If you've never thought about retiring to Cyprus, well, why not? The country is an attractive prospect for retirees in more ways than one. Apart from year-round sunshine, Cyprus has all the things that are so important when you retire: excellent health care, a relatively low cost of living, a relaxed lifestyle , plenty of leisure activities and - perhaps most important of all for your hard-earned pension - there's a very low tax rate for retirees.
Maybe you're a few years away from retirement and are starting to make plans for the future. If you're still active, your retirement in Cyprus could be the start of a whole new life for you. Retirement in Cyprus allows you to enjoy your new life and the delights of a beautiful Mediterranean island, safe in the knowledge that along with all that sunshine, all the necessary things in life are taken care of.
Property in Cyprus
Of course, you'll need somewhere to live, but try not to rush into buying a property in Cyprus; after all it is a very important decision. However, if you already know Cyprus well - perhaps you've spent many a happy holiday there - you may already know where you want to buy a property to live in during your retirement. If you don't, it's a good idea to rent a property first so that you can get to know an area before you commit yourself. There's a fantastic choice of reasonably-priced property in Cyprus, whether to choose to rent or buy.
You can choose from traditional Cypriot village houses inland or a spectacular coastal property with fabulous views across the ocean. There are plenty of apartments, townhouses or villas in Cyprus, but remember that access is all important, especially if you're retired. That beautiful wrought-iron staircase or quirky old house may be tempting now, but will it be practical when you're less able to get around? It's also important to consider how close the property is to local facilities. You may not always want or be able to drive, so it's a good idea to choose a property in Cyprus that has easy access to shops, restaurants and medical facilities.
The main areas of Cyprus to consider are Larnaca, which is close to the international airport and has a great selection of both coastal and inland property. Limassol is a buzzing seaside town with easy access to the Troodos mountains if you prefer property in a traditional Cypriot village. Famagusta and the areas around Protaras and the beautiful town of Paralimni are also both favourites with retirees. By far the most popular choice for those buying holiday or retirement homes is Paphos. It has its own international airport and property of all types can be found, either close to Paphos town or in any of the numerous surrounding towns and villages. There is also a great support network available for retirees, particularly those from the UK.
Low-rate tax for Retirees in Cyprus
If you are starting to think that retiring to Cyprus might be a good idea, the fact that retirees pay such low tax in Cyprus may be the factor that clinches your decision. If you're receiving a foreign pension in Cyprus, it can be paid directly into your bank account and, depending on your country of origin, it may be index-linked, like for example, UK pensions. If you're a UK resident and are thinking of retiring to Cyprus, you can obtain more information about your personal pension status from the Department of Work and Pensions who can be contacted on (0044) 191 218 7777. If you're thinking of retiring permanently to Cyprus, it's a good idea to consult an independent financial adviser before you make any decisions. If you become a permanent resident of Cyprus with retirement status, your worldwide income will be taxed there and will have a choice of two taxation systems:
· The first CYP2,000 (£2,700/€3,400 approx.) is tax free and then you're taxed at 5% or;
· The first CYP10,000 (£13,500/€17,000 approx ) is tax free and then you're taxed at standard rates (between 20% and 30%).
Healthcare in Cyprus
Another thing which may affect your decision to retire to Cyprus is the standard of healthcare, which is an important priority whatever age you are. Both public and private sector health facilities in Cyprus are of a high standard and, because the Republic of Cyprus is a member of the EU, retirees from other EU states are entitled to free or low-cost healthcare in the public sector. Retirees should obtain form E121 from their home country and in the UK that is the Department of Work and Pensions (see contact details above). When you arrive in Cyprus, you should take your E121 to your health centre or government hospital where you will be issued with a medical card. There are two types of medical card, one for free treatment and one for reduced cost treatment. The type of card you are given will depend on your annual income (including pensions) and personal circumstances. More information is available on the Cyprus Ministry of Health website.
Cost of Living in Cyprus
The cost of living is another important factor if you're thinking of retiring to Cyprus. Although prices have risen during the last few years, prices in Cyprus are still relatively low, especially when you compare them with other popular retirement locations. Fresh fruit and vegetables, grown locally, can be bought cheaply in season and meals in local tavernas cost, on average, around €16 per person, including wine.
