Southern

Cyprus

'The Island’ of Aphrodite also known as  Venus

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* Inspection Trips  - click here

Buying & Selling:  Buying a property in Cyprus is very similar to the UK. Once an offer is made and accepted the buyer would normally put down a deposit (normally CYP 1,000 to CYP 2,000). This would reserve the property and bind the owner for which the property would then be taken off of the open market, securing it at that day’s price. Unlike the UK, this is a legally binding process, so eliminating gazumping. In a few days contracts are drawn up and on the buyer signing the contract the buyer/s must put down at least 20-30% of the value of the property. The balance is then paid in accordance with the terms of the contract. 

Once accepted, the owner is free to sell or dispose of the property as they wish and as already accepted bonefield to purchase another property if they so wish.

 

E.U. and non-E.U. citizens if not resident in Cyprus (also known by Cypriots as ‘aliens’)  wishing to buy property here, have to comply with Cypriot restrictions as to legal ownership and property sizes. Residential status is when a person resides for 185 days or more as ascertained by the District Offices/Council of Ministers. To qualify you will need to be able to establish that:

 

• You have no criminal record in your own country or in Cyprus
• Financial Means to support themselves

Non residents are restricted to just one house, apartment or plot. As of 2009 E.U. restrictions are to be lifted and citizens not residing in Cyprus will be treated equal to Cypriot Citizens regardless of there residential status. In Cyprus there is the ‘Specific Performance Law’ which safeguards buyers by registering title with Land Registry.

 

Once accepted by the Council of Ministers, when the buyer/s register the property there will be a transfer fee to pay which ranges from 3% to 8% depending on the value of the property.

 

TAX: All Cyprus tax residents are taxed on their income from both Cyprus and abroad. If an individual spends 185 days in any one year in Cyprus they are classed as a tax resident. Further information should be sought by communicating with a Cypriot Tax Advisor.

 

Caution: Buying a property in the Southern Cyprus is safe as property titles will be in order, whereas the top 1/3rd Turkish/Cypriot area of the island can result in unclear or non ownership of proprty title.

 

At INEA we fully understand that buying a property is an important decision, and for this reason we would like to keep you as informed as possible on all aspects of buying a property in Cyprus: Click Here for our indepth guide. ...

 

Currency: Cyprus Pounds/ changing Jan 2008 to the €uro

 

Getting To or Through: 

Excellent communications have contributed to a large extent to the fast development of the island. The two international airports in Larnaca and Pafos as well as the ports in Limassol and Larnaca, connect Cyprus with all countries of the world. More than 40 airlines operate over 260 flights weekly to and from Cyprus. More than 60 charter airlines fly to Cyprus. Both airports of the island are among the most frequented in the Eastern Mediterranean. Regarding inland communication, driving is on the left in Cyprus and distances between towns are relatively short, covered by a good network of modern roads. The short distances between cities are becoming even shorter due to a motorway network, which is constantly being extended and upgraded. There is public transport service with regular connections between cities, with scheduled taxi services and comfortable coaches. Private taxis and rental cars are readily available.

 

Culture: 

Cyprus is a mixture of Greek and Middle East culture. This is reflected in the music and the food.

 

Geography:

Cyprus is 40 miles to the south of Turkey. Cyprus is the 3^rd largest island in the Mediterranean after Sicily and Sardinia having 402 miles of coastline and the island is divided into 2 with approx 1/3^rd of the island to the north under Turkish Cypriot control. From east to west the country is about 140 miles wide and from south to north approx’ 403 miles distance. Cyprus consists of two mountain masses (on the north and south) and a central lowland. The Kyrenia Range lies close to the north coast and consists mainly of limestone. To the south is the Mesaoria Plain, in which the densent population is found. The southern half of the island is occupied by the rugged Troodos mountains, composed mainly of volcanic rocks and reaching a maximum elevation of 1953 m.

 

Seasonal Climate:

Cyprus is the hottest and driest island in the Med. It enjoys more sunshine than any other Mediterranean resort - approx 340 days of sunshine a year. The rain season is from November to March, with most of the rain falling between December and February. The spring season is mild. Early May can be windy and by mid May the temperature is starting to rise. In July and August temperature can be well over 30 degrees centigrade. Autumn extends into November.

 

Population: 

754,064 (July 1999 est.)

 

Capital City: 

NICOSIA

note: the Turkish Cypriot area's capital is Lefkosa (Nicosia)

 

Language: 

Greek/English

 

Religion:

Greek Orthodox 78%, Muslim 18%, Maronite, Armenian Apostolic, and other 4%

 

General:

1. The sun shines for approximately 340 days of the year.
2. There is virtually no crime, no vandalism, no pollution and no traffic congestion.
3. Everyone drives on the left side of the road.
4. You are allowed to own a duty free car.
5. The electrics are similar to UK
6. Ninety percent of Cypriots speak English
7. The cost of living is much lower than the U.K.
8. Clothes are manufactured in Cyprus for C&A, Richards Shops, BHS, Van Heusen Shirts, Lee Cooper, Lords and Clarks. Furniture is also made in Cyprus and is exported to the UK and Harrods. You can buy it cheaper than UK prices!
9. You can claim your pension and have it sent to Cyprus.
10. The law is based on British Law!
11. The telecommunication systems are all very advanced. Cyprus Telecommunications Authority is one of the most technologically advanced companies in the world!
12. Cyprus has advanced medical care. Almost everybody is insured at cheaper and better rates and service, than UK!
13. You can get married in Cyprus after three days residence!
14. Cyprus is the island of 'Venus' the Goddess of Beauty and Love!
15. The land registry office is one of the most advanced in the world!
16. Cyprus is full of culture!
17. Cyprus enjoys lovely sea and mountain areas!
18. Cyprus contains some of the best antiquities of the world!
19. Cyprus is one of the three countries all over the world where you can snow ski and swim in the same day!
20. Cyprus is a full member of the EU.