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Cyprus and UK Sign New Treaty for Double Taxation Elimination

A new Convention for the elimination of double taxation with respect to taxes on income and on capital gains and the prevention of tax evasion and avoidance was signed on Thursday in Nicosia, between the Republic of Cyprus and the United Kingdom.On behalf of the Republic of Cyprus the treaty was signed by the Minister of Finance Harris Georgiades and on behalf of the United Kin...

Fitch Rating Upgrades Cyprus to 'BB'

Fitch Ratings has upgraded Cyprus’ long-term debt in foreign currency by one notch to ‘BB’, one upgrade short of an investment-grade rating, it announced on Saturday. Cyprus is experiencing a strong improvement in the performance of and outlook for its public finances. The budget is on track to record a surplus of 1% of GDP in 2017, after 0.4% in 2016, compar...

Property Running Costs

Monthly Charges Electricity bills are approximatly €50 – €125 Gas central heating is approximatly €200 Water bills are approximatly €10 – €30 Sewerage & Refuse tax is approximatly €150 YEARLY (one charge per year) IPT (Immovable Property Tax) abolished for 2017 and onwards. However if...

Taxes

An important consideration when buying a home in Cyprus, whether you’re a resident or non-resident, is taxation, which includes income tax, immovable property tax, capital gains tax, inheritance tax and value added tax. Executive Summary Immovable Property Tax payable to the Tax Department Immovable Property Tax (IPT) was reduced in 2016 to approximately a quarter of th...

Property viewing checklist

Selling your property can be a hard thing. So we gathered some usefull things you can do to make the whole process slightly easier. Bedrooms Add some touches to make them feel more homely and keep them tidy. Bathrooms Make sure they are as clean as possible. Open the windows to brighter the space. Kitchen Make the kitchen feel fresh. Add some flowers and some fruits to e...

Buying Off Plan

The island’s property market is experiencing a period of high demand and there isn’t sufficient housing stock to meet that demand. Many people are wary of buying off plan because of well publicised problems in other countries, such as Spain. However, it’s relatively trouble-free in Cyprus and there may be no alternative if you wish to buy a home in a popular a...

Company formation

The main steps in establishing a new business in Cyprus are: Application for approval of a business name (with the Registrar of Companies), at a cost of EUR8.54 for a standard application, or EUR25.63 for an urgent application in 2010 Registration of a company or partnership Application for a business licence, where necessary Registration with Cyprus tax authorities for p...

Buying a house step by step

Cyprus land law and UK land law and the associated procedures aren’t the same. It’s wise to employ the services of a recommended local lawyer even before you find a property and always before paying any money. This way you can familiarise yourself with procedures and seek general advice to bear in mind while you’re house-hunting. Holding Deposit In many case...

An introduction to 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...

How warm weather can help you

Warm weather yields 3 major health benefits According to AccuWeather.com The warmer weather and increased sunlight, resulting in many spending more time outdoors. There are health benefits associated with the increase in temperature and sunlight. After a dark, cold winter for many, the transition to warmer, longer days can be just what the doctor ordered. He...

Discovering Cyprus by car

Cyprus has a very good road infrastructure and more road construction is still in progress or planned. However, the standard of driving is still quite poor. Many road signs, traffic lights and speed limits are ignored. Unfortunately, many foreigners adapt to this style of driving. The speed limits are 50 km/h (31 mph) in built up areas and a maximum of 80 km/h (50 mph) or 100 ...

Public transport in Cyprus

Four different types of bus service can be used to discover Cyprus. Trans-urban buses connect towns whereas rural ones link the villages to bigger cities. Urban buses offer their services within the city. Additionally, there are airport transfer buses that pick you up from the airport. Urban buses have fixed routes every half an hour, but the...