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CYPRUS is situated in the North East corner of Mediterranean and due to its location, enjoys the best of Mediterranean climate. Cyprus is at the crossroads of Western and Eastern civilizations, its local architecture, traditions and theme of life combine the best of what the two worlds have to offer, Cyprus has more to offer than just sun, sea and sand, is full of mythological and legendary stories of old and boasts wealth of history, archeological sites and monuments.
The land of smiling faces, where the sea blends with the mountains, the hills slope to deserted bays and beautiful sandy beaches, offering the visitor and resident peace, tranquility and the feeling of eternity.Nicosia, known locally as Lefkosia, is the capital and largest city of Cyprus, with population 270,000.
Located on the River Pedieos and situated almost in the centre of the island, it is the seat of government as well as the main business centre. Nicosia is the capital of the Nicosia District.
Limassol was built between two ancient cities, Amathus and Kourion, so during Byzantine rule it was known as Neapolis( new town).
It is the second-city of Cyprus, with population of 176,900 (2005), the largest city in geographical size, and the biggest municipality of the island. The city is located on Acrotiri Bay, on the island's southern coast and it is the capital of Limassol District.
It is the biggest port of the Mediterranean transit trade. Limassol has since then become one of the most important tourism, trade and service-providing centre in the area.
Larnaca, is a city of the Republic of Cyprus situated on the southern coast of Cyprus. The major international airport, Larnaca International airport is located in this city. It has a population of 72,000 and is the island's second commercial port and an important tourist resort.
Paphos, is a coastal city in the southwest of Cyprus and the capital of Paphos District. The town of Paphos is included in the official UNESCO list of cultural and natural treasures of the world's heritage.
CLIMATE
Climate plays an important part when planning to live or invest overseas. Being sheltered from the north by the Troodos Mountains, Cyprus enjoys short mild winters and long warm summers. Temperatures rarely drop below 16 degrees and with 320 days sunshine throughout the year; it is without question, the finest climate on the island.
STANDARD OF LIVING
A few days on the island will help you realize that Cyprus enjoys a high European standard of living remains low. The currency in Cyprus is the EURO. Shopping in Cyprus is never the rush and strain it appears to be in other European countries. It is casual and enjoyable, filled with friendly conversation and a relaxed atmosphere. Cyprus also offers a wealth of Duty Free privileges.
MEDICAL SERVICES
Health care in Cyprus is of a very high standard and is not expensive, with the majority of doctors having qualified in the UK and the USA. Along with General Hospitals there are many private clinics and medical centers in Cyprus with highly qualified physicians and surgeons, covering every field of medicine. Health insurance policies can be arranged through our Law Offices with a European Company such as BUPA.
EDUCATION
There are primary, junior and secondary schools in Cyprus that cater for European students and they are of very high standards. The international schools of Cyprus follow the UK curriculum and achieve excellent GCSE and "A" level results. The schools also have facilities for boarding students. http://www.youtube.com/
BANKING
The Banking system in Cyprus is modeled on the British system. The various banks have many convenient branches and they are efficient, modern and equipped with the latest technology. Non-Cypriot citizens may open a foreign currency account and a local deposit or current account without any difficulty.
LEGAL SYSTEM
The legal system in Cyprus is largely based on the British legal system. The land registry is advanced and reliable and is also based on the British equivalent. Purchasers of property in Cyprus will be far more secure, with regard to matters such as title deeds, than they might be in other European countries. All relevant information regarding the legal procedures in Cyprus is available from CHM Lawyers- Legal Consultants.
PROPERTY OWNERSHIP
If you are of Cypriot origin then there are no restrictions. Also, E.U. citizens who have their permanent residence in Cyprus (the residential status is ascertained by the District Offices and is obtained when a person resides in Cyprus for a total period of 185 days per year or more) can buy a property without any restrictions.
After May 2009 all E.U. citizens will be treated the same as Cypriot citizens, in spite of their residential status. For the time being they can buy only one apartment or one house or unlimited building plot or land.
Citizens from the rest of the world, who wish to buy a property in Cyprus, can only buy one apartment or one house or a building plot or land approximately three donums (4,014 square meters).
International Business Companies may also obtain a property for their business and for the residence of their foreign employees after they provide that they uphold an authorized office.
STAMP DUTY FEES
The purchaser is liable for the payment of stamp duty at the rate of 0.15% per thousand up to the value of CYP 100.000-EURO 170.860 and thereafter at the rate of 0.2% per thousand.
This should be paid within 30 days of the signing of the contract.
TRANSFER OF PROPERTY
The transfer of immovable property into a Purchaser's name can be effected once permission to acquire the said property has been granted from the Council of Ministers/Pertinent Authority.
Transfer of ownership from Vendor to Purchaser is undertaken by a simple procedure through the Land Registry Office, either by the buyer in person or by appointing a third party with Power of Attorney.
Upon transfer of property and registration in the purchaser's name, the District Land Registry Office will charge Transfer Fees, which are based on the market value of the property at the time of purchase, and are calculated as follows:
Value of Property EURO Transfer Fee Rate (per hundred %)
Up to 85.430 3%
From 85.431-170.860 5%
From over 170.860 8%
For example if the purchase price is EURO 153.774:
The First EURO 85.430@
Next EURO 68.344@
TOTAL
5.979
If the purchase be made in joint names (provided the price is more than EURO 85.430) the effective value for calculation is halved, which results in reduced transfer fees.
For example if the purchase price is EURO 153.774:
1st Buyer Euro 76.887@ 3% = 2.306
2nd Buyer Euro 76.887@
TOTAL
4.612
TAXATION
Capital Gains Tax
On gains from disposal of immovable property situated in Cyprus, capital gains tax will be imposed at the rate of 20% with the first EURO17.086 being exempt for each person. The gain is the difference between the sales proceeds and the original cost of the property. In the case of a property which was purchased before 1/1/1980, the gains are the difference between the sales proceeds and the market value of the property as 1/1/1980.
SELLING YOUR PROPERTY
In the event that the purchaser should wish to sell a property at some time in the future, the funds / profits from the sale can be repatriated easily to the value of the purchase price including any amounts spent on improvements and/or additions to the property. Profits can also be repatriated plus the interest earned.
Cypriot and non-EU sellers can sell their properties to both Cypriot and non-EU buyers.
For more information contact http://www.1cyprusproperty.com
Photo:
http://www.prlog.org/
