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Cyprus
UnitedCyprusProperties.com
welcomes you to the glorious island of Cyprus, an island situated
in the Eastern Mediterranean Sea. The uniqueness of Cyprus stems
from its location as the crossroad of three continents (Europe,
Asia and Africa). It does not only enjoy the sun filled climate,
the sandy beaches, the enchanting mountains, and tradition packed
countryside which are characteristic of the Mediterranean, but also
combines the culture, customs and traditions of the many civilizations
that have at various times of history made their passage and left
their mark on the island.
Throughout history, great kings from around the world as well as
Greek gods form mythology have fallen in love with this island and
have made it their home. Today, Cyprus is a modern and developed
country of the European Union, where the past, the present and the
future are in perfect harmony with each other. The sun still shines
most days of the year, the golden sand of the beaches is warm and
welcoming, the locals take pride in their hospitality and multi-culture
civilization and traditions, the mountains are pine covered and
dressed in snow during winter, the economy is blooming, and locals
and foreigners are enjoying a blend of tradition and innovation.
Currency
The
official currency of the Republic of Cyprus was the Cyprus pound
(CYP) until the end of the year 2007. Whereas, at the beginning
of the year 2008 the Euro (€, the standard European currency)
took over.
The Exchange rate is €1 (EUR)= £ 0.585274
Banking in Cyprus
Banks
in Cyprus are run according to British standards and transactions
can be carried out in Cyprus pounds and most other foreign currencies.
Banks in Cyprus offer a range of services such as personal, business
and corporate banking including savings, loan and credit schemes,
mortgages, insurance, private banking and fund management. The major
Banks operating in Cyprus are the Bank of Cyprus, the Cyprus Popular
Bank (Laiki Bank) the Hellenic Bank, the National Bank of Greece,
the Alpha Bank, the Arab Bank and the Universal Bank. Additionally,
there are a number of offshore banks operating in the country.
Banking hours of the island:
September
Monday-Friday 08:15 - 13:00 hrs
Monday 15:15 - 16:45 hrs
October to April
Monday-Friday 08:30 - 13:00 hrs
Monday 15:15 - 16:45
May to August
Monday-Friday 08:15 - 13:00 hrs
Banks are closed at weekends and on public holidays.
Banks at Lemesos harbour, and Larnaka and Pafos International Airports
provide exchange bureaux services on a 24-hour basis.
Education
Education
in Cyprus is broadly available to both locals and foreigners at
all levels. Educational institutes exist both at a public level
(state owned) and at a private level (privately owned). The official
language of tuition in public schools is mostly Greek, whereas in
private schools instruction is mostly in English. Tertiary education
is offered throughout the island by a number of accredited private
Collages (in English) and by the University of Cyprus (in Greek).
Official
Language
The
official language of the Republic of Cyprus is Greek. However, as
Cyprus is a former English Colony country, most Cypriots are bilingual
and English is widely spoken throughout the island.
Pets
Importing
pets with you to Cyprus is a standard procedure. As long as your
pet has a passport and has gone through all its vaccinations there
will not be any trouble in obtaining the necessary license (from
the department of veterinary services of Cyprus) to enter the country.
To ease the transition, pets need not be quarantined in kennels,
but can be kept in "home quarantine" for a period of six
months.
Transportation
Cyprus
has two international airports (Larnaka and Pafos) where a great
number of international air carriers and the national carrier Cyprus
Airways have regular scheduled flights.
The two major ports are in Limassol and Larnaka. Sea travel is available
both for recreation (cruises to various parts of the Mediterranean)
and cargo (shipping services all over the world).
Inland
travel can be in three forms: car, taxi, bus. Driving is on the
left-hand side of the road and distances are fairly short. Motorways
are available throughout the country linking the major cities. Road
maps are widely available at all points of entry, hotels, kiosks,
etc. Visitors holding a valid driving license from their country
or an international driver's license may freely drive in Cyprus.
Communication
Cyprus
prides itself for invested so heavily in the development of having
such a modern, complete and relatively cheap communications system.
As well as conventional telecommunications services such as telephony,
telex, telefax and telegraphy, the Cyprus Telecommunications Authority
(CYTA) and some private companies offer a number of other services
such as the packet switched data network, mobile telephony (GSM
and NMT900), voicemail, paging, maritime, TV transmission/reception,
private leased circuits, audiotex, videoconferencing, access to
the Internet and the X400 message handling system. in addition,
the Integrated Services Digital Network (ISDN) operates on a full
commercial basis. The national network utilises cutting-edge technology
such as digital switching and transmission systems and fibre optic
cables.
Business Environment and Low Taxation
Cyprus
is a very popular choice destination and an ideal investment opportunity
for people purchasing property abroad for many reasons. One of those
reasons is the excellent business environment that the country enjoys.
The standard of living is considered as a high one with low costs,
the environment is crime free, the country benefits form an open
free market economy, etc.
Another reason why Cyprus is the perfect place to reside are the
low taxation levels. Some of the tax incentives and exemptions offered
by the government of Cyprus are:
o Foreign residents may apply For Cypriot tax residency, if staying
in Cyprus for more than 183 days p.a.
o For residents, pensions from abroad ire subject to a flat tax
rate of 5%. The initial amount of CY£2,000 per person is tax
exempt.
o Double taxation treaties with 26 countries eliminate double taxation
of Foreigners residing in Cyprus. Where relief is not given under
a double taxation treaty, relief from Cypriot tax is granted unilaterally.
o Tax advice is available to Individuals Purchasing property in
Cyprus.
