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Customer Faqs Cyprus

In this section you will find the answers to frequently asked questions by our customers related to buying property in Cyprus:

1. Q : What is the weather like in Cyprus?
    A : Cyprus climate is unique. It consists of 4 different seasons and is generally described as a healthy and pleasant climate. Cyprus enjoys dry summers and mild winters. The sun shines for more than 300 days per year. Minimum temperatures in the winter are 6°C to 13°C and warmest temperatures in the summer vary between 21°C to occasionally 40°C.

2. Q : Do I need permission to buy a Property in Cyprus?
    A : Non-Cypriots are entitled to buy property in Cyprus. To transfer this property into their name, permission needs to be granted from the Council of Ministers if they are non-permanent residents. A written application must be submitted on behalf of the purchaser after the agreement is signed.
www.justsellcyprus.com can take care of all the paper work involved on the customer behalf if necessary. The permission is always granted as far as the applicants have no criminal record in their own country or in Cyprus.  In the meantime purchasers may take possession of the property.

3. Q : Can we get a mortgage?
    A : All commercial Banks in Cyprus offer mortgage facilities for purchaseig of property in Cyprus. At least 20% contribution by the purchaser is required.

4. Q : Are there any tax advantages?
    A : If you are a pensioner Cyprus has a wide network of Double-tax treaties.  If the country from which your pension originates is a country with which Cyprus has a double-tax treaty and you become a resident of Cyprus then you can get your pension gross (no deduction of tax) and pay tax in Cyprus at only 5% after the first €8,500. Cyprus has conducted treaties for the avoidance of double taxation with the UK, USA, Yugoslavia, Sweden, Russia, Romania, Austria, Bulgaria, China, Canada, Czech Republic, Slovakia, Denmark, Greece, Germany, France, Hungary, Ireland, Italy, Kuwait, Norway and Poland.

For example, UK citizens may take advantage of the double Taxation treaty existing between the UK and Cyprus.  This enables you to receive your pensions and investments income in Cyprus FREE of UK withholding tax.  This treaty is unique to Cyprus since it includes both public and private sector pensions. Furthermore, Cyprus taxes the assets of expatriates only on a remittance basis.  Many expatriates can therefore, keep assets growing free of tax in an offshore bank, investments or trust, and simply bring into Cyprus what they need.

The remittance system compares extremely well with the more common world arising tax system used in many other countries. Individual alien residents are now taxed on a flat basis of 5% per annum on pension and investment income brought into Cyprus.  In special circumstances exemptions totaling up to €7,000 per person or €13,000 per married couple may apply.
 
5. Q : How many Airports does Cyprus have?
    A : There are two International Airports currently operating in Cyprus. One in Larnaca on the east side of the Island and the other in Paphos on the west side of the Island. The one in Larnaca is reopening in November 2009 with brand new facilities just next to the existing airport.

6. Q : Can you drink the tap water in Cyprus?
    A : Water is safe to drink in Cyprus, as water pollution is negligible and every home has fresh running drinking-water. All the District Water Boards are in constant collaboration with the Government Health Services and the General Laboratory for the prevention of any toxicological and bacteriological infection of water in Cyprus.
 
7. Q : Do I need vaccinations to come to Cyprus?
    A : Cyprus is a European union country free from dangerous infectious diseases. There are no vaccination requirements for any international travelers.

8. Q : What is the cost of local authority taxes and rates?
    A : A rough guide would be approximately €85 –  €250 per year depending on the value of your property.  This tax is for refuge collection, street lighting, sewage etc.

9. Q : Are non-Cypriots allowed to acquire property in Cyprus?
    A : Yes. Existing regulations allow non-Cypriot buyers to acquire property in Cyprus.