Leisure Activities and Golf in Cyprus
If you're wondering what you will do with all that free time, Cyprus offers endless leisure activities to keep you busy and active. There's hiking and cycling along some of the beautiful nature trails in the spectacular Akamas Peninsula, horse-riding, a whole range of water sports, or skiing in the Troodos mountains in the winter. These are just a small selection of ways to enjoy that wonderful outdoor lifestyle in Cyprus. There's also plenty of golf - a very popular pastime for retirees in Cyprus. For those who love the game, Cyprus already has three championship golf courses close to Paphos and one close to Limassol. The Cyprus Tourism Organisation is committed to a total of 14 golf courses on the island over the next few years and some big name golfers such as Gary Player and Jack Nicklaus are lending their names to golf course developments. The latest course under construction is just outside Larnaca, in the village of Tersefanou which is scheduled for completion in 2010.
Residence Permits in Cyprus
So if you've decided that Cyprus is the place for your retirement, all you need to know now is how to apply for a residence permit. You may stay in Cyprus for up to 90 days without a permit if you're an EU citizen or a citizen of a number of other countries, including the US, Canada and Australia (a full list of qualifying countries is available on the website of the Ministry of Foreign Affairs in Cyprus). You will need to apply for an Immigration Permit (Category F) through the District Aliens and Immigration Department or the Immigration Department of your local police station. There is a department in each of the main towns. Your application (on Form M.67) must be submitted along with evidence that you have sufficient annual income to support yourself. The current minimum amount is CYP 5,600 (£7,600/€9,600 approx.), although each case is considered separately on its merits. The amount is per person and there is an additional amount of CYP 2,700 (£3,700/€4,600 approx) for each dependent person. Residence permits are issued for five years and are usually automatically renewed on request.
So, off you go and enjoy your well-earned retirement relaxing on the beautiful island of Cyprus.
Author: Anne Hall
http://cypruspropertyworld.com
http://www.moi.gov.cy
Showing posts with label cyprus. Show all posts
Showing posts with label cyprus. Show all posts
Wednesday, 9 December 2009
Tuesday, 8 December 2009
Monday, 7 December 2009
Larnaca Property And Golf In Cyprus
Wherever there's golf and sun there is also money in property. Perhaps that's why Larnaca in Cyprus is causing a stir amongst property speculators and holiday home investors alike. A new golf resort in the Larnaca area of Cyprus has been extensively talked about over the last few years. These ambitious proposals also include the building of a new super marina suitable for luxury yachts and a whole host of associated development. As the countries economy continues to grow investors are enjoying a new confidence in Cyprus with some grand projects already under their belts. The Islands capital Nicosia continues to develop at a rapid pace and the recent building of it's first shopping mall including the Ikea store bears testament to investor confidence in the Island. In fact the climate now appears ideal for further bold investment.
The influx of foreign money generated by the Cyprus property boom has been a major contributing factor to this optimistic view for sure. However this new wealth has created a large amount of disposable income and those that have it are looking for places to spend it.This has created the demand for European shopping centers like the Cyprus mall and improved leisure facilities such as golf. Some observers are predicting the building of more shopping centers in the principle towns and further investment in golf property. Larnaca therefore would look set as the ideal location for both. It's close proximity to the Islands principle airport coupled with ease of access to the rest of Cyprus strengthens this argument even further.
Larnaca property is not the most expensive in Cyprus right now but of course all that could change very quickly. Once golf arrives in an area prices tend to increase rather quickly and tardy investors often find themselves left behind. The trick is to pre empt the market and buy property before any plans for leisure complexes or major infrastructure changes are rubber stamped by the planing authorities. This is of course a highly risky business but that's why so much profit is made from such speculation by savvy investors. Even those looking to buy a holiday home for themselves could edge their investment bets by purchasing in Larnaca as apposed to other parts of Cyprus. The resort area of the town is after all a beautiful location for that dream home in the sun.
