INFORMATION ON SOUTHERN CYPRUS FOR FOREIGN PROPERTY INVESTMENT
Overview of Cyprus the island:
Cyprus is the third largest island in the Mediterranean and for thousands of years it has operated as a trading centre due to its location at the crossroads of Europe, Africa and Asia. In recent years, Cyprus has become a leading holiday destination, due to its excellent climate with very warm, dry summers and mild winters, combined with a wide variety of natural beauty, famous historical sights, rich culture, and above all, friendly and welcoming inhabitants, which combine to offer a safe environment for residence and investment purposes alike.On 1 May 2004, Cyprus became a member of the European Union and, in doing so, opened up more unique opportunities for those wishing to acquire real estate at extremely favourable prices with excellent future investment potential, and in a most desirable location.
Its climate, friendly people, investment and work opportunities. Archaeological sites, beautiful beaches and services make Cyprus the place to be.
Climate:
One of the healthiest and sunniest anywhere on the globe including a four season cycle, with temperature ranging from 10 C (50 F) in January the coldest month to 38 C (100 F) in August the hottest month.The main rainfall occurs during December to March with snow on the mountains, giving a lush and colourful Spring time. With no rainfall between April and October, the end of the Summer can be parched and dusty leading to rich Autumn colours.
System of government:
Cyprus is an independent and Sovereign republic with the elected president (5-year election cycle) as Head of State. The legislation power lies with the elected House of Representatives and appointed Council of Ministers.The legal system is based on the British/European system with independent power exercised by the judiciary.
Cyprus is a member of the U.N. the British Commonwealth, the non-aligned movement, world bank and I.M.F. and a full member of the EEC.
Language:
Obviously the main language to be spoken in Cyprus is Greek Cypriot, but over 85% of the population speak English, as Cyprus was once an English colony. Most of the shop signs, street signs and road markings are all in English.Currency and Banking:
The Cyprus banking system is very similar to the English system. You can open your own local bank account and have all the privileges you have at home, like chequebook, visa/master card, cash card, overdraft limit etc. There are many International banks throughout the island offering a range of services, from investment, H.P. to mortgage facilities. Banks are normally open for public between 8.30-12.30, Monday-Friday.Most credit cards are accepted, such as Visa, American Express, Diners club and Master Card.
It is also advisable after purchasing your property and opening a Bank Account to make arrangements to have all bills paid by Standing Order, as this method of payment is especially convenient, when not permanently residing in the country.
The currency system is a decimal with one Cyprus pound made up of 100 cents. Coins are issued from 1 cent to 50 cents with bank note denominations of 1, 5, 10 and 20, the exchange rate in relation to other currencies is issued daily by the central bank, based and controlled by the international banking system. Following its membership of the European Union, Cyprus is scheduled to begin using the EURO in 2007.
Weights and measures:
In Cyprus the weight and measures system used is metric (Kilos, Litres, Kilometres and Meters). Shopping in Cyprus is less hectic than in most European countries and it is a casual and relaxed experience offering you time to browse around at your own leisure.Food:
Cyprus offers an excellent variety of fresh and inexpensive fruit, vegetables meat and fish. Also the large hypermarkets offer a wide selection of imported commodities and, due to the Paphos, climate an abundance of fresh fruit and vegetables grow throughout the year, such as bananas, oranges, mandarins, apples, melons, avocados, tomatoes, cucumbers, potatoes, grapes, lettuce etc.Alcohol and Tobacco:
Cyprus offers an excellent selection of local and vintage wines and spirits and they are very reasonably priced. A good bottle of red wine can be purchased for CY 2.00 and a good medium sweet wine can be purchased for CY 1.70. Another speciality of Cyprus is the brandy, and you can buy a good quality bottle of brandy for CY 3.00. The price of cigarettes range from CY 1.30 to CY 2.10 for a packet of twenty.Clothing:
Most of the clothes can be bought at very reasonable prices. A made to measure suit will cost CY 50.00. Children and baby clothes are reasonably priced too. Also men and women's leather shoes are of very good value and quality and start from around CY 10.00 a pair.Domestic appliances:
A wide variety of electrical appliances with leading brand names are available and for the last few years have become very competitive in price. For example, a Washing Machine CY 150.00, Tumble Dryer CY 170.00 and a Fridge Freezer CY 190.00. All reputable companies offer from one to three years' warranty on electrical products.Medical services:
Medical Health Care in Cyprus is at very high standard and the doctors, physicians and surgeons are very highly qualified. The Private Medical Clinics cover every field in medicine. Private Health Care Insurance is relatively inexpensive and can be arranged through an Insurance company or through your Bank.Also the General Hospital offers Health Care to Foreigners, once you have become a permanent resident, for a small annual fee. Pharmacists are very well informed and may save you a trip to the Doctor.
Most pharmaceutical products in Cyprus can be brought directly over the counter.
Air travel:
In Cyprus there are two International Airports at Larnaca and Paphos. This is why Paphos is an ideal place for permanent or vacation purposes being only a 20 minutes car journey. We can arrange for our representatives to collect you from and return you to the Paphos airport when you visit.Communications:
Telephone and Postal communication is efficient and reasonably priced. Cheap rate period is after 8 pm and all day Sunday, with calls costing as low as 16 cents per minute. Mobile telephones are very easily excisable and International rates are very low. Telephone cards can be purchased from Kiosks and Supermarkets and the costs are very reasonable.Religion:
Cyprus is mainly a Greek Orthodox Country, but other religions such as Anglican and Catholic hold regular Sunday services and special Religious services at Christmas and Easter.Moving to Cyprus:
You are allowed to purchase a duty free car, yacht and all of your household personnel effects free of import levy, when moving to Cyprus.Education:
In Cyprus there are Kindergarten Schools, Junior and Secondary Schools catering for Cypriot and foreign students, but if you want your child to attend a Government School then a comprehensible knowledge of the Cypriot language is essential. The International School in Paphos is a very well established School with excellent results.Pets:
If you wish to bring your pet dog or cat from a European country, then proof is required that they have had all the necessary vaccinations. This system may change as the system of pet tagging with a computer microchip has started to take over. This system is enforced by the EEC "Pet Passport" scheme, which caters for pets to travel with their families across national borders.Taxation:
Cyprus has a unique treaty when it comes to tax. Take advantage of the Double Taxation Treaty. This enables United Kingdom Citizens to receive their pension income in Cyprus free of UK withholding tax. You then pay 5% tax upon receipt of your pension income in your Cypriot bank account. Whether you have a private or public pension this includes both.Click here if you are looking for advice buying property off-plan in Cyprus
Useful property links for the Greek Islands from www.latroba.co.uk and other properties for sale and off-plan
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