To answer some of you questions please take a look at our list below. If your question has not been answered please feel free to contact us with your enquiry today.

What is the cost of living in Cyprus?

The cost of living in Cyprus is low compared to many other European destinations. Especially now with the annexation of the island to the EU, Cyprus enjoys a wide spectrum of goods with no taxes applied.

Can I work in Cyprus on a permanent basis?

Under the Aliens and Immigration Law, non-Cypriots wishing to take up employment in Cyprus are required to have a work permit.  Since the entry of Cyprus to the European Community this restriction has been lifted regarding EU citizens.

How does the medical care system operate?

Another enjoyable part of the low cost of living is the medical care system in Cyprus . It is very inexpensive. A doctor's visit costs about £10 CYP and X-rays about £15 CYP. Inexpensive Private Medical Insurance is also available. Cyprus residents, whether Cypriots or not, can have a private medical insurance starting from £130 CYP pa. The health care is of a very high standard. The majority of the doctors have being trained in the U.K. and U.S.A.

Is the crime rate high?

Another key element in attracting foreigners is the remarkably low crime rate, which is only 1/6 of the European average. Comfort and security are the dominating feelings on the island. Visitors are invariably surprised and reassured by this relaxed aspect of life on the island, where crime is virtually unheard of and theft not commonplace.

Do I need to make a will in Cyprus?

It is advisable to make awill in any country where you have immovable assets that you would like to pass on in a certain way.  Inheritance tax has been abolished in Cyprus.

What other tax advantages are there?

Compared with other international financial centers, Cyprus offers a distinct benefit in the form of double taxation treaties. Agreements with an increasing number of countries eliminate the double taxation of income earned in any one of these countries. In practice, the tax levied by one country is credited against the tax levied in the taxpayer's country of residence. Where different tax rates apply, the tax payer will ultimately not pay more than the higher of the two rates of the respectively countries. Immigrant retirees may import personal effects, household goods and furniture duty free. This is provided that they are for personal use and have been in use for at least one year. There is no duty on one car and retired couples benefit from the additional concession of two duty free cars.  The fact that Cyprus is not considered a tax haven, but rather a country offering tempting tax incentives, expels the distrust that international tax havens often arouse.

 To date double taxation treaties exist between Cyprus and the following countries: Austria, Belarus, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, Slovakia, Sweden, Syria, United Kingdom, South Africa, United States and Yugoslavia.

What are the driving regulations in Cyprus?

Visitors in Cyprus may drive using a valid International Driving License or their National Driving License, provided it is valid for the class of vehicle they want to drive. If they wish to get a Cyprus driving license, then they must convert their national license to a Cypriot one or take the driving test. In any event, the Cyprus license will cost £35 CYP for a lifetime.

What are the terms of payment for the property?

Terms of payment vary depending if you are buying pre- construction unit (buying before the unit is fully built) or if you are buying an already built unit. An initial symbolic down payment ranging from £ 1000 to £ 2000 CYP is required followed by another payment to complete a 30% on the total purchase price. We will help you decide on the best suitable payment plan for your case.

After I receive the keys of my property what expenses do I have?

Telephone, water and electricity are of course the responsibility of the tenant. Minor expenses for maintenance may be applicable.

Are there any international schools in Larnaca?

Yes, there are a couple of reputable international schools in Larnaca. The most popular, established school with a long history is the American Academy of Larnaca where students study under the English System with O' Levels and A' Levels for entry at British Universities.

What about Title deeds?

All Properties have title deeds. The title deeds are transferred to the buyer's name as soon as they are issued by the Land Registry Department and following the settlement of the agreed selling price, and the Council of Ministers approved. In the case of Pre construction purchase, as soon as the unit is completed and handed to the new owner, the same process begins on that day.

When do I receive the Title deed?

Transfer of ownership from vendor to purchaser is accomplished by a simple procedure through the land registry office. The contract of sale must be in writing, and it is advisable that such contracts be registered at the District Land Registry Office within 60 days from the contract date. When issued, the title deed will be registered in the name of the buyer and will be recorded in the confidential government archives. The Land Registry Department in Cyprus is one of the most advanced and reliable systems in the world.

When can I sell my property? What about my capital gains?

