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Questions & Answers - Cyprus
What is the property purchasing process?
In comparison to many other countries the process of purchasing a property in Cyprus by foreigners is relatively simple. The house buying process is based on the British system by way of viewing, putting in an offer and having a contract drawn up by a lawyer. Transfer of ownership from Vendor to Purchaser is undertaken by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with Power of Attorney.
What is the law on foreigners owning a property?
Non-Cypriot buyers are entitled to a FREEHOLD ownership of a villa, an apartment or a piece of land. In addition, EU citizens will not require a work permit.
What is their legal system like
The legal system in Cyprus is based on the British legal system. The Land Registry in Cyprus is viewed as probably the most advanced and reliable system in the world, and is also based on the British equivalent. Purchasing a property in Cyprus therefore is far more secure, with regard to title deeds, than it might be in other Mediterranean countries. All contracts and other paperwork are in English.
What is the cost involved in buying a property?
Solicitors fees vary but are generally around CYP£500. Stamp duty is CYP£1.50 per thousand up to CYP£100,000 and then CYP£2.00 per thousand over and above CYP£100,000. Title deeds transfer fees are 3% for up to CYP£50,000, 5% for CYP£50,000-CYP£100,000 and 8% for over CYP£100,000.
Can we borrow overseas for a mortgage?>
All commercial banks in Cyprus are authorised to offer mortgage facilities to assist in the purchase of a property. The loan will be in foreign currency. The amount ranges from 60% - 80% of the value of the property with a repayment period ranging from 7 to 10 years. Easy terms of payments and long term in-house finance schemes are also available.
Can we open up an overseas bank account?
Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty. Many international banks have branches throughout the Island. The banking system in Cyprus closely follows the British pattern. The banks have many convenient branches which are efficient, modern and well equipped with the latest technology – including online banking.
What are the management costs of my property?
There are no gas mains supply in Cyprus and gas hobs are run by gas tanks which you can purchase for around CYP£3.00. Electricity is billed every other month and their unit charge is considerably lower than that in the UK. Community charges (council tax) are billed annually at approx CYP£120 depending on the area. Water rates are also very reasonable at around CYP£80 per annum.
What is the currency?
The Cyprus currency system is based on the decimal system. One Cyprus pound is divided into 100 cents. Coins range from 50 cents, and four bank notes are in circulation: £1, £5, £10 and £20.
What is the cost of living?
Cyprus provides a fairly high standard of living with recent statistics showing the Island as one of the most inexpensive countries in Europe. The local markets flourish with a wealth of colourful fresh fruit and vegetables, meat and fish. Modern supermarkets are fully stocked with a large selection of local and imported goods.
What is the food like?
The traditional Greek meal is the “Meze” which is a variety of courses consisting of grilled meat and vegetables. Other traditional cuisine includes Shiftalia and Souvlaka which are spicy meat dishes. You can also find a wide variety of Mediterranean dishes from French cuisine, Italian and even the odd MacDonald’s!
What is the weather like?
Cyprus enjoys one of the healthiest climates anywhere on the globe. It registers as the sunniest Island in the Mediterranean with 340 days of sunshine per year and boasts the warmest sea temperatures. The swimming season practically starts from April and does not end until November. Pine forests are close to the coast and it is possible to ski in the mountains and swim in the blue Mediterranean all in the same day.
What is the language/Do they speak English?
Greek is the population’s mother tongue. Cyprus was a British colony resulting in over 80% of the population speaking English, and all street signs, directions and shop signs are also written in English. Knowledge of German, French and other European languages is increasing with the Island’s tourist trade.
Do they have a health service?
The medical care system in Cyprus is very modern and inexpensive. A doctors visit costs around CYP£15.00. Private medical insurance is also available. Cyprus residents, whether Cypriot or not, can have medical insurance from around CYP£150.00 per annum. Even though inexpensive, the health care is of a very high standard, the majority of doctors being trained in the UK and the USA.
Do they have a good education system?
If you have children the standard of education in Cyprus is very high. Schools and colleges are widely available. Alternatively, they can attend private international schools where they study English.
