Geography

Geography


	Location of Cyprus. Click here see a bigger image. of the map.

Cyprus, the third largest Island in the Mediterranean Sea lies in the North eastern basin of the Mediterranean Sea, and covers an area of 9300 square kilometers. The capital of the Island is Nicosia. The other major cities of the Island are Larnaca, Limassol and Paphos. Famagusta and Kyrenia have been under Turkish Occupation since 1974. The Island is 65 km south of Turkey, 100 km west of Syria, 380 km north of Egypt and about 1000 km south-east of Greece. The population of the Island is about 700,000 inhabitants out of which the Greek Cypriots form the largest community group. The Turkish Cypriots form the second largest community. The official languages of the Republic of Cyprus are Greek and Turkish. The English language is widely spoken and used.

Currency & Foreign exchange
The Cyprus currency is the Cyprus Pound.

Cost of living in Cyprus
People from overseas living in Cyprus consider the Island as not expensive. Dining out can cost as little as CYP6.00 per person in selected tavernas with about CYP18.00 per person in exclusive restaurants. Petrol costs CYP0.51 per litre, while diesel costs CYP0.49 per litre.

A list of priced items for comparison purposes only is tabled below.
All rates in CYP.

Milk 0.68 per litre
Beer (Local) 2.50 per 6 x33 ml
Soft Drinks 2.40 per 8 x 33 ml
Bread (Loaf) 0.80
Eggs (dozen) 1.20
Wines (Local) from 3.00 per bottle
Pork meat 2.30 per kilo
Lamb meat 4.75 per kilo
Brandy (Local) from 1.60 per bottle

Gas is available in portable cylinders. A 10 kg cylinder used for cooking lasts about one month and costs CYP4.75.

Legal system
The legal system in Cyprus has been mainly based upon the British legal system. Our Lands Registry in Cyprus is an advanced and reliable system thus making the purchase of property more secure with regards to the issue of title deeds.

Extremely low taxation
Cyprus is unique when it comes to the taxation aspects of living on the island. 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 CY£4,000 per person or CY£8,000 per married couple may apply.

People
When you come to live in Cyprus you will have left behind many friends. Never fear however, with the hospitality and friendliness of the Cypriots you will make many new friends. There is also a thriving international community right here in Paphos. Social events and sporting facilities will keep you entertained.


	Location of our properties in Cyprus. Click here see a bigger image. image of the map.

The purchase of Real Estate in Cyprus
Cypriots or persons of Cypriot origin are allowed to purchase real estate property without any restrictions. Expatriates, however, are only given permission to acquire one of the following:
- apartment
- house
- building plot or land up to approx. two donums (2670 square meters).

The acquisition of real estate property by expatriates requires the approval of the council of Ministers. The letter of approval may take six to nine months, but in the meantime there is no restriction in taking possession of the property. The transfer of ownership is effected at the District Land Office on submission in person (or by appointing a third party by specific Power of Attorney) of the following documents
* Application form
* The registration certificate of the property
* Copy of the Council of Ministers approval
* Central Bank's approval
* Evidence of payment of all the property taxes to date. The acquisition of real estate property in Cyprus by expatriates and offshore companies should be effected by means of foreign exchange imported into the Republic of Cyprus and surrendered to an authorized dealer (i.e. a commercial bank).
The immovable property is liable to an annual immovable property tax at the following rates:

C£ 0/0

1_100,000 0

100,000 - 250,000 .25

250,000 - 500,000 .35

Over 500,000 .40

Every registered owner whose immovable property exceeds C£100,000 must submit a declaration of Immovable property and pay the respective tax every year before 30 September. On disposal of the property, there will be capital gains tax at the rate of 20 per cent on the gain but the first C£10,000 will be exempt and there is also an inflation allowance. However, there is no tax if the property was acquired between 1 August 1980 and 13 July 1990 with foreign exchange imported into the Republic. When the immovable property is registered in the name of the purchaser by the Land Registry office, the purchaser has to pay the transfer fees at the following rates:

Value of Property Transfer fees rate

C£ %

1- 50,000 3

50,001 - 100,000 5

100,001 - Above 8

The purchaser is liable to the payment of transfer fees on the basis of the value of the property as assessed by the District Land valuers. In order to avoid the payment of a fine the purchase contract should be stamped within 30 days of its signing at the rate of 1.5 per thousand up to C£100,000 and thereafter at the rate of 2.0 per thousand.

There will be no estate duty payable on death in the property because the property was acquired with foreign exchange.

Note: As from the 1st January 2008 Cyprus will join the Euro currency. The Cyprus currency is irrevocable fixed to Ł1CYP=€1.7086