A bit about Cyprus

• Good choice of areas
• Low cost of living
• Cosmopolitan
• English widely spoken
• Good mix of ages with both young and old choosing Cyprus
• Great weather conditions

Property prices:

• Coastal apartments from 40,000 GBP
• Costal villas from 110,000 GBP
• Inland village houses from 35,000 GBP
• Inland houses from 90,000 GBP

Property purchase costs and procedure.

• Allow 8% to 10% of purchase price to cover costs
• Initial reservation deposit of between 2,000 and 4,000 pounds required
• 10% to 30% should be paid after lawyer has carried out searches
• Once you have paid the 10% to 30% you will enter into a contract (Exchange of contracts)
• Application to be made to council of ministers, requesting authorization for transfer of deeds.
• If buying a new development stage payments may be required
• From offer to completion usually takes around six to eight weeks

Can I take a mortgage?

• Mortgages available from both UK and Portuguese banks
• Equity release schemes from UK property
• Borrowing in both Cyprus pound and GBP possible as well as Euro.
• Up to 75% loans available
• Maximum loan term for non residents 15 years

Getting there:

• Many low cost airlines now fly to Cyprus as well as established carriers such as B.A
• Wide choice of departure airports

What about Jobs?

• Work permit required
• Application can be submitted by proposed employer
• Businesses can be set up once residency has been applied for.

Can I take my Pet?

• Pet passport scheme in place to allow the import and export of your pet.

Transferring money

• Best rates available through money transfer specialists.

Driving licenses.

• You can use your UK license whilst a non resident
• Residents (UK nationals based in Cyprus) should change their English licence if paper to a Cypriot one. Otherwise the new UK Card licences are acceptable.

What about schools?

• Good local Cypriot schools
• Private English schools available

Some Key points

• Always use a lawyer represented in Cyprus when purchasing property.