Frequently Asked Questions
- What is the Cyprus currency?
- Can I work in Cyprus once I have moved there?
- Do state schools teach in English?
- Are there any restrictions to ensure Cyprus is not over-developed?
- Who is responsible for ensuring Cyprus is kept tidy?
- How much does it cost to ship a car from the UK?
- How do medical prescriptions work in Cyprus?
- How do I get residency?
- What is the Cyprus currency?
- Are there any tax incentives from moving to Cyprus?
- What is the Double Taxation Treating?
- How can I be sure my investment will be secure in Cyprus?
- Do I need permission to purchase a property in Cyprus?
- How soon after buying a property can I sell it?
- I’d like to rent out my property – how do I do this?
- Why does it take so long to receive the title deeds?
- Are there any restrictions to ensure Cyprus is not over-developed?
- What about communal expenses?
- What about furnishing my property?
- How easily can I arrange property maintenance services?
What is the Cyprus currency?
Coins range from 1cent to 50cent. Notes are £CY1, £CY5, £CY10 and £CY20. 100C = £CY1.Major credit cards are accepted throughout the island. The Euro will be introduced in 2008.
Can I work in Cyprus once I have moved there?
Yes. EU citizens have the freedom to live and work in Cyprus without obtaining Cypriot citizenship – just make sure your employer is paying social security for you.
Do state schools teach in English?
They teach in Greek with English lessons, but you can opt for a private school which teaches in English for around £CY2,500 a year.
Do I need permission to purchase a property in Cyprus?
Yes, from the Council of Ministers by written application. This will be undertaken by your solicitor which is part of the sales process.
How soon after buying a property can I sell it?
As soon as the contract is signed and registered with the Lane Registry Office. This process can take up to one month
I’d like to rent out my property – how do I do this?
Cyprus is popular with holidaymakers virtually all year round, so you can expect a good untaxed income (up to £CY10,000 per year) from renting out your property. Blue Smile Property will assist in the location of a suitable tenant.
Are there any tax incentives from moving to Cyprus?
Tax rules are applied with a mix of hard and soft EU law, allowing flexibility in line with the traditional Cyprus low tax approach. Retired expats pay tax at a flat rate of 5% (14% in UK), 10% for business and investment incomes and 20% for working individuals.
What is the Double Taxation Treaty?
Cyprus has agreements with the following countries: France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Austria, Belarus, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, Norway, Poland, Romania, Russia, Slovakia, Sweden, Syria, UK, South Africa, US and Yugoslavia. This means there is no double taxation of income earned in these countries. In practice, tax levied by one country is credited against tax levied in the taxpayer’s country of residence. The taxpayer will not pay more than the higher of the two rates of the respective countries where difference taxes apply.
How can I be sure my investment will be secure in Cyprus?
We only deal with the reputable developers on the island so you can be assured you are in safe hands. Prime locations, thorough due diligence, capital growth 15-20%.
Why does it take so long to receive the title deeds?
Title deeds can take between 2 – 5 years to come through because of the Land Registry System.
Are there any restrictions to ensure Cyprus is not over-developed?
Yes. In each area, only so much land is allowed to be built on. This works in percentages. Cyprus Urban Policy (Department of Town Planning & Housing).
Who is responsible for ensuring Cyprus is kept tidy?
The municipality (similar to UK local authorities) is required to collect rubbish and clean up unsightly areas. Homeowners pay £CY35 – £CY60 p.a. for bin men.
What about communal expenses?
For apartment complexes with a communal pool you pay between £CY150 – £CY200 a year and without a pool £CY50 – £CY100 a year.
What about furnishing my property?
We offer a comprehensive post completion service to assist in the provision of furniture to suit your budget and taste.
How much does it cost to ship a car from the UK?
Around GB £500.
How easily can I arrange property maintenance services?
We offer a property management service to include maintenance including pool cleaning, gardening, property checks etc.
How do medical prescriptions work in Cyprus?
Prior to leaving the UK, you will need to contact Department of Health to arrange health card as below:
E106 – this form is used by people of pre-retirement age leaving the UK to live abroad in an EU country.
E121 – this form is used by people of retirement age leaving the UK to live abroad in an EU country.
This will give you free medical cover and prescriptions in Government hospitals. When you have arrived and have residency, you can apply for your pink card in Cyprus.
How do I get residency?
You will have to make an appointment with immigration. When you go to the office you will complete form MU4. you will need to take:
- House contract – original.
- Medical cards (E106 or E121)
- Proof of pension
- You will need to show £CY4,000 in a Cyprus bank account
- Passport
- 4 x passport photos
- £CY25 each
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