Cyprus is situated in the north Eastern basin of the Mediterranean Sea at the crossroads of Europe, Asia and Africa. This strategic location of the island has played an important role in its development into a financial and tourist centre. With an area of 9251m², Cyprus is the largest island in the Mediterranean, after Sicily and Sardinia. The population of Cyprus (2010 estimate) was 850.000 with 80% of the population being Greek Cypriots, 11% Turkish Cypriots, 8% Foreign residents and 1% other small minorities.
Population in towns:
· Limassol 228.000 (main commercial port)
· Larnaca 140.000 (commercial port + main international airport)
· Paphos 66.000 (second international airport)
The towns of Ammochostos (
Cyprus is among the most developed countries in the world with an automatic telephone connection with over 200 countries. The national network uses high technology such as digital switching and transmission systems and fibre optic cables and ranks third in the world regarding quality and technology.
A telephone call within any of the districts in
For climatic details please refer to the Meteorological Service.
Foreign Persons (other than E.U. citizens) who have purchased
property and are retiring in
Residence Permits for Foreign Real Estate Buyers
a. The purchase of the ownership of a real estate property does not guarantee the owner to obtain a residence permit, but it helps considerably.
b. Most countries
sufficient income and/or financial means to live a normal life with their
family without becoming a burden on the domestic Social Insurance or Welfare
Services – example for
ii. Are in good health (not listed for contagious diseases) and have a clean criminal record.
iii. Have a medical insurance to cover any health risks.
iv. Do not create undue competition on the local labour market.
c. Third country
nationals who buy/bought a property and want to live permanently in
· Executive director (min. 41.006, 43 €uro/year)
· Executive staff (min. 20.844,93 €uro/year)
· Supporting staff (all others) – Labour Office Approval required.
d. Third country
nationals who buy/bought a property and want to live in
Temporary Residence & Employment Permit
Family Reunification Permit
Immigration Permit E
Long Term Residence Permit (“Green Card” – after 5 years)
* Only for family of executive directors or executive staff employed by international Business Companies, others have a 2 year waiting period.
e. Third country
nationals who/buy/bought a property and want to live in
Immigration Permit F is issued to persons who have a secured annual income, sufficient to guarantee them and their families a decent living in
f. Third country
nationals who buy/bought a property and want to live in Cyprus
Naturalization by exemption:
- Direct investments in Cyprus (such as: real estate property) over 25,63 million €uro
- Company/companies in Cyprus with an annual turnover of minimum 84,43 million €uro
- Introduction of new and innovative technologies – research centres
- Bank deposits in Cyprus banks of minimum 17,09 million €uro with maturity minimum 5 years
- Combination of the above for a total amount of minimum 25,63 million €uro.
g. Third country
nationals who buy/bought a property and do not want to live in Cyprus
- Pro-Visa by e-mail application (validity 6 months, single entrance, maximum 90 days stay)
- Multiple entrance visa via Cyprus consulates (validity 1 to 2 years, maximum 90 days stay per each 6 months).
Ownership of a property is no guarantee to obtain a residence permit, but it is very helpful:
With any application or renewal the applicant has to prove that he/she has a place to live: a title deed is better than a rental agreement.
Applications will be looked upon more positively if the applicant is owner of a property: proof of stability, good and long term intentions and good financial status.
Issuing of a tourist visa without a lot of complications (the consulate cannot refuse an owner to visit his/her property).
The banking system in
Most local Banks provide finance for foreigners in any currency when acquiring real estate. The usual requirement is 30%-35% own contribution and up to 15-20 years repayment. - Usual charge = libor + 1.50% - 2% p.a.
Property loans (in a number of currencies) can be obtained for the following purposes:
a. Purchase of a house
b. Land for Housing Purposes
c. Renovation / Restoration / additions to property
d. Holiday Homes
e. Professional Property (offices / shops)
The loans are usually guaranteed by:
i. Mortgage on property.
ii. Insurance on property
iii. Life insurance on the client – not always required
iv. Personal guarantees
· Insurance on the property can be based on the reducing balance of loan balance so that the premium is reduced as the loan is paid
· The loan period is up to 15-20 years.
The interest rate
is based on the basic rate of interest, which is set up by the Central Bank of
· The loan can be based on a fixed rate for certain years (2-4 years) or on a floating rate which changes every time the Cyprus Central Bank changes the rate downwards or upwards.
· The loan can be free from instalments (payment of the interest only) for a period of two years (in some cases for up to 4 years).
· The loan is payable within the stated period or when the client reaches the age of 65 years old, whichever comes first. Further details can be obtained from all the banks but our Office can arrange property finance as well.
The legal system in
There are both junior and secondary
schools of high standards catering for English, Armenian, French, Russian and
Arabic speaking pupils. There are two Greek speaking
Health care in
The "standard option" covers public sector clinics and hospitals only whereas the "comprehensive option insurance" (€1500/year) includes the covering of expenses of private medical services and medicine. The plans differ mainly in respect of the maximum coverage they provide. Plan A covers up to €2.000.000/year, Plan B up to €100.000/year and plan C up to €40.000/year. For govermental hospitals E.U. citizens are considered as locals since 5/2004. This implies enjoying the same benefits in health care as the Cypriots, i.e practically free health care subject to certain conditions [retirees and low income people].
Import Duty: For more details on
bringing a private car in the
Greek is the official language but approximately 90% of the population speaks English.