· The VAT rate is 15% from the 1st May 2004.
Climate
Being
a Metiterranean island Cyprus enjoys plentiful sunshine throughout
the year. Extremes of temperatures are rare, meaning Cyprus has
something to offer every month of the year: The summer is warm and
dry and ideal for swimming, sunbathing, scuba diving, sailing, visiting
archaeological sites, hiking in the Troodos Mountains etc. The fist
signs of autumn are the romantic change of colour of the leaves
of the trees and the gold and crimson hues of the vineyards against
the crystal clear sunlight. Temperatures gradually start to drop
and the occasional rainy starts to fall. It is the ideal time for
inland excursions to the traditional villages and getting acquainted
with the Cypriot culture. The winter slowly takes over the fall
as rainfall becomes more frequent, but short lived. The sun still
shines a good 6-7 hours each day and Cyprus takes a more business
oriented outlook with many conferences and exhibitions taking place.
Ski season finally kicks in and a number of ski slopes are available
to the public. At the end of winter dazzling flowers cover the island
to announce the beginning of spring. The alluring landscape under
the bright sun rays becomes ideal for nature hikes and off-road
adventures in the pristine Akamas Peninsula. Usual temperates during
the year vary from 15°C-32°C respectively from winter to
summer.
Food
and Drink
Cyprus
is the land of good food and drink. The people of Cyprus take the
saying 'eat, drink and be merry' very literally, abundance and variety
are a must. The land is packed with traditional foods that are delicious
as well as international produce. Supermarkets, fruit markets, wine
stores, fish and meat markets are available in every block. Tavernas,
restaurants and hotels offer French, Italian and "international"
menus. The most popular 'dish' while eating out is the Meze, which
comprises of about 20 different dishes of Cypriot delicacies.
Alcohol
and Tobacco
Cyprus
produces its own wines and spirits which are of exquisite quality
and very reasonably priced. Cyprus produces an enviable selection
of red and white table wines. Commandaria, a sweet dessert wine,
is one of the island's specialties. The Cyprus sherry, the aperitif
ouzo, the famous ziviania spirit, the locally produced brandy and
beers are also widely available.
Cigarette prices are quite low compared to prices in other E.U counties
and are sold kiosks, supermarkets and bars.
The
age limit for purchasing beer and wine is 18 years and for liquor
is 20 years. Whereas, The age limit for purchasing cigarettes is
18 years.
Medical
Services
Both
residents and visitors of Cyprus have the privilege of a high standard
health care system comprising of Public Hospitals, Private Clinics,
Private Doctors and Pharmacies at a relatively low cost.
Political
System
Cyprus,
an independent sovereign Republic with a presidential system of
government was founded in 1960. Under the 1960 Constitution, executive
power is vested in the President of the Republic, elected by universal
suffrage to a five-year term of office.
The Republic of Cyprus has been a member of the United Nations since
1960 and over the years has become a member of practically all of
its specialized organizations. It is also a member of the Non-Aligned
Movement, the Commonwealth, the Council of Europe and the Organisation
on Security and Co-operation in Europe. The entire island entered
the EU on 1 May 2004 and enjoys all the benefits of an EU country.
Standard
& cost of Living
The
standard of living and quality of life across Cyprus is very high
- possibly unrivalled - with the cost of living being fairly low
averaging to about 1/3 to 2/3 of most parts of Europe.
Crime is low, and Cypriots are hard working, well educated, hospitable,
honest and reliable people and as a result many foreigners decide
to make a home in the island.
Economy
The
Republic of Cyprus has a market economy dominated by the service
sector, which accounts for 89% of GDP. Tourism and financial services
are the most important sectors. Industry contributes 22% to the
GDP. the unemployment rates are among the lowest reported in the
EU. In terms of per capita income, Cyprus ranks among the high-income
countries of the world.
Religion
Although
Cyprus is predominantly Greek Orthodox, freedom of religion is safeguard
in the Cyprus constitution. Anglican, Catholic, protestant and many
other churches exist all over the island and services are held regularly.
Media
Newspapers:
both local and international press in English and other languages
can be easily found throughout the island.
TV, Radio and Cinema: besides satellite TV being largely available,
local TV radio and Cinema are broadcast mainly in English and subtitled
in Greek.
Residence
Permit
Residential
Permit is easily granted to persons living in Cyprus, who have purchased
property. From the day that Cyprus joined the European Union, the
restrictions which formerly applied to citizens of the European
Union for residence in Cyprus have been abolished. European citizens
who wish to reside in Cyprus are required to submit an application
for the appropriate permit and to register with the Department of
the Population and Migration Archive or with an office of the Aliens
and Migration Service of the police.
Hospitality
The
people of Cyprus are warm, open and friendly to foreigners while
being astute businessmen. They are among the most hospitable people
on earth, always making you feel at home on the island. They love
to live and take pride in showing people how they live as they consider
a visit to their island as a compliment.
Limassol
Limassol
is the second city and principal port of Cyprus. During the last
few decades it has experienced great development and as a result
it has become one of the most important tourism, trade and service-providing
centers of the Mediterranean.
It is a multi-faceted cosmopolitan city. It is renowned for its
long cultural tradition and boasts a wide spectrum of activities,
museums and archaeological sites. It is the center of the wine industry
of the country and a bustling holiday seaside resort. Lastly, is
steadily developing to a major business center.
It is famed for its beauty and the hospitality of its people.
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