Cyprus Pound: Steady Currency. Living costs are 40% to 70% compared to most parts of Europe coupled with a good infrastructure and many amenities.

Economic climate: The Cypriot economy is buoyant. Overseas investment is encouraged and the Cypriot economy has been vibrant in the past decade.

Taxes: Property related VAT 20% is incurred on the profit from the sale of property with the first CYP£ 10,000 being exempt. Profits up to CYP£ 50,000 are exempt if the owner has occupied the property for 5 years. Local Authority taxes CYP£ 50-150 per annum.

Popular areas: Cyprus offers many choices. Paphos is one of the most favoured areas but there are many other popular towns. Polis in the North West is expected to experience major growth.

Price ranges: Prices are expected to rise following entry into the EU in 2004 but at the moment property is comparatively reasonable for the Mediterranean.

Budgetary guide: Villa (2/3 beds): CYP£ 108,000 –300,000. Town House (2/3 beds): CYP£ 76,000 –180,000. Apartments (1 bed): CYP£ 48,000 – 84,000, (2/3 bed): CYP£ 60,000 – 180,000).

Overseas Investors: May purchase a villa, apartment or land (up to 4,013 square metres) freehold. Deposit: CYP£ 1,000–3,000. 25% of purchase price usually payable within 1 month. Title Deeds are not always available if there is ongoing construction, therefore it is important to be satisfied with the Developers credentials.

Service Fees: Transfer charge: 3% (to CYP£ 50K), 5% (CYP£ 50K to 100k), 8% (CYP£ 100k +), Stamp Duty: CYP£ 1.5 per 1,000 to CYP£ 100k, CYP£ 2.0 per 1,000 from 100k +.

Mortgages: All Cypriot commercial banks are able to offer mortgages in foreign currency from between 60% to 80%. Loan periods can range from 10 to 15 years (age related).



 Related site: http://www.welcometocyprus.com