Anyone who has visited Cyprus a few times in recent years can see just how fast the Island is developing not just in terms of residential building work either. Many of the larger chain stores are opening outlets and foreign investment continues to pour in. The new generation of Cypriots have seen what the rest of Europe enjoys and they want a piece of it for themselves. The battered pick up trucks are giving way to the likes of Mercedes and BMW whilst the marinas are filling up with luxury power boats. There is new money in Cyprus which in turn is attracting plenty more of the same. Larnaca and other resorts in Cyprus could be perched on the crest of a second much larger investment wave.
No one can accurately predict how the economy will perform in the future but leisure and property have always yielded long term sustainable growth. Larnaca could soon be at the center of one of the most lucrative phases of the Islands recent history with the heady mix of golf, sun and holiday property. So if you are looking for that dream home in the Cyprus sun it may be that Larnaca property is just what you are looking for. The other positive factor of the golf equation is that it could turn a summer only holiday resort into an all year golfing centre. This would likely have the knock on effect of putting the town on the map as the East coast's all year resort just as golf did in the paphos area. Maybe it's time to consider making your investment in Cyprus Larnaca property.
Kevin Moore lives half the year in Cyprus writing regular articles about all things Cyprus including holidays and Cyprus property purchase. To learn more check out his web site here Larnaca Property
Article Source: http://EzineArticles.com/?expert=Kevinor_Moore
The influx of foreign money generated by the Cyprus property boom has been a major contributing factor to this optimistic view for sure. However this new wealth has created a large amount of disposable income and those that have it are looking for places to spend it.This has created the demand for European shopping centers like the Cyprus mall and improved leisure facilities such as golf. Some observers are predicting the building of more shopping centers in the principle towns and further investment in golf property. Larnaca therefore would look set as the ideal location for both. It's close proximity to the Islands principle airport coupled with ease of access to the rest of Cyprus strengthens this argument even further.
Larnaca property is not the most expensive in Cyprus right now but of course all that could change very quickly. Once golf arrives in an area prices tend to increase rather quickly and tardy investors often find themselves left behind. The trick is to pre empt the market and buy property before any plans for leisure complexes or major infrastructure changes are rubber stamped by the planing authorities. This is of course a highly risky business but that's why so much profit is made from such speculation by savvy investors. Even those looking to buy a holiday home for themselves could edge their investment bets by purchasing in Larnaca as apposed to other parts of Cyprus. The resort area of the town is after all a beautiful location for that dream home in the sun.
Anyone who has visited Cyprus a few times in recent years can see just how fast the Island is developing not just in terms of residential building work either. Many of the larger chain stores are opening outlets and foreign investment continues to pour in. The new generation of Cypriots have seen what the rest of Europe enjoys and they want a piece of it for themselves. The battered pick up trucks are giving way to the likes of Mercedes and BMW whilst the marinas are filling up with luxury power boats. There is new money in Cyprus which in turn is attracting plenty more of the same. Larnaca and other resorts in Cyprus could be perched on the crest of a second much larger investment wave.
No one can accurately predict how the economy will perform in the future but leisure and property have always yielded long term sustainable growth. Larnaca could soon be at the center of one of the most lucrative phases of the Islands recent history with the heady mix of golf, sun and holiday property. So if you are looking for that dream home in the Cyprus sun it may be that Larnaca property is just what you are looking for. The other positive factor of the golf equation is that it could turn a summer only holiday resort into an all year golfing centre. This would likely have the knock on effect of putting the town on the map as the East coast's all year resort just as golf did in the paphos area. Maybe it's time to consider making your investment in Cyprus Larnaca property.
Kevin Moore lives half the year in Cyprus writing regular articles about all things Cyprus including holidays and Cyprus property purchase. To learn more check out his web site here Larnaca Property
Article Source: http://EzineArticles.com/?expert=Kevinor_Moore
Tuesday, 24 November 2009
Golf in the Sun - Take a Look at Cyprus
Picture an average day's golfing in the UK. Dark clouds scud across the sky, the fairway is under an inch of water and howling gales make sure that the little white ball goes every which way but where you want it to.
This has certainly been the case in the summer of 2007, which is just one more reason why so many British and North European golfers are now casting their eyes abroad in search of golf properties in warmer climes.
