Despite the British couple having bought the land in good faith and owning Turkish title deeds proving they owned the land and property, courts have rules that they must demolish their holiday home and return the land to the Greek Cypriot. The Brits have also been ordered to pay damages and a monthly rent until the property has been handed over formally.

Around 167,000 Greek Cypriots fled homes in northern Cyprus following during the turmoil of 1974 and 1975. Around 40,000 Turkish Cypriots also abandoned properties in the south to escape north. The European Court of Human Rights has now ruled in several cases that owners of property in northern Cyprus prior to 1974 continue to be regarded as the legal owners of the property.

The rulings mean that anyone looking to buy foreign property must be very careful, particularly in areas where people have been displaced or there have been wrangles over the legal owners of properties. Even if you hold the legal documents stating you are the owner of the property, it pays to do a little research to ensure that you won’t get caught up in a fight for your property.

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Household/Office Items
The movement of most household and office furniture is permitted into Cyprus on the principle of mutual recognition – that is, every product which has legally been manufactured or marketed in the EU already can be moved to Cyprus without issue.

However anything which could be deemed a risk to Cyprus, for example goods that might endanger Cyprus’ environment, citizens’ health or public policy, may have restrictions on them being brought into the country. There may also be restrictions on the alcohol and tobacco that you can bring into Cyprus. If you have any queries on the items you are moving, it is advisable to speak to Cyprus’ Department of Customs and Excise for more specific help.

There are many freight companies who will be able to handle the logistics of moving your items. Here is a list of our recommended freight companies.

Pets
Pets are welcome in Cyprus as long as there is no intention for the owners to sell them on once they reach Cyprus. However animals must be over three months old before they can be imported into the country and the following breeds may not be brought into Cyprus:

Any form of pit bull terrier
Japanese tosa
Tosa Inu
Dogo Argentino
Argentinean mastiffs
Fila Brasileiro
Brazilian mastiffs

Any pet being brought into the country must have a European