ABOUT CYPRUS

Cyprus is an Independent Sovereign Republic. Following the signing of the EU Enlargement Treaty in Athens, on 16, April 2003 Cyprus became a fully fledged member of the EU on 1, May 2004. Greek is the mother tongue but the majority of the Cypriots speak English well. Road signs and many shop signs are written in Greek and English. Cyprus is the third largest island in the Mediterranean and enjoys a mild, typically Mediterranean climate with abundant sunshine even in winter. The currency is the Cyprus Pound which is divided into 100 cents. Commercial Banks offer a wide range of services and have correspondents in most major cities around the world. Commercial banking is based on UK banking loan and practice. With remarkably low crime rate 6% of the UK’s crime rate, Cyprus offers the security and peace of mind that is the key to feeling comfortable in your new home way, away from home.

Medical services in Cyprus are of a very high standard and affordable. In addition to public schools, there are also private schools for International pupils.

The Island’s International airports in Larnaca and Paphos, and the ports of Larnaca and Limassol,   connect Cyprus to all the countries of the world. The telecommunications facilities of Cyprus rank third highest in the world. Radio, TV and satellite services are rapidly available in English with many international print media available in local newsagents. As in the UK, cars in Cyprus are right-hand drive and are driven on the left side of the road.

Cyprus has proven to be an increasingly popular place for retirement and for the acquisition of holiday homes by foreigners. The Upsurge of demand for property by foreigners is attributed to many factors, including the relatively low cost of living and the high quality of lifestyle available. Local property prices are still much lower than those of other European countries. Property values have shown a steady upward movement over the years, showing a considerable appreciation. As a general rule we could say that property income returns are in the region of 5% to 8% a year on the Current Value. In addition, the annual appreciation on real estate values is in the region of 10% to 15% a year.

As from April 2004 UK citizens are not required to obtain a residential or working permit. The Island’s EU membership now allows for increased freedom of movement of European Citizens to the island as well as freedom to established businesses and recruitment of employment. Existing legal constraints on ownership of freehold property foreign investors, and company, residential purchasers will gradually be lifted which will in turn, mean stable and increasing returns on property investments on the island.