10. Q : What are the property taxes/fees?
      A : The Property Transfer Fees are payable ONCE only to the Land Registry Office according to the   following scale:
Value of Property in Euros   Transfer fee Rate 
Up to € 85,430  3% 
From  € 85,431 - € 170,860  5% 
Over  € 170,860  8%
  
For example:
   
Purchase price in Euros € 200,000
1st € 85,430  3% = € 2,563
2nd € 85,430 5% = € 4,272
3rd € 29,140  8% = € 2,331
TOTAL                  € 9,165

Immovable Property Tax

The registered owner of the property is liable for this annual tax which is based on the value of the property.

Value Cy£ Annual Tax [Pounds per Thousand (%)]
up to 100,000 exempt
100,001 - 250,000 2.5
250,001 - 500,000 3.5
over 500,000 4.0

However, if the property is purchased jointly by a couple (as is often the case) the property purchase price is split equally into two parts and then taxed, which is beneficial to the purchasers as the following example shows:

For example:   
Purchase price in Euros € 200,000
1st € 85,430  3% = € 2,563 x 2 = € 5,126
Balance € 14,570  5% = € 728 x 2 = € 1,457
TOTAL  € 6,583
Saving: € 2,582

Immovable Property Tax: The registered owner of the property is liable for this annual tax which is based on the rateable value of the property.

Value € Annual Tax [Euros per Thousand (%)] up to € 170,860 exempt
€ 170,861 - € 427,150 2.5
€ 427,151 - € 854,301 3.5
over € 854,301 4.0

11.  Q : What are the yearly charges or owing a property in Cyprus?
       A : Communal expenses vary from apartment to private villa starting from Euro 700 per year for a project with communal swimming pool and gardens.

12.  Q : What is the cost of living in Cyprus?
       A :  The cost of living in Cyprus is relatively low when compared to many other European countries.

13. Q : What are some property price indications?
     A : Property prices start from around € 95,000 and upwards depending upon your requirements. Easy terms of payments and long-term in-house finance schemes are also available from all commercial banks in cyprus.

13. Q :How to I get to Cyprus?
     A :There are two International Airports in Cyprus with one just 10 minutes from Paphos and the other being in Larnaca. Depending on where you are travelling from there are flights coming to Cyprus from all over the world.

14. Q : Are the property prices increasing?
     A : Cyprus is a small island with a limited supply of land and properties. Real estate has always been a safe investment in Cyprus. With Cyprus’ accession to the E.U., demand for land and properties has continued to grow as not only do EU citizens purchase property for holiday and retirement but now also for permanent residence. Many E.U. citizens are now living and working in Cyprus.

15. Q : Can I buy a property easily?
      A : Compared to many countries buying property in Cyprus is very easy. If you are of Cypriot origin or you are an EU citizen, there are no restrictions regarding the amount of property you can purchase. 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. Offshore entities may also acquire premises for their business or for  residence of their foreign employees.

16. Q : What about resident permits?
     A : This permit is easily obtained by persons who are currently living in Cyprus and have purchased cyprus property. The granting of the permit is also based upon the level of foreign income available to support oneself and this refers to pensions and income from investments. European Union citizens enjoy their full rights as Europeans in Cyprus and do not need to acquire a residence permit.

17. Q: How is the medical care system in cyprus?
     A: The medical care system in Cyprus is inexpensive. All cyprus citizens can visit the public hospital that exist in all towns for a very small amount of money. Hospital treatment is free for EU citizens, provided that they have the appropriate documentation from their home countries. Also, patients can visit the private sector. where they can find a set of distinguish doctors for very logical prices per visit.  A doctor's visit costs about € 20 - € 35 and X-rays from € 25. In addition residence can purchase inexpensive private medical insurance. Cyprus residents, whether Cypriots or not, can have private medical insurance starting from €225 pa. .

18. Q: Can I use credit cards for my purchases in cyprus?
      A: Cyprus is a tourist destination for millions of tourists every year. All major credit cards, such as Visa and MasterCard are widely used. Transactions and payments are simply made through your foreign deposit account.

19. Q: Does Cyprus drive on the right or on the left?
      A: Cyprus drives on the right hand site of the street.

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