus Apartment For Sale
101241
Cyprus Villa Paphos
Located on the outskirts of Paphos is this 2 bedroom villa. There is a community club and communal swimming pool. .... <more_info>
Property in Cyprus, South West Cyprus
276,807 2 Yes No Cyprus Villa For Sale
124686
Cyprus Apartment Kato Paphos
This 2 bedroom, 1 bathroom, spacious fully furnished apartment, is located within a quiet residential area on the Tombs of the Kings road, b .... <more_info>
Property in Cyprus, South West Cyprus
282,000 2 Yes No Cyprus Apartment For Sale
124687
Cyprus Villa Kato Paphos
Newly constructed 3 bedroom villa, located in a modern complex, which features:
Quiet residential areas
Beach front
Easy access .... <more_info>
Property in Cyprus, South West Cyprus
292,376 3 Yes No Cyprus Villa For Sale
101240
Cyprus Villa Pirou area
Located 3km from the nearest beach is this 2 bedroom villa. .... <more_info>
Property in Cyprus, South West Cyprus
299,000 2 Yes No Cyprus Villa For Sale
124690
Cyprus Villa Kamares Village
This beautiful 2 bedroom, 1.5 bathroom villa is a part of Karmi Village set within the hills of Kamares Village, one of the best residential .... <more_info>
Property in Cyprus, South West Cyprus
299,005 2 Yes No Cyprus Villa For Sale
124691
Cyprus Apartment Kato Paphos
Newly constructed 2 bedroom apartment, located in Kato Paphos, featuring: full air conditioning, aluminium shutters, provision for full cent .... <more_info>
Property in Cyprus, South West Cyprus
302,005 2 Yes No Cyprus Apartment For Sale
124693
Cyprus Townhouse Dryos Paros
An exclusive 2 bedroom, 2 storey, seafront residence with private gardens, ready for occupation.

Part of the award winning Golden .... <more_info>
Property in Cyprus, South West Cyprus
306,500 2 No No Cyprus Townhouse For Sale
124695
Cyprus Villa Chania Crete
3 bedroom villa, situated on a new development, which comprises of apartments and villas in a variety of styles with or without swimming poo .... <more_info>
Property in Cyprus, South West Cyprus
324,800 3 Yes No Cyprus Villa For Sale
124697
Cyprus Villa Kamares Village
2 bedroom villa, situated on one of the most exclusive developments in Cyprus that is amongst the most distinctive in the Eastern Mediterran .... <more_info>
Property in Cyprus, South West Cyprus
352,500 2 Yes No Cyprus Villa For Sale
124699
Cyprus Villa Koili
3 bedroom villa, located in the prestigious and secluded area of Koili Village, with communal swimming pool & landscaped gardens. .... <more_info>
Property in Cyprus, South West Cyprus
367,860 3 Yes No Cyprus Villa For Sale
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