You can sell the property at any time and with no restrictions either through our office or through a registered estate agency. The equivalent of the full purchase price can be remitted immediately. The balance reflecting an increase in its value can be sent overseas at the rate of £50,000 CYP per year, plus any interest earned during the year, starting from the year after the sale. Property sales in Cyprus are subject to capital gains tax at a rate of 20% on the profit. The first £10,000 CYP profit per person named on the title deed is exempt.

Are the property prices increasing?

Cyprus is a small island with a limited supply of land and properties. With Cyprus ' accession to the E.U. demand has increased substantially and as a result property prices are increasing on almost daily bases. Properties that are well built and well maintained benefit from the highest increases.

Do you provide after-sales services?

L. Livadhiotis & Sons Developers and excellent after sales services, are highly connected. We pride ourselves on our after-sales service. Services range from the airport pick up to assisting with opening bank accounts, all the way to maintaining your home in a perfect condition inside and outside.

What media is available in Cyprus?

There are six Cypriot/Greek TV stations available at the moment free of charge. Approximately 30% of the programs are broadcast in English and all foreign films are broadcast in their original language, with Greek subtitles. Residents can also subscribe to the Cypriot cable service LTV to watch US and UK sports and programs. There are also numerous radio stations, which are broadcast in Greek and English. In addition to these is the British Forces Radio that broadcasts on a 24 hour basis in English. The island offers two independent English newspapers and UK national papers are available on the island, usually with a delay of only one day from their date of issue.

What is the Cypriot communication system like?

"Cyta" The Cyprus Telecommunication authorities is one of the most advanced (rated third in the world!) and cheapest telecommunication systems available. ISDN, DSL and standard dial-up PC networking are very cheap to purchase also easily accessible.

What are the tax implications if I buy a unit in my Limited Company name?

All companies tax resident of Cyprus are taxed on all their income accured or derived from all sources in Cyprus and abroad.  The standard rate of tax for a corporation is 10%.  For the years 2003 & 2004 any profits in excess of £1 000 000 are subject to an additional tax of 5%.

As a non-national can I buy a business in Cyprus?

E.U citizens can buy a business in Cyprus.  Non- E.U citizens may also do so but require a permit.

How much is VAT, and is it included in the sale price?

The decision of 15% VAT on new built property has been passed, with the exception of projects or buildings which have applied for planning permit prior to 1st May 2004.  The decision affects all new projects coming onto the market, but the price increase to clients will be closer to 10% due to some of the tax being applied to materials used.  There is no VAT applied to the purchase of land up till 2007.  VAT is also exempt for re-sale properties.

Who supplies water, power & gas?

Cyprus Electricity Authority supplies power.  The Water Board supplies the water. Gas is not centrally supplied in Cyprus.  The charges for water and electricity are payable to the respective authorities at regular intervals throughout the year.  The water every three months and the electricity every two months, they are based on the consumption of each unit therefore the cost will vary.

How do I connect the electricity once the property is completed?

The Electricity Board requires the owner of the property (as specified by the Sales contract), or a party with Power of Attorney, to be present at the Electricity Board when the application is made.  Once this is done then the electricity requires 3-4 working days to be connected.

Can I apply for permanent residency?

By law a non-Cypriot who owns property in Cyprus is entitled to a residence permit, but is not required to hold a permanent residence permit.  For E.U citizens there are no restrictions. They just have to complete an application form at the immigration office for formality purposes, and automatically they receive their residence permit.  For non-EU citizens there is a straight forward procedure that needs to be followed.  However, permanent residency is easy to obtain.  The applicant needs to submit an application and provide proof that he and his family are self-supported.  The following documents must accompany the application:

1.  A copy of the sale/rental agreement.
2. Copies of pension/retirement income.
3. Any other document relevant to income.
4. Three photos & passport.

The application for permanent residence may be submitted to the local immigration office in the area of residence.

What safeguards are in place to protect my investment?

The land registry in Cyprus is based on the British system, and safeguards the purchaser's rights in many ways.  Above all it provides a legal instrument called "specific performance".  Once the sale agreement is signed and a deposit of 30% paid, the contract is deposited at the Land Registry to protect the purchasers ownership rights until issuance and transfer of the title deeds into your name.  This cannot be withdrawn by anyone and ensures no one but the purchaser can lease, sell, transfer or mortgage the property. 

What other expences will I have once I own a property?

Other than water & electricity which are based on consumption.  There are rates which are payable on a yearly basis.  These rates are: Sewage, garbage & community charges, which rarely exceed £150cy yearly.