During the past few years, the most popular and exclusive destinations have included 'Sun City' in South Africa, 'La Manga' in Spain and the self-proclaimed king of golf resorts, 'Vale do Lobos' in Portugal. But whilst, from a golfer's point of view, these locations boast outstanding facilities and the very height of luxury where golf properties are concerned; from an investor's point of view they have seen their day, so to speak.
Let's take La Manga as an example.
Bearing in mind that plans for a new and exclusive golfing resort in Spain began to attract substantial investment from Premiership footballers, sporting personalities and high-flying members of the international business community between 2001 and 2003, it may come as something of a surprise to find that La Manga saw its first Spanish Open back in 1973.
Indeed, as is the case with many other golfing venues around the world, La Manga's meteoric rise to international fame can be largely attributed to being in the right place to take advantage of the veritable explosion in demand for golf properties in the sun which began during the late 1990s and continues to this day. It is safe to say that any investor who bought a home at or near the resort between 2001 and 2003 has seen an above average ROI.
These days however, although property values are of course still rising, homes around La Manga have long since seen the steepest part of the appreciation curve.
By contrast, there is a location in the Mediterranean where golf and golf resorts are only just beginning to become a standard feature; Cyprus, the 'Island of Aphrodite'.
The Republic of Cyprus saw the opening of its first grass golf course at Tsada, a small village in the hills above Paphos, back in 1994. Subsequent years have seen the opening of golf courses at Secret Valley and the neighbouring Aphrodite Hills along Cyprus' west coast; all of which have become favourites with golf tourists from across Europe.
Where golf in Cyprus is concerned however, the development which is catching the attention of golfers and investors from around the world, is the announcement by the Cypriot government that fourteen new golf courses are to be constructed throughout the Republic. Whilst this may not seem like an extraordinarily large number at first, one should bear in mind that Cyprus is quite a small island and it is possible to drive from one end of the island to the other in less than three hours.
Furthermore, as far as a golfing venue is concerned, Cyprus is certainly no slouch compared to Spain or Portugal. With an average 326 days of sunshine each year, the island counts itself as one of the sunniest locations in the Mediterranean. Similar things may be said about the island's scenic beauty which sees a stunning variety of landscapes, ranging from the coastal plains and hills with their majestic sea views, to the tree covered slopes of the Troodos Mountains in the island's interior.
Given the Cypriot government's firm commitment to put the Republic of Cyprus on the international golfing map and the 'Cyprus Tourism Organisation's continuing global drive to bring more visitors to the island, it is easy to see the long-term potential of fourteen new golf courses, together with associated resorts and luxury property developments.
Here then, is a place which promises to fulfil not only the desires of the avid golfer, but the shrewd investor also.
So, if you're after golf in the sun and a healthy return on your investment, why not take a look at Cyprus?
Brian Rettendon has been an avid golfer for many years. By combining his experience as a player with his long-term knowledge of investing in the overseas property market, Brian has been successfully advising potential investors about golf properties in the Mediterranean since 2001. Visit his website for more information about Golf in Cyprus and golf properties on the island.
This has certainly been the case in the summer of 2007, which is just one more reason why so many British and North European golfers are now casting their eyes abroad in search of golf properties in warmer climes.
During the past few years, the most popular and exclusive destinations have included 'Sun City' in South Africa, 'La Manga' in Spain and the self-proclaimed king of golf resorts, 'Vale do Lobos' in Portugal. But whilst, from a golfer's point of view, these locations boast outstanding facilities and the very height of luxury where golf properties are concerned; from an investor's point of view they have seen their day, so to speak.
Let's take La Manga as an example.
Bearing in mind that plans for a new and exclusive golfing resort in Spain began to attract substantial investment from Premiership footballers, sporting personalities and high-flying members of the international business community between 2001 and 2003, it may come as something of a surprise to find that La Manga saw its first Spanish Open back in 1973.
Indeed, as is the case with many other golfing venues around the world, La Manga's meteoric rise to international fame can be largely attributed to being in the right place to take advantage of the veritable explosion in demand for golf properties in the sun which began during the late 1990s and continues to this day. It is safe to say that any investor who bought a home at or near the resort between 2001 and 2003 has seen an above average ROI.
