cyprus -

Cyprus

Cyprus basks all year-round in the light of the warm Mediterranean sun. For over 10,000 years Cyprus has seen civilizations come and go and the likes of everyone from Alexander the Great to Cleopatra stake their claim here. Aphrodite made her home on Cyprus, and travellers throughout antiquity came here just to pay her tribute. Today Cyprus is a modern country which effortlessly marries European culture with ancient enchantment. It offers alluring beaches and fragrant mountain peaks, vineyards studded with olive trees and ancient ruins, as well as citrus groves and old stone.
Cyprus is the largest island in the eastern Mediterranean and one of the sunniest, with the average daily hours of sunshine ranging from 6 in midwinter to 13 in midsummer. Although Cyprus is not known for its mountains, the island has 2 main mountain masses, which support excellent pine forests due to its cooler and wetter climate. The island has a typical Mediterranean climate but its proximity to south-west Asia makes it one of the hottest parts in mid-summer. This applies particularly to the central plain and the coastal regions.
Pathos/Paphos:
The city of Pathos, on the Southwest coast of the island, is, according to legend the birthplace of the Greek Goddess of Love, Aphrodite. It was founded by King Kinyras in 1400 BC. The port of ‘Pafos’ was built by Nicocles, the last king of Pathos, at the time of Alexander the Great. Despite its vulnerability to foreign incursions and raids, the city survived through the centuries, retaining an indefinable, legendary charm through the ages. It even survived a devastating earthquake in the 4th century AD. The city and district continued to lose population throughout the British colonial period and many of its inhabitants moved to Limassol, Nicosia and overseas. The city and district of Pathos had remained the most underdeveloped part of the island until 1974.

General Information
Reunification:
The Greek Cypriots have voted against reunification, April 2004. Cyprus has been split since Turkey invaded in 1974 in the wake of an abortive coup by supporters of union with Greece. The breakaway state in the north, about one-third of the island, is only recognised by Turkey, which maintains 40,000 troops there. If the UN plan had been approved by the Greek and Turkish communities, Cyprus could have signed an accession agreement with the European Union on April 16 as a united country. The talks stumbled over Turkish insistence that their breakaway Cypriot state win full recognition, and demands by the Greeks for the right of refugees to return to homes in northern Cyprus that they left 29 years ago. UN secretary-general, Kofi Annan left open the possibility of resuming the talks at a later stage. But if reunification is agreed, it will only affect homes in Northern Cyprus, not Paphos in the South.
Language:
Greek is the population’s mother tongue but with the strong influence Britain has exerted on the island's history, English is widely spoken and understood. Knowledge of French, Russian and German is increasing with the islands tourist trade.
Banking & Currency:
The banking system in Cyprus closely follows the British pattern. The banks have many branches throughout the island, which are efficient, modern and well equipped with the latest technology. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty, although you will also find branches of many international banks at your disposal. The Cyprus currency system is based on the decimal system. One Cyprus Pound is divided into 100 cents. Coins range in value from one cent to 50 cents and four bank notes are in circulation: £1, £5, £10 and £20.
Cost of Living:
The relatively low cost of living in Cyprus is definitely one of the advantages that appeal to the potential buyer. Recent statistics pointed to Cyprus as being one of the most inexpensive countries in Europe. The local markets flaunt a wealth of colourful fresh fruit and vegetables, meat and fish, locally grown and produced whilst the modern supermarkets are fully stocked with a large range of local and imported goods.
Employment: Under the Aliens and Immigration Law, non-Cypriots wishing to take up employment in Cyprus are required to have a work permit.
Renting Your Property
Again many of these developers have in-house services and will make all the necessary arrangements for you. Cyprus is a popular island for holidaymakers virtually all year round, so you can expect a reasonable income from renting out your home.

Buying Property In Cyprus
Pathos has seen the greatest rise in prices with more foreign buyers than ever flocking to the area to snap property up before Cyprus enter the European Community. Land in Pathos is more expensive than any other place in Cyprus; properties here tend to be about 25% more expensive than other regions. According to local estate agents, property prices have risen by upto 30% over the last 2 years. The market is very fast, resale properties only stay on the market for a couple of weeks. New developments are easier to find, but once again developers sell most of the units before the building is even finished. Resale properties are handled much the same way as in the UK with a valuation taking place and the agent’s fees agreed before the property is marketed. Paphos is the best town for rental returns as the airport is nearby with many UK carriers. Also it’s a 12 month season, there’s a large volume of tourist traffic plus good resale potential. Rental returns average 5-8%. Also since Cyprus has joined the EU, mortgages in CYP are worth considering, for once the financial institutions can offer more reasonable packages – better for pure investors. Permission to purchase a property must be obtained from the Council of Ministers by written application. The non-Cypriot purchaser must submit this after the agreement has been signed. However, the permission is granted more or less as a matter of course to all bona fide buyers. In the meantime purchasers may take possession of their property without restriction. By law, a non-Cypriot in Cyprus is not required to hold a permanent residence permit, but they are easy to obtain once certain requirements are fulfilled. You need to submit an application and provide proof that you and your family are self-supporting. The application for permanent residence may be submitted to the local immigration office in the area of residence.
Legal Fees:
The legal fees usually charged by a lawyer are approximately CYP 500 and cover the admin costs of the Sale Agreement and General Agreement. Stamp duty is due at the time of signing the contract. This is levied at the rate of CYP 1.50 per CYP 1,000 up to CYP 100,000 and thereafter at the rate of CYP 2 per CYP 1,000. The purchase contract must be stamped within 30 days of its dated signature or a fine will be imposed. Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date. When issued, the title deed will be registered in the name of the buyer and will be recorded in the government archives – these are confidential and will not be published or made accessible under any circumstances. The transfer of the title can be effective once the Council of Ministers’ permission is obtained along with confirmation of receipt of the foreign funds. Upon transfer and registration in the purchasers 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, as follows: Value up to CYP £50,000 - 3%, value of CYP£ 50,001 – CYP 100,000 - 5% and value of CYP£ 100,000+ - 8%.