Basic Facts - Buying Process - Costs
Viisa / Residency - Health

Basic Facts

Population: 0.7 million
Capital: Nicosia
Native Language: Greek, Turkish
Currency: pound (CYP)
Dialling Code: +357
Emergency Services: 112
Embassy: High Commission Cyprus, 93 Park Street, London, W1K 7ET.

Buying Process

• When a property has been chosen, a buyer pays a deposit of L1,000 to L2,000. This represents a legally binding purchase.
• Contracts are drawn up outlining all the conditions of the sale, and at this point a further deposit of between 10% to 30% is payable.
• The contracts are then sent to the land registry and the buyer must make a written application to the Council of Ministers in Cyprus for approval for transfer of ownership. This is a formality as no UK citizen has previously been rejected. You can reside in the property while awaiting approval.
• The balance of money is paid on completion.
• All taxes are payable once approval has been granted

Cost

• Property transfer tax between 3% and 8%
• Legal fees: 1% to 2%
• Agency commission: 3% to 10%

Visa / Residency

Any EU citizen can spend 90 days in Cyprus without a visa. Beyond this a residence visa is required, which is obtained from local authorities. Anyone wishing to remain permanently in Cyprus an Alien Registration Certificate is required.

Health

EU citizens are entitled to free emergency treatment and the standard of healthcare is generally very good. Private health insurance is recommended.

 

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