These days however, although property values are of course still rising, homes around La Manga have long since seen the steepest part of the appreciation curve.
By contrast, there is a location in the Mediterranean where golf and golf resorts are only just beginning to become a standard feature; Cyprus, the 'Island of Aphrodite'.
The Republic of Cyprus saw the opening of its first grass golf course at Tsada, a small village in the hills above Paphos, back in 1994. Subsequent years have seen the opening of golf courses at Secret Valley and the neighbouring Aphrodite Hills along Cyprus' west coast; all of which have become favourites with golf tourists from across Europe.
Where golf in Cyprus is concerned however, the development which is catching the attention of golfers and investors from around the world, is the announcement by the Cypriot government that fourteen new golf courses are to be constructed throughout the Republic. Whilst this may not seem like an extraordinarily large number at first, one should bear in mind that Cyprus is quite a small island and it is possible to drive from one end of the island to the other in less than three hours.
Furthermore, as far as a golfing venue is concerned, Cyprus is certainly no slouch compared to Spain or Portugal. With an average 326 days of sunshine each year, the island counts itself as one of the sunniest locations in the Mediterranean. Similar things may be said about the island's scenic beauty which sees a stunning variety of landscapes, ranging from the coastal plains and hills with their majestic sea views, to the tree covered slopes of the Troodos Mountains in the island's interior.
Given the Cypriot government's firm commitment to put the Republic of Cyprus on the international golfing map and the 'Cyprus Tourism Organisation's continuing global drive to bring more visitors to the island, it is easy to see the long-term potential of fourteen new golf courses, together with associated resorts and luxury property developments.
Here then, is a place which promises to fulfil not only the desires of the avid golfer, but the shrewd investor also.
So, if you're after golf in the sun and a healthy return on your investment, why not take a look at Cyprus?
Brian Rettendon has been an avid golfer for many years. By combining his experience as a player with his long-term knowledge of investing in the overseas property market, Brian has been successfully advising potential investors about golf properties in the Mediterranean since 2001. Visit his website for more information about Golf in Cyprus and golf properties on the island.
Cyprus Property And Living The Cyprus Dream
Most people at some time or another entertain the dream of owning a place in the sun. The TV shows us all those lucky people selling up and moving to sunnier climes or even buying a second home abroad. Cyprus is often one of the places on this wish list and Cyprus property such as villas or luxury apartments are showcased. When you see all that beautiful Cyprus property on the TV bathed in glorious Mediterranean sunshine you may think "yeah right" I bet the reality is nothing like that at all, Wrong! It really is like that and ordinary people like you are living the Cyprus dream of owning a beautiful Cyprus property. How can I be so sure? I am one of them! The Cyprus dream is a reality and it could be for you too if you really want it.
Cyprus property is arguably amongst some of the most beautiful in the Mediterranean area and it is still cheaper than a comparable home in the U.K. That is if there are that many luxury villas with swimming pools in the U.K. apart from the odd stately home or country pile. I guess the weather helps and there is plenty of weather in Cyprus including over 320 days of brilliant sunshine every single year. There is even a winter of sorts in Cyprus from about the middle of December until the beginning of February when it rains and the reservoirs are topped up ready for the long warm summer. Most of the living is done "outside" including lots of alfresco cooking and dining (AKA. barbecues). When you plan a barbecue in Cyprus the weather isn't going to turn up on the day and spoil it for you either. Long summer nights on the sun terrace or balcony sipping even longer cool drinks are the norm when you own a Cyprus property.
The problem with dreams is that for most folks thats what they are doomed to remain, just dreams. This is a real shame because when it comes to owning Cyprus property the reality could be closer than they think. Property in Cyprus could be well within the grasp of Mr and Mrs average home owner if they only knew it. Most U.K. home owners have some equity in their houses following the recent hike in property values particularly over the last 10 years. Many of these couples have decided to release that capital to finance a property in Cyprus and start to live their dreams of a home in the sun. Even those unable to raise the total cost of a Cyprus poperty in this way are using whatever funds they can raise as at least a deposit.
