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Banking in Cyprus

Cyprus’ banking system is modelled on the British system, with banking practices, services and methods of management and control closely resembling those in the UK. The Central Bank of Cyprus regulates, supervises and monitors the country’s banking system. There are currently 14 domestic banks operating in Cyprus: 11 of them are commercial banks and three are speci...

Taxation in Cyprus

The rate of Capital Gains Tax (CGT) is 20% on the sale of property located in Cyprus. Profits from the sale of shares owned by a company that owns property in Cyprus are also taxed at 20%. CGT is calculated by deducting the cost of purchasing the property (1st January 1980 is the set date) from the sale price and then adding on the effect of the retail price index to the date ...

Cypriot customs and traditions

Cypriots are known for their generosity, friendliness and hospitality and foreigners will love the warm welcome. You will often hear 'Kalos orisate' (Welcome!) and 'Kopiaste’ (Come join us!). Hospitality If you are invited to someone’s home, you will be surely treated like royalty. There’s loads of food and coffee and besides that you are normally not allowe...

Cost of Buying a Property in Cyprus

Cyprus has a flourishing property market, particularly since joining the European Union in 2004. Foreign buyers, especially British retirees, have traditionally been attracted to Cyprus because of the relatively low cost of property compared with many other European countries. This is still the case, although prices have risen faster since 2000. On average, prices...

Buying property in Cyprus

The island has always been a popular location with British buyers, especially retirees, and almost 30,000 of them own homes there, a further 10,000 choosing to rent properties. However, estate agents are now seeing an increased demand from younger people with young families who want to work or start a business. Those who have lived in Cyprus for many years and been used to a s...

What you should check before buying

There are a number of essential checks to be made before you buy a home in Cyprus. These should all be made by your lawyer, but you should be aware of them so that you can ask your lawyer the right questions at the right time. Make sure that the vendor is the legal owner of the property and that there are no outstanding debts relating to it, such as a mortgage. This ...

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