 Property Rights
Compared to many countries buying property in Cyprus is very easy. European Union citizens are entitled to buy as much land or commercial property as they wish, although there is still a restriction to one residential property. Other non-Cypriots are entitled to freehold ownership of a villa or an apartment or a piece of land of up to 4,000 sq.m.
Taxation
Cyprus has conducted treaties for the avoidance of double taxation with other European some countries like Norway, Sweden, Uk, etc. The purpose of these treaties is avoidance of double taxation of income earned in any of these countries. This enables pensionists to receive their pensions in Cyprus FREE of their countries withholding tax. This Treaty includes both public and private sector pensions. The tax reforms has reduce the tax burden in foreign residents, in recognition of their value to the economy. Individual non-Cypriots can choose to be taxed on a flat basis of 5 percent per annum on pension and investment income brought into Cyprus.
Duty Free
 European Union citizens who come to Cyprus can bring with them their furniture and personal effects, without paying any VAT or import duties.
Residence Permit
Foreign Persons (other than E.U. citizens) who have purchased property and are retiring in Cyprus can apply to obtain this permit. The granting of the permit is based upon the living level of foreign income available to support oneself and this includes pensions and income from investments or otherwise. A proof of an annual income of €20,504.00 is usually considered satisfactory for two retired persons. A foreigner can apply for a Cyprus Passport after 7 years in Cyprus, (E.U. directive for foreign personnel). After five years of permanent stay and/or working in Cyprus the Directive states that a foreigner cannot be expelled but has the right to stay in Cyprus and on the end of the 7th year can apply for the Cyprus nationality.
Banking System
The banking system in Cyprus is modeled on the British System. The banks have many convenient branches that are very efficient, modern and well equipped with the latest technology. Foreign persons retiring to Cyprus may open a local and or an external deposit account without difficulty. Many international banks have branches throughout the island. Furthermore, major credit cards, such as those within the Visa, MasterCard and Europay networks, are widely used in Cyprus. Transactions and payments can simply be made through your foreign deposit account.
 Legal System
The legal system in Cyprus is mainly based upon the British Legal System. The Cyprus Land Registry is probably one of the most advanced and reliable systems in the world. Purchasing of property in Cyprus will therefore be far more secure, with regard to their title deeds, than they might be in another country. Furthermore, All contracts and other legal paperwork are in English. You should use an independent local solicitor. He will advise you, check the Title Deeds and ensure that the contract is correct. We can recommend a choice of lawyers should you wish.
Education
There are both junior and senior secondary schools of high standards catering for English, Armenian, French and Arabic speaking pupils. There is a Greek speaking Cyprus University and a number of English speaking private colleges of high standards covering a wide spectrum of professions. These colleges are related to UK and USA universities and graduates of 2-3 years courses in these colleges can easily enrol with the UK/USA related universities.
 Health System
Health care in Cyprus is inexpensive, since every town has its own Government hospital, where fees are very low. However, for those who prefer private treatment there are a number of private clinics with competent specialist physicians in all fields. Government statistics showed that there is a doctor for every 370 persons, a dentist for every 1.100, a nurse for every 215 and a hospital bed for every 215 persons. A doctor’s visit costs about €25.60-€35 and X-rays from €35. Inexpensive Private Medical Insurance is also available. Cyprus residents, whether Cypriots or not, can have a private medical insurance starting from €243 per annum.
Crime Rate
Cyprus enjoys a very low crime rate in comparison with other competitive Mediterranean countries such as Spain and Italy. According to Interpol Statistics, Cyprus' crime rate is only at the rate of 6% to that of the UK, 8% of Germany, 30% of Portugal and Spain, 5% of Sweden, 12% of Norway, etc.
 Language
Language is another important consideration when you are considering moving to Cyprus. Greek is the official language of the republic, but English is widely spoken and understood all over the island. You don’t have to know too much English, two or three words, you’re at home in Cyprus. But it is also important to realize that street signs and direction signs are written in English.
Cyprus People
Cyprus is rightfully called the island of love. The people of Cyprus owe their individuality to the fact that they are the products of the amazingly rich history of an island at the cross-roads of three continents. Within a very short space of time, visitors can make friends and find themselves fully integrated.
Cyprus offers a high quality of life. As a destination is not just about its very attractive and impressively clean beaches, it also offers skiing and hiking in its voluminous mountains, charming hilltop villages and vine-blessed slopes with nearby towns where you can sample the seriously underrated Cypriot wine. Moving into the towns and cities, there is a dash of Mediterranean swagger to go with the bright lights and buzzing nightlife.
 Car Driving
Visitors in Cyprus may drive using a valid international driving licence or their National driving licence, provided it is valid for the particular class of vehicle they want to drive. If a foreigner wishes to get a Cyprus driving licence then he must convert his national licence to a Cypriot one or take the driving test.
A Cyprus driving licence will cost you around €60 for a lifetime. Hiring an ordinary saloon car costs about €25-35 per day including full cover insurance during the summer season and €25- €35/day during the rest of the year. Four lane motorways connect all towns and the airports and two lane, good surfaced roads connect all towns and villages. Visitors can bring their cars to Cyprus for a period of three months provided the car has a valid registration in its country. Attention must be paid to the fact that driving in Cyprus is on the left side of the road with cars being right-wheeled. |