Cyprus
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Property taxes/fees
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 has been settled.
The Property Transfer Fees are payable once only to the Land Registry Office
according to the following scale:
Value of Property CY₤ Transfer fee Rate
Up to 50,000 3%
From 50,001 - 100,000 5%
From over - 100,000 8% 
For example:
Purchase price CY₤ 85,000
1st CYP 50,000 3% = CYP 1500
Next CYP 35,000 5% = CYP 1750
TOTAL CYP 3250 = 3,82%
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.
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Legal system
The legal system in Cyprus is based on the British as well as Greek legal systems as
is the Land Registry, which is considered to be one of the most advanced and
reliable system in the world.
Purchasers of property in Cyprus, therefore, will be far more secure, with regard to
their title deeds, than perhaps they might be in other Mediterranean countries.
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Property ownership
Compared to many countries Cyprus has flexible property buying procedures.
A non-Cypriot 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.
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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.
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Selling your property
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).
Profits can also be repatriated.
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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 totaling 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.
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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.
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Do the properties have title deeds?
Properties have title deeds. The title deeds are transferred to the buyer's name as
soon as they are issued by the Land Registry Department and following the settlement
of the agreed selling price, and the Council of Ministers approved.
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Government
Cyprus is an independent sovereign Republic with a presidential system of
government. Under the 1960 Constitution, executive power is exercised by the
President of the Republic, elected by universal suffrage for a five-year term of
office. The President exercises executive power through a Council of Ministers
appointed by him. Ministers may be chosen from outside the House of Representatives.
Cyprus is a member of the United Nations and U.N. Agencies. It is also a member of
the Council of Europe, the Commonwealth, the Organisation for Security and
Cooperation in Europe and many other international Organisations.
Following the signing of the EU Enlargement Treaty in Athens on April 16, 2003 and
its subsequent ratification by the Cypriot House of Representatives, Cyprus will
officially join the EU on May 01 , 2004.
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Population
Demography
Population (de jure): 802 500 (End 2002)
641 700 (80.1%) : Greek Cypriots (including 2 600 Armenians, 4 800 Maronites, 900
Latins)
87 400 (10.9%) : Turkish Cypriots
72 500 (9%) : Foreign residents
Note: Prior to the Turkish invasion (July-August 1974) the two communities lived
together in roughly the same proportions (4 Greek Cypriots : 1Turkish Cypriot) in
all six administrative districts of the island. Since the invasion, about 57 000
Turkish Cypriots emigrated, with the result that today they constitute only 10.9%%
of the population compared to 18% before July 1974.
Population of Main Towns
(End 2002)
Lefkosia (Nicosia): 208 900
Lemesos (Limassol): 163 900
Larnaka: 73 200
Pafos: 48 300
Note: All place names have been converted into Latin characters according to the
official System of Transliteration of the Greek alphabet.
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Safety in Cyprus
Crime in Cyprus is, comparatively, at a very low level. The Police is always ready
to assist anyone who needs help. In case of emergency, one may telephone 199 or 112
(in all towns). All policemen speak good English.
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Geography
Cyprus is the third largest island in the Mediterranean Sea. Its 9,251 square
kilometres (3,572 square miles) encompass citrus and olive groves, pine forested
mountains, and some of Europe's cleanest beaches. Also the easternmost island in the
Mediterranean Sea, Cyprus is approximately 105kilometres (60 miles) west of Syria,
75kilometres (47 miles) south of Turkey and 380kilometres (200 miles) north of
Egypt. The nearest Greek point is the Greek island of Rhodes which is 380kilometres
(200miles) to the west. The island has a mild, typically Mediterranean climate, with
abundant sunshine even in winter and little rainfall. Prominent geographic features
include the Troodos massif that occupies most of the southwestern part of the
country, the Pentadaktylos range in the north around Kyrenia and the Messaoria Plain
in between them. It is here that the capital city, Lefkosia, is located.
The elongated Karpasia Peninsula occupies the northeastern part of Cyprus, while the
southeastern point terminates in Cape Gkreco. The southern coast is where the major
towns of Larnaka and Lemesos are located. Pafos and the Akamas Peninsula are on the
far western edge.
The latitude of Cyprus is 34? 33'-35? 34' North, and its longitude 32? 16'-34? 37'
East.
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Passports and visas
Entry regulations apply only to the areas controlled by the Government of the
Republic Cyprus.
1. Passport: Required, except for holders of:
a. Laissez-Passer issued by the United Nations
b. Document issued to stateless persons and recognised refugees.
c. Further to the above, citizens of the European Union countries, as well as of
Switzerland, Iceland, Liechtenstein and Norway, may enter Cyprus with their national
identity card provided there is a photo.
