For those buildings for which an application for a town planning permit was submitted prior to the 1.5.2004, no VAT. is charged in the event of a sale. For those after the above date, a VAT. of 15% is charged (no VAT. is charged on land/building plots for purchases prior to 1.1.2008).

In case of a house purchase which is classed as the main/permanent resident of the purchaser, and provided that it is not larger than 250m², the VAT. is refunded up to 10% (out of the 15%). This means that the VAT. must be fully paid and then the Authorities will require proof that the applicant is using the property as his main/permanent residence (with the production of water/EAC/CYTA bills, payment of taxes etc).

Buying property in Cyprus is quite easy. As a non-Cypriot you are entitled to purchase FREEHOLD for your personal use:

1. An apartment or a house
2. A villa on a building site not exceeding 4.000m².
3. A piece of land not exceeding 4000m² for the purpose of erecting a house within a reasonable time period.
4. Offshore Business Units can buy/built unlimited office/work space.
5. A second home maybe permitted depending on the type. [ex., a holiday home in addition to a permanent home in the city.]
6. Acquisition of Leases having a term in excess of 33 years duration, are treated similarly in Real Estate as a freehold in relation to the limitations.
7. Acquisition in shares other than between husband and wife is not permitted.

Properties have title deeds. Title deeds are issued by the Land registry department, of the Cyprus Government, a few years after completion of the project. Individual houses follow the same procedure. Upon approval by the Council of Ministers of the application and confirmation by the Central Bank that the purchase was with foreign funds, then the transfer of deeds can take place within a few hours.

All the main banks in Cyprus offer loans for the purchase of property in foreign currency. If you acquire through a Developer he usually has prearranged loan facilities, which can be explained to you when interest is shown for the purchase of property.

Normally a deposit of 30% can facilitate a loan on the balance -70%.

Interest rates vary but as a guideline you can expect, the base rate -libor- +2.0%. Repayment period can be up to 15 years, or more. 

The following documents are required to be submitted in order for property to be transferred to your name as a purchaser:

1. Written confirmation by the Central Bank that the purchase was with foreign funds, which was imported into Cyprus.
2. The sale contract.
3. The Ministerial Council's permission for the purchased property.
4. The property's title deeds, if available.
5. Confirmation that all taxes for the purchased property [sewerage, immovable property, town taxes etc] have been paid.

Transfer fees are paid on the value that the Land Registry department determines that it is the Open Market Value of the property on the day of the original transaction sales contract.

Transfer rates are as follows:

Property Value £                Fees-%                Transfer fees £
Up to 50.000                        3%                       £1500
50.000-100.000                    5%                       £4000
100.000 and over                  8%                              

A Power of Attorney can be issued to a third party to attend and conclude the transfer on the buyer s behalf. There is a transfer fee advantage if the property is registered in the name of the two spouses [husband +wife] as the total purchase price is divided by two, thus lowering the rate of the transfer fee.

Although we recommend seeing a solicitor, you may find that is not necessarily required. If you buy through a reputable developer there are printed ready contracts. Should you wish to use a solicitor to check the contract and examine the property's date, any impediments etc, an average solicitor fee is £500-£1000.

We suggest that you get a survey and valuation report especially for resales and for units of some age. The cost of a valuation report is, on average, £150, plus approximately £200 for a  structural survey. Please always call for a quotation

Temporary Permit: The requirements for this permit is the production of a sales agreement and a Cypriot Bank Account. The residential permit can be from 1 year to 4 years.

Permanent Permit: In addition to the above the applicant must establish proof of an annual income of CY£12.000 per annum for a couple.

Since April 2004, Cyprus is a member of the EU, the procedural restrictions on the property purchase on EU members are lifted. All restrictions on property on EU members will be lifted after April 2009. However as from April 2004 EU citizens are not require either a residential or a working permit.

Coins range from 1c to 50c. Notes are 1, 5, 10 and 20. Major credit cards accreted throughout the island. The Euro will be introduced in 2008.

One Cyprus pound is worth 82 pence.

Yes. EU citizens have the freedom to live and work in Cyprus without obtaining Cypriot citizenship-just make sure your employer is paying social security for you.

They teach in Greek with lessons, but you can opt for a private school which teaches in English for around CYP 2,500 a year.

Yes, from the Council of Ministers by written application. Shortly, however, permission will not be required.

As soon as the contract is singed and registered with the Land Registng Office.

Most likely as Turkey wants to join the EU and before negotiations can start, the Cyprus problem has to be solved.

Cyprus is popular with holidaymakers virtually all year round, so you can expect a good untaxed income (up to CYP10,000 per year) from renting out  your property.

Tax rules are applied with a mix of hart and soft EU law, allowing flexibility in line with the traditional Cyprus low tax approach. Retired expats ray tax at a flat rate of 5% (14% in UK), 10% for business and investment incomes and 20% for working individuals.   
Prior to leaving the UK, you will all need to apply form DT Individual (Double Tax) from the inland Revenue. When you arrive in Cyprus , you will need to visit the tax office. Take the paperwork as mentioned above along with proof that you have completed forms 6 and 7 (Pension recipient No. 6, spouse No.7 ) You can opt for either of the following examples when receiving your pension. This will depend on your own circumstances.      
 1) Example 1: BANDS: C£0-C£10K=0%
 C£10K-C£15K=20%
                      C£15K-C£20plus=25%

2)Example 2 : REDUCED RATE:
 BANDS:C£10-C£5K=0%
 C£2Kplus=5%

Cyprus has agreements with the following countries: France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Austria, Belarus, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Norway, Poland, Russia, Slovakia, Sweden, Syria, UK, South African ,US And Yugoslavia. This means there is no double taxation of income earned in these countries. In  practice, tax levied by one country is credited against tax levied in the taxpayers country of  residence. The tax paper will not pay more than the higher of the two rates of the respective countries where different taxes apply.

Yes. You can opt a tailor made timber framed home on a plot of your choice. This way you have the freedom to put down your ideas on paper and, with the help of architects and builders, see them transformed into your dream home.

We only deal with the reputable developers on the island so you can be  assured you are in safe hands. Title deeds can take between 2-4 years to come through because of the Land Registry System.

Yes. In each area, only  so much land is allowed to be built on. This  works in percentages.

The municipality (similar to UK local authorities) is required to collect rubbish and up unsightly areas. Homeowners pay CY35-CY60 binmen.

For apartment complexes with a communal pool, you pay between CYP150-200 a year, without a pool, CYP50-100 a year.    

We can put you in touch with furniture stores according to interior designer. We also offer bargain furniture packages to help you create your perfect property.

Around GBP 500.

Sometimes developers offer in-house services but if these aren’t available, we will be happy to find a reputable company specializing in all areas of maintenance-pool cleaning, gardening, property checks etc.

Prior to leaving the UK, you will need to contact Department of Health to arrange health as below;
E106-This form is used  by  people of pre retirement age leaving the UK to live abroad in an EU county.
E121-This form is used by of retirement age leaving the UK to live  abroad in an EU country.
This will give free medical cover and prescription in Government hospitals. When you have arrived and have residency, you can apply for your pink card here in Cyprus.

You will have to make an appointment with immigration. When you go to the office you will complete form MU4.You will need to take:
1. House contract-original
2. Medical cards( E106 or E121)
3. Proof of pension
4. You will need to show C£4K in a Cyprus bank account
5. Passport
6. 4x passport photos
7. C£25 each
When you have competed this form, they will send to Nicosia. You must let them know you are applying for your pink card so they can give you a copy to show the hospital admin department.