Moving To The Gorgeous Land Of Cyprus
Keywords: cyprus
Gorgeous sunshine all year round, hospitable locals and convenient proximity to Asia, Africa and Europe make Cyprus, a coveted destination for people looking for a permanent home to settle down in. Average temperatures here are 26-29 C in summer and 10-13 C in winter. The character of this third-largest island in the Mediterranean has been shaped by the numerous conquerors including the Phoenicians, Crusaders, Venetians, Franks and Romans, who have left their own special mark here.
EU citizens, who wish to settle down and work in Cyprus, can do anything they like for the first three months. After that they need to have their presence registered and need to obtain a residence permit as well as permission to work from the Immigration District Office. EU citizens, who intend settling down in Cyprus without working, only need to obtain a resident’s permit, but must show proof that they have access to sufficient funds so they are not an encumbrance to the state and they must also have medical coverage either in their home country or in Cyprus.
Purchasing property in Cyprus: New property laws were put in place and took effect after Cyprus became a full EU member.
EU nationals who are resident in Cyprus are allowed to purchase any amount of property without restriction and without having to obtain any kind of approval. The only stipulation is that residency has to be proven and a certification to the effect obtained from the District Administration.
An EU national who is not resident in Cyprus, is allowed to purchase any amount of land but is restricted to buying only one apartment of house, for which the Council of Minister’s approval is required.
With the lifting of exchange control restrictions, no property owner is obliged to prove that the property was bought with external funds.
Cyprus Stamp Tax: Any person who purchases property in Cyprus is responsible for paying stamp tax on that property. The stamp tax rate for a property valued up to 100.000 CYP is equivalent to 1.50 CYP per thousand. For properties valued at more than 100.000 CYP the tax is calculated at 2.00 CYP per thousand.
Cyprus Local Tax Rates: Depending on how much property you own, local taxes could range between 50 and 150 CYP a year. These taxes cover street lighting, waste collection, sewerage and other pubic amenities. Basic utilities including water and electricity are paid separately.
Cyprus Capital Gains Tax: Capital gains tax, calculated at 20% of the profit revenue, is applicable to all property that is being re-sold.
Education in Cyprus: Most of the foreigners who settle down in Cyprus prefer to admit their children in one of the many private English schools. Fees Vary from one school to another and are usually higher for older children.
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