Day to Day Living in Cyprus
Cyprus related forum posts
hi can anyone tell me who are the best people to approach for information on starting a business up in cyprus. e.g. solicitor, estate agent. ect. i run a business here but want to start one from scratch in cyprus, in the leisure side of things. thanks charlie
Total Posts: 6 Last post by aladjihassan
Wholesale/Distribution to Private retailers, a question on "culture" of how business is conducted between them
I am looking to distribute my own brand of Womenswear from Spain where I reside to carefully selected Boutiques & Clothing Shops in Cyprus. How is business conducted at a distributor/wholesale level to privately owned retail shops as far as finance & agreements are concerned? I will be visiting Cyprus early next year after making key appointments before my visit and would like information on t
Total Posts: 1 Last post by mistry
Day-to-day Living in Cyprus
If you are an EU citizen, you may use your British driving licence in Cyprus. If, however, you decide to apply for permanent residency, you will be expected to obtain a Cypriot Driving Licence.
The Cyprus Mail advertises property for rent, and rentals can also be found through estate agents in most areas in Cyprus. It might be a good idea to rent a holiday home for a couple of weeks while looking for a more permanent property.
If you are looking to rent property long-term, you should focus on some of the main towns and cities in Cyprus, but avoid the resort areas as they are predominantly restricted to self-catering units as opposed to residential property. Paphos is one of the few resorts where retirees tend to locate to rent for long periods before choosing to buy property.
Short - term rentals are generally proportionately higher, especially in the holiday resorts which are popular with tourists, and self-catering accommodation is prevalent here.
There are certain long-term holiday package deals which are offered by companies throughout the winter months (November to March/April) which give people the option of staying in either a hotel or self-catering apartment for several months at a relatively low cost while they spend time researching property in the country. During low season, a lot of estate agents in Cyprus let self-catering accommodation in the popular resort areas at a reduced price.
The Cyprian property market has shown much promise and success during recently, although there are still are a number of anomalous issues that you should be wary of before purchasing any accommodation there. Indeed, there are restrictions on the ownership of property by those who are not nationals, but these are slowly being reduced in accordance with EU requirements.
It is true that the south of Cyprus has a much more contemporary property base, but it could be argued that the north can provide a better value for money in the short and long term. Costs of day-to-day living are also lower in the north. The new advantage of direct flights from the north of the country to other areas of Europe has opened it to many investors looking to spend on property, therefore improving the region's fortunes.
There have been a number of litigious disputes over who actually owns property in the north and south, and it is highly recommended that you seek professional advice.
When looking to buy a property in Cyprus, it is essential to think about whether your property is accessible to main roads, whether there are good links and a strong infrastructure in the area. It is also important to consider whether there is access to telephone lines and good access to postal services. Buying a home is Cyprus may be a sound long-term investment, and in recent years, the country has seen a property boom since the country joined the EU. The housing market stabilised in 2004, and it continues to grow. Although prices have risen in recent years, Cyprus housing remains among the cheapest in Europe. If you are intending to buy property in Cyprus, it is important to remember that Cyprus has been divided since the Turkish invasion in 1974.
Property owned by foreigners who aren't resident in Cyprus can only be let on a long-term basis to Cypriots or EU nationals who are Cyprus residents, and this is entrenched in Cypriot law. Therefore, short-term holiday lets are illegal. If you want to let your property, it is advisable to gain professional legal advice before doing so.
Prices vary between around CY £60, 000 for older, smaller homes, to CY £75,000 for modern apartments and to CY £250,000 for larger detached villas, but obviously these prices depend on the location. House prices in Paphos and other popular resort areas are significantly higher. Legal fees and taxes, such as transfer fees, property tax stamp duty, and the mortgage fee are additional expenses that can amount to around 11% of the purchase price.
Cypriots do not tend to consider property a financial investment, and indeed home ownership on the island is high as it is seen more as an investment in their future, and for their families. There are certain property restrictions for non-resident EU citizens, but these are intended to be lifted in 2009.
Organisations that can assist with Day to Day Living
British Corner Shop is the online British supermarket with worldwide delivery. Ideal for British Expats, Forces and Brits living and working abroad who can't get hold of their favourite British food locally.