The Cyprus banks are real happy to lend funds to none residents wishing to buy property in Cyprus so finding the balance to finance your dream shouldn't be too much of a problem. Although the Cyprus government has restricted the amount the countries banks can lend to 60% the Cyprus property developers have already overcome this. Many developers are now offering deals on Cyprus property with only 20% down payment! This is great news for would be buyers who are raising this 20% at home and then financing the balance with the Cyprus property developers. It is likely that these mortgages are financed in Switzerland or from some other "off shore" source which means the interest rates could be real low.
With the value of Cyprus property continuing to rise these deals make perfect sense to anyone wishing to grab that dream holiday villa or luxury apartment. O.K. so it cost money to borrow all those thousands of pounds and you are going to be asking yourself how you will be able to repay the loan. Many people have bought into the Cyprus dream now to make the investment for the future such as early retirement or longer holidays when they finish working for a living. In the meantime they are taking advantage of the lucrative Cyprus holiday rental market which is paying for their villa or apartment when they are not using it themselves. So you really could have your cake and eat it too when you live the dream of owning your own beautiful Cyprus property.
Kevin Moore spends half the year in Cyprus whilst writing regular articles about all things Cyprus and maintaining his many Cyprus web sites. For More about Cyprus visit the site here Cyprus Property
Cyprus property is arguably amongst some of the most beautiful in the Mediterranean area and it is still cheaper than a comparable home in the U.K. That is if there are that many luxury villas with swimming pools in the U.K. apart from the odd stately home or country pile. I guess the weather helps and there is plenty of weather in Cyprus including over 320 days of brilliant sunshine every single year. There is even a winter of sorts in Cyprus from about the middle of December until the beginning of February when it rains and the reservoirs are topped up ready for the long warm summer. Most of the living is done "outside" including lots of alfresco cooking and dining (AKA. barbecues). When you plan a barbecue in Cyprus the weather isn't going to turn up on the day and spoil it for you either. Long summer nights on the sun terrace or balcony sipping even longer cool drinks are the norm when you own a Cyprus property.
The problem with dreams is that for most folks thats what they are doomed to remain, just dreams. This is a real shame because when it comes to owning Cyprus property the reality could be closer than they think. Property in Cyprus could be well within the grasp of Mr and Mrs average home owner if they only knew it. Most U.K. home owners have some equity in their houses following the recent hike in property values particularly over the last 10 years. Many of these couples have decided to release that capital to finance a property in Cyprus and start to live their dreams of a home in the sun. Even those unable to raise the total cost of a Cyprus poperty in this way are using whatever funds they can raise as at least a deposit.
The Cyprus banks are real happy to lend funds to none residents wishing to buy property in Cyprus so finding the balance to finance your dream shouldn't be too much of a problem. Although the Cyprus government has restricted the amount the countries banks can lend to 60% the Cyprus property developers have already overcome this. Many developers are now offering deals on Cyprus property with only 20% down payment! This is great news for would be buyers who are raising this 20% at home and then financing the balance with the Cyprus property developers. It is likely that these mortgages are financed in Switzerland or from some other "off shore" source which means the interest rates could be real low.
With the value of Cyprus property continuing to rise these deals make perfect sense to anyone wishing to grab that dream holiday villa or luxury apartment. O.K. so it cost money to borrow all those thousands of pounds and you are going to be asking yourself how you will be able to repay the loan. Many people have bought into the Cyprus dream now to make the investment for the future such as early retirement or longer holidays when they finish working for a living. In the meantime they are taking advantage of the lucrative Cyprus holiday rental market which is paying for their villa or apartment when they are not using it themselves. So you really could have your cake and eat it too when you live the dream of owning your own beautiful Cyprus property.
Kevin Moore spends half the year in Cyprus whilst writing regular articles about all things Cyprus and maintaining his many Cyprus web sites. For More about Cyprus visit the site here Cyprus Property
Friday, 20 November 2009
Travellers Guide to Cyprus
Cyprus, the third largest Mediterranean island, is a former British colony which gained independence in 1960. Differences between its ethnic Greek and Turkish communities subsequently led to the separation of the island between the Turkish north and Southern Greek. A UN buffer zone now separates the two halves of the island.
