Why Invest?Since the country's independence, its economy has proved its dynamism and flexibility. Due to its performance, Cyprus is today ranked by the World Bank as a high level income country.
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Market Report
We predict an increased demand for property in the coming years. Over the last three years demand for property has increased by an average of 16% to 20% per annum. It is expected to increase with EU membership as people from the landlocked central European countries, which are also destined to become member states, are expected to look for second homes on the island.
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Economic Overview
Economic affairs in Cyprus are dominated by the division of the country due to the Turkish occupation of the north part of the island. The Cypriot economy is prosperous and has diversified in recent years.
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Visa/Residency Issues
Once you’ve decided to apply for residency in Cyprus get about 6 or 8 passport photographs and a dozen stamps and then you will need to visit the local counsellor in the area of TRNC where you are residing.
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Getting to Cyprus Greek Approximate flight time from London to Nicosia is 4 hours and 30 minutes. The Republic of Cyprus has two International Airports: Paphos and Lanarca. Paphos, a 23- mile drive from Polis, is the most convenient. More flights go to Larnarca but it is a 111- mile drive.
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Fees & Taxes
- Corporations which are registered in the state as "Local Companies" are chargeable with 25% tax on chargeable income.
- Income tax rate in Cyprus is 30%.
- Applied VAT rates are: 0%, 3%, 9%, 13% and 20%.
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Cyprus Greek |
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Basic Information
| Population |
698,585 |
| Languages |
Greek |
| Area (km2) |
3,572 sq mi |
| Currency |
Cyprus Pound |
| Dialing Code |
+357 |
| Emergency Services |
112 |
Cyprus Greek Overview
The Island of Cyprus is divided into two independent parts, roughly one third of the island to the north is the Turkish Republic of Northern Cyprus. The remaining two thirds of the island is the Republic of Cyprus and is referred to as the Greek part of the island.
Average Property Prices
Coming soon.......
Buying Process
- In Cyprus the purchase of a property by a non-Cypriot requires the approval of the council of ministers under the immovable property acquisition law.
- The approval is in most cases a formality provided the buyers can prove the financial means to support themselves in Cyprus and do not have a criminal record in either their country of origin or Cyprus.
- Non-Cypriots are restricted to buying one apartment, house or building plot not to exceed 4013 m². Permission for larger property must be sought from the council of ministers.
- An initial contract of sale is drawn up confirming the name and address of seller & purchaser and property details including the agreed sale price.
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