Q. What language do they speak in Cyprus?
A. Greek is the population’s mother tongue but with the strong influence Britain has exerted on the island's history, English is widely spoken (80 % of the Population)  and understood. Knowledge of French, Russian and German is increasing with the islands tourist trade.

Q. Is Cyprus now a full member of the European Union?
A. Yes, Cyprus is a full member of the European Union.
 
Q. How do the banks compare?
A. 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.

Major credit cards, such as those within the Visa and Mastercard networks, are accepted in Cyprus. Transactions and payments are simply made through your foreign deposit account.
 
Q. What about the currency… is it easy to understand?
A. Yes … 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.
 
Q. Is the cost of living really much lower?
A. The relatively low cost of living in Cyprus is definitely one of the advantages that appeals to the potential buyer. The island offers a full but comparatively inexpensive lifestyle. In fact, 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.
 
Q. Are there any tax advantages?
A. Non-Cypriot individuals residing in Cyprus pay income tax at a flat rate of just 5%. This applies to the amounts remitted to Cyprus from pensions or income from overseas investments. The first CY£2,000 per annum are tax exempt.

Personal effects, household goods and furniture may be imported duty free by immigrant retirees, provided that they are for personal use and have been in use for some time (approximately one year).
 
Q. Can you explain the double taxation treaty?
A. Compared with other international financial centres, Cyprus offers a distinct benefit in the form of double taxation treaties. Agreements with an increasing number of countries eliminate the double taxation of income earned in any one of these countries. In practice, the tax levied by one country is credited against the tax levied in the taxpayer’s country of residence.

Where different tax rates apply, the tax payer will ultimately not pay more than the higher of the two rates of the respectively countries. Such treaties combined with very favourable tax rates for international business entities in Cyprus open the doors to significant tax planning opportunities. The fact that Cyprus is not considered a tax haven but rather a country offering tempting tax incentives expels the distrust that international tax havens often arouse.

To date, double tax haven treaties exist between Cyprus and the following countries: Austria, Belarus, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, Slovakia, Sweden, Syria, United Kingdom, South Africa, United States and Yugoslavia.
 
Q. What is the governmental structure in Cyprus?
A. Cyprus is an independent and sovereign republic with the elected president (5 year election cycle) as head of state. The legislation power lies with the elected House of Representatives and appointed council of ministers. The legal system is based on the British/European system with independent power exercised by judiciary. Cyprus is a member of the  European Union, UN, the British Commonwealth, the non-aligned movement, World Bank and the  IMF.
 
Q. Is the crime rate high or low?
A. Cyprus enjoys a remarkably low crime rate … 1/6 of the European average … another reason for its popularity with foreign buyers for whom security has become a key element in the property world. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace.

Q. Can I work in Cyprus once I have moved there?
A. Yes, of course, just like in any other European Member State.
 
Q. What can I expect to pay in legal fees?
A. The legal fees usually charged by a lawyer are approximately CY£750 – CY £1,000  and cover the review and alteration if required of the Sale Agreement, revision of the General Agreement (which regulates the use of common areas, where applicable) and submission to the land registry for specific performance.
 
Q. When do I have to pay stamp duty and how much can I expect to pay?
A. Stamp duty is due at the time of signing the contract. This is levied at the rate of CY£1.50 per CY£1,000 up to CY£100,000 and thereafter at the rate of CY£2 per CY£1,000. The purchase contract must be stamped within 30 days of its dated signature or a fine will be imposed.
 
Q. What about Inheritance Tax?
A. There is none.
 
Q. How do I get the Title Deeds to my property?
A. 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 / filed  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.
 
Q. How much Transfer Tax will I have to pay?
A. Currently,  and 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 CY£50,000 - 3%
CY£50,001 – CY£100,000 - 5%
CY£100,000+ - 8%
(Purchasers should note however that this Transfer Tax maybe abolished soon)

Q. What other charges can I expect?
A. The annual immovable property tax imposed by the government is approximately CY£60-120 per year. The municipal authorities also levy an annual property tax of CY£20-30 per year and other authorities may also require CY£20-40 sewage tax.

Common expenses are usually paid monthly or quarterly in advance. They vary from development to development and depend on the area and type of property. They cover an owner’s share of the cost of cleaning and maintaining common areas and gardens, swimming pool expenses, electricity in common areas, management fees, rubbish collection and repairs. The estimated total is in the region of CY£300 to CY£600 per year. (2, Bedroom) Charges for utilities are payable to the respective authorities at regular intervals throughout the year. They are based strictly on the consumption of each unit. While the cost will vary, approximately CY£300 per year can be considered a rough guide. The local municipal or other authorities are responsible for regular collection of household rubbish. Depending on the area of your property, the cost is in the range of CY£40 to CY£75 per year. It is also necessary to take out buildings and contents insurance on your property.
 
Q. What about furnishing my property?
A. At Iacovou Brothers (Development) Ltd

• You can discuss your requirements with a member of our  After Sales Team in Cyprus … with their local knowledge they will know the best places to shop for the type of products you require.  We will   recommend suppliers  to you so that you can purchase your Electrical Appliances  (White-Goods), Furniture, Fabrics, and  even the smallest of ornaments that will turn your property into a real  home.   Time permitting, we may even take you shopping at no extra cost!

• We can even put you in touch with one of the highly skilled and experienced interior designers that we are happy to recommend. Whatever your budget and aspirations are, they can work with you … or for you … to create the perfect ambiance.

Q. What about after I have purchased?
A. We have our own After Sales, who handle any improvements/  alterations or any minor  problems which you may have with the  property itself. That said, we at Iacovou Brothers (Development) Ltd  have a wealth of experience  in After Sales which guarantees that any matter related to After Sales will be  resolved to your satisfaction.
 
Q. How easily can I arrange property maintenance services?
A. As a Company we can offer  in-house property maintenance services … from gardening to pool maintenance, regular cleaning to ad hoc visits.  This type of service depends on your individual requirements and is not compulsory, so it is entirely up to you to either take advantage of these services or make other arrangements. 
 
Q. I would like  to rent out my property … how do I go about this?
A. At this stage we do not have an in-house service (Rental Section) but  we will make all the necessary arrangements for you by recommending  respected local  companies / estate agents  who specialise in this field. Cyprus is a popular island for holidaymakers virtually all year round, so you can expect a reasonable income from renting out your home.

Q. Can I bring in my pet into Cyprus?
A.  Since Cyprus’ entry into Europe in May 2004 The Pet Travel Scheme has been adopted. This means that registered animals are now allowed to travel freely from one European country to another. The Pet Travel Scheme (PETS) is the system that allows people in the UK to take their pets to other European Union (EU) countries, and return with them to the UK. The Scheme applies to cats, dogs, rodents, ferrets and other pets. To enter Cyprus you should get your pet micro-chipped and vaccinated against rabies. You should then obtain an EU pet passport. The passport must confirm your pet’s micro-chip number and date the microchip was inserted and the rabies vaccination. Your pet is now free to travel to Cyprus