A UN attempt to rejoin the island was rejected by Greek Cypriots (who make up seventy seven per cent of the population) in a 2004 referendum. However, a month later the Greek Cypriot Republic of Cyprus joined the EU: meaning that EU laws now apply to the southern end of the island.
The (Nothern) Turkish side of the island does not have international recognition. Despite the island's political differences, its economy relies substantially on tourism. The climate is Mediterranean, but Cyprus suffers from some water shortages and there is a small risk of earthquakes.
The 1960 Constitution provided for a presidential system of government with independent executive, legislative, and judicial branches, as well as a complex system of checks and balances, which includes a weighted power-sharing ratio made to protect the interests of the Turkish Cypriots.
The executive, was headed by a Greek Cypriot president and a Turkish Cypriot Vice President elected by their respective populations for 5 year terms, each possessing a right of veto over certain types of legislation and executive decisions.
Legislative power rested on the House of Representatives, also elected on a basis of separate voters' rolls. Since 1964, following clashes between the two communities, the Turkish Cypriot seats in the House remain vacant.
Low property prices remain low in the Republic of Cyprus compared to European standards but have been moving up rapidly in recent years. As land available is limited and EU membership is likely to bring greater prosperity, this is a trend which is likely to continue.
Cyprus has an array of property laws with title is based upon registration. The Land Registry also records charges and encumberances on the property.
Foreign nationals may acquire property and are in fact encouraged to do so. Both foreign investors and retired people who settle permanently in Cyprus are offered various incentives including duty free facilities and extremely low taxation of overseas income.
However the law requires foreign property buyers to obtain permission from the Council of Ministers before the property can be registered in their name. Investors more often than not take possession of property while this process is underway as permission is usually granted in the case of single properties.
The Exchange Officer of the Central Bank of Cyprus should be notified once permission has been obtained so that a certificate verifying the amount paid in money brought into the country can be certified. At this point transfer fees of up to 8 per cent become payable by the buyer. Stamp duty of up to 0.2 per cent is also payable before ownership can be registered.
Up to date property sales in Cyprus can be found on Fly2let.net the free unbiased resource for overseas property investors. For UK investment property information visit Residentiallandlord.co.uk.
A UN attempt to rejoin the island was rejected by Greek Cypriots (who make up seventy seven per cent of the population) in a 2004 referendum. However, a month later the Greek Cypriot Republic of Cyprus joined the EU: meaning that EU laws now apply to the southern end of the island.
The (Nothern) Turkish side of the island does not have international recognition. Despite the island's political differences, its economy relies substantially on tourism. The climate is Mediterranean, but Cyprus suffers from some water shortages and there is a small risk of earthquakes.
The 1960 Constitution provided for a presidential system of government with independent executive, legislative, and judicial branches, as well as a complex system of checks and balances, which includes a weighted power-sharing ratio made to protect the interests of the Turkish Cypriots.
The executive, was headed by a Greek Cypriot president and a Turkish Cypriot Vice President elected by their respective populations for 5 year terms, each possessing a right of veto over certain types of legislation and executive decisions.
Legislative power rested on the House of Representatives, also elected on a basis of separate voters' rolls. Since 1964, following clashes between the two communities, the Turkish Cypriot seats in the House remain vacant.
Low property prices remain low in the Republic of Cyprus compared to European standards but have been moving up rapidly in recent years. As land available is limited and EU membership is likely to bring greater prosperity, this is a trend which is likely to continue.
Cyprus has an array of property laws with title is based upon registration. The Land Registry also records charges and encumberances on the property.
Foreign nationals may acquire property and are in fact encouraged to do so. Both foreign investors and retired people who settle permanently in Cyprus are offered various incentives including duty free facilities and extremely low taxation of overseas income.
However the law requires foreign property buyers to obtain permission from the Council of Ministers before the property can be registered in their name. Investors more often than not take possession of property while this process is underway as permission is usually granted in the case of single properties.
The Exchange Officer of the Central Bank of Cyprus should be notified once permission has been obtained so that a certificate verifying the amount paid in money brought into the country can be certified. At this point transfer fees of up to 8 per cent become payable by the buyer. Stamp duty of up to 0.2 per cent is also payable before ownership can be registered.
Up to date property sales in Cyprus can be found on Fly2let.net the free unbiased resource for overseas property investors. For UK investment property information visit Residentiallandlord.co.uk.
Monday, 16 November 2009
Investing in Cyprus Property
If you are having thoughts of investing in Cyprus now is the time to do so. Buying property in Cyprus could be a great investment, especially for those who want a holiday home or an investment property.
With ambitious plans to build new tourist attractions, including 10 major golf resorts in addition to the three already open, two new marinas, yacht clubs and sports centers, the future is looking up for the island making any kind of property investment in Cyprus a lifetime opportunity.
Investing in Cyprus properties has taken off in a big way over the past years, with many opportunists buying whole apartment blocks at a time or large chunks of holiday developments with a view to reselling in a few years. The "Buy to Let" concept has become a common practice to individuals investing in Cyprus as it is a very easy and safe way to invest and not be troubled about any mortgage payments.
Ever since Cyprus became a complete member of the EU it's economic growth has progressed steadily, resulting in it's rising popularity. The foreign resident population has developed in a big way forcing up property values as it becomes clear that it is a very special place to live in. It really is a dream come true opportunity as far as property investment in Cyprus is concerned.
With Cyprus now in the Euro zone huge investments are given the green light in infrastructure and new amenities. The ongoing projects to upgrade the Larnaca and Paphos airports and improve roads are also fuelling confidence to any person thinking of investing in Cyprus.
Investing in Cyprus is a particularly attractive move at the moment as the market has grown at a stable rate for a number of years, yet prices remain competitive. Cyprus off plan developments offer some particularly good deals, with value for money projects being built anywhere in the island. Buyers investing in Cyprus generally get more property for their money, with good size rooms and plenty of extras included in the price such as double glazing, air conditioning, solar heating panels, fitted kitchen etc.
Investing in Cyprus properties is a safe way to have an excellent return for your investment and still enjoy spending some quality time in one of the most beautiful and safe islands of the Mediterranean. No matter if you are a property investor or an individual property buyer one think is for sure, investing in Cyprus can be one of the best decisions you ever took in your life.
Stavros Papadouris
ClickHomeCyprus
http://www.clickhomecyprus.com
With ambitious plans to build new tourist attractions, including 10 major golf resorts in addition to the three already open, two new marinas, yacht clubs and sports centers, the future is looking up for the island making any kind of property investment in Cyprus a lifetime opportunity.
Investing in Cyprus properties has taken off in a big way over the past years, with many opportunists buying whole apartment blocks at a time or large chunks of holiday developments with a view to reselling in a few years. The "Buy to Let" concept has become a common practice to individuals investing in Cyprus as it is a very easy and safe way to invest and not be troubled about any mortgage payments.
Ever since Cyprus became a complete member of the EU it's economic growth has progressed steadily, resulting in it's rising popularity. The foreign resident population has developed in a big way forcing up property values as it becomes clear that it is a very special place to live in. It really is a dream come true opportunity as far as property investment in Cyprus is concerned.
With Cyprus now in the Euro zone huge investments are given the green light in infrastructure and new amenities. The ongoing projects to upgrade the Larnaca and Paphos airports and improve roads are also fuelling confidence to any person thinking of investing in Cyprus.
Investing in Cyprus is a particularly attractive move at the moment as the market has grown at a stable rate for a number of years, yet prices remain competitive. Cyprus off plan developments offer some particularly good deals, with value for money projects being built anywhere in the island. Buyers investing in Cyprus generally get more property for their money, with good size rooms and plenty of extras included in the price such as double glazing, air conditioning, solar heating panels, fitted kitchen etc.
Investing in Cyprus properties is a safe way to have an excellent return for your investment and still enjoy spending some quality time in one of the most beautiful and safe islands of the Mediterranean. No matter if you are a property investor or an individual property buyer one think is for sure, investing in Cyprus can be one of the best decisions you ever took in your life.
Stavros Papadouris
ClickHomeCyprus
http://www.clickhomecyprus.com
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