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Health & Safety
Medical Services and Hospitals Dialysis Units
Medical care-needs in Cyprus are met through:
1. Government General Hospitals
2. Private Clinics/Hospitals
Government General Hospitals and Private clinics/hospitals are mostly concentrated
in urban areas, while health centres, subcentres, and dispensaries function in the
rural areas, providing a network to meet the medical needs of the whole population.
All Government General Hospitals as well as some private clinics have Accident and
Emergency Departments for emergency cases. (See also title ?Emergencies?).
Medical treatment and assistance is offered free of charge to international tourists
in case of health emergencies at the Accident and Emergency Department of Government
Hospitals/Institutions. Out-patient and in-patient treatment is provided against
payment of the prescribed fees. Holiday-makers can also make use of their health
insurance, which covers medical expenses, provided that this insurance covers the
length of their stay on the island.
Almost all brands of manufactured medicines are available in Cyprus. Local
newspapers list pharmacies which are open during the night and on weekends/holidays,
as well as the names of doctors who are on call on weekends/holidays.
Information on private doctors on call on weekends / holidays is given by the
following telephone numbers:
Ammochostos - 1433
Larnaka - 1434
Lefkosia - 1432
Lemesos - 1435
Pafos - 1436
Most hotels make arrangements for Medical services for their guests upon request.
The majority of doctors are English speaking.
Private doctors? visiting hours (on weekdays) : 09:00-13:00 hrs and16:00-19:00 hrs.
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Telecommunications
The Cyprus Telecommunications Authority (CYTA) is a corporate body established by
law and is responsible for the provision, maintenance and development of
telecommunications facilities, both local and overseas. Since the beginning of 2003
the telecommunications market has been liberalised so is now open for other
telecommunication providers.
Services provided by CYTA include fixed telephony, mobile telephony (pay monthly and
pay as you go), data transmission, telegraphy, maritime, TV transmission/ reception,
private leased circuits, audio text, video conferencing, ISDN, DSL, Internet and
ATM/Frame Relay.
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Currency - Exchange Rates
The currency of the Republic is the Cyprus pound - C?, which is divided into 100
cents.
Notes and coins currently in circulation are as follows:
Banknotes: CY₤20, CY₤10, CY₤5, CY₤1.
Coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents.
The Cyprus pound is not traded internationally. Commercial Banks quote daily the
exchange rates of the Cyprus pound against all the major traded foreign currencies
while the Central Bank quotes daily the Cyprus pound vis-a-vis the EURO, the U.S.
dollar, the Pound Sterling and other currencies.
For up to date Exchange rates please go to the Website of the Central Bank of
Cyprus:
Cyprus Pound Exchange Rate
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Driving in Cyprus
Driving in Cyprus is most advisable as regular transport service is not available to
all remote areas where many places of interest are to be found.
Fairly good surfaced roads complying with international traffic requirements link
the towns and the various villages.
Four lane motorways connect the capital, Lefkosia with the coastal towns of Lemesos,
Larnaka and one part of Pafos.
Minor roads and forest roads are still largely unsurfaced but in good to fair
condition. Appropriate care should be taken when using these roads, especially
during wet weather.
Visitors wishing to bring their car to Cyprus can do so, for a period up to 3 months
provided the car has a valid registration licence of its country of origin. The
period may be extended accordingly, provided the person is considered a visitor by
the Department of Customs & Excise.
HANDS FREE DURING DRIVING IS MANDATORY
During driving, the driver should take all necessary measures, so that his/her hands
are free at all times in order to have full control of the vehicle. Therefore the
use of a mobile phone is strictly prohibited.
DRIVING LICENCE
Visitors in Cyprus can drive using a valid International driving licence, or their
National driving licence, provided it is valid for the class of vehicle they wish to
drive.
Cyprus Driving Licence: ?35 for a lifetime.
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Importing Animals to Cyprus
VETERINARY CONDITIONS RELATING TO THE IMPORTATION OF DOGS AND CATS INTO CYPRUS
The dogs/ cats shall not be landed in Cyprus unless and until there is delivered to
a Veterinary officer at the port/airport of Import an Animal Health Certificate
issued by a duly authorized Veterinary Officer of the Government of the exporting
country attesting that the animals:
1. Were clinically examined not more than 72 hours prior to exportation and found to
be in good health and free from signs of rabies and any other infectious or
contagious disease.
2. Were kept since birth or for the six months prior to shipment, in the exporting
country where no case of Rabies was officially reported during the past two years.
or
Were kept for the six months prior to shipment in premises where no case of Rabies
was officially reported during that period.
3. Either have not been vaccinated against Rabies.
Vaccination certificates for Rabies and any other vaccinations that the animal has
been given should be attached
Owners of the animals should notify ahead the Department of Veterinary services of
the
Ministry of Agriculture, CY1417 Lefkosia
Tel: 357 22 80 52 01, 22 80 52 08
Fax: 357 22 33 28 03
email: vet.services@cytanet.com.cy
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Climate
One of the benefits of being a Mediterranean island is plentiful sunshine throughout
the year, and Cyprus is no exception. In fact, Cyprus epitomizes the ideal weather
of the region with sunny days and fine temperatures almost every day. Extremes of
temperatures are rare, meaning Cyprus has something to offer every month of the
year, whether it's swimming (as late as November) or enjoying cultural sites and
festivals (all year long). While seasonal fluctuations are not drastic, however,
they are different. Here's what to expect:
Summer: When It Sizzles
For just about Summer stretches from mid-May to mid-October and means high
temperatures, cloudless skies and cooling breezes from the sea. It's the ideal
season for swimming, sunbathing and a whole range of watersports from sailing to
scuba diving. At this time of year, explore the archaeological sites early in the
morning or in late afternoon, avoiding the hottest part of the day. It's always a
good idea to bring along sun protection, such as sunscreen and a broad-brimmed hat.
Even in the height of summer when it's 32C(90F) degrees at the beach (and warmer
inland), temperatures are refreshingly cooler in the Troodos, making the mountains
ideal for hiking or simply relaxing.
The days of September and October are still sunny and the water warm enough for
comfortable swimming. Basically, it's still summer. In Lemesos, the first ten days
of September bring the annual Wine Festival, a buoyant period not to be missed.
Fall Forecast: Warm and Sunny
Toward the end of October evenings do tend to get cooler, however. In October and
through November the leaves change color in the Troodos and vineyards take on gold
and crimson hues against a backdrop of crystal clear sunlight. In Cyprus even
mid-November can feel like summer, but by month's end medium-weight apparel for the
late afternoons and evenings will enhance the traveller's experience. It is still
possible to enjoy swimming, while inland excursions to villages and vineyards for
wine tastings can be very enjoyable. Fall also brings with it the annual Kypria
festival, with prestigious local and international musical and dramatic performances
at venues throughout Cyprus.
Winter: An Active Season
December and January are the months of Mediterranean winter, bringing the
possibility of rain, but still an average of six hours of bright sunshine a day.
This is the time of year when smaller Mediterranean destinations shut down for the
season, but not so Cyprus. The island is a major business centre and has many
important heritage sites and museums, all at their least crowded in winter. The
cultural calendar is also alive and well throughout the winter, with new events
coming all the time. The summer resort of Agia Napa, for example, offers a "Cultural
Winter" with classical music concerts and modern and folkloric dance performances.
Into early February there is occasional rain, and often snow in the Troodos - ideal
for skiing!
Spring Delights
The first orchids bloom in January in Cyprus, and by mid-February the countryside is
already alive with fresh green meadows and almond trees in bloom. March days can
still be cool (daytime temperatures around 19C or 65F, 9C or 40F at night) but
steadily moderate. Early spring is a wonderful time to visit to Cyprus, with
pleasant daytime temperatures and many of the ancient ruins framed by a carpet of
red anemones and other wildflowers.
In April and into the middle of May spring is in full force. This is an ideal time
for nature hikes and off-road adventures in the pristine Akamas Peninsula. Cyprus
has 1,950 species of flowering plants, 140 of which grow nowhere else but on the
island, and in the Akamas alone, there are 700 plant species, of which 40 are
endemic. From February to April, pink cyclamen sprouts up from rocky foothills and
thickets and forms a riveting adornment to the Baths of Aphrodite. From March to
April, the pink wavy-leaved monkey orchid (Orchis italica) grows in dense patches
around Pafos. If in summer Cyprus is the place to bask in the sun, then spring is
the time to savor the natural beauty of the island in bloom.
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Getting to Cyprus
Getting to Cyprus is easier than ever. More than 40 airlines, including Cyprus
Airways, the island?s national carrier, operate scheduled flights from and to
Larnaka International Airport and Pafos International Airport.
As the crossroads of the Eastern Mediterranean, Cyprus can also be a great component
of a Middle East odyssey that combines a visit to the island with Israel, Egypt or
nearby Greek islands such as Rhodes. Short cruises to these destinations are a
popular option for many visitors to Cyprus. In 2000, more than six cruise liners
took passengers on nearly 800 two-and-three-day cruises, departing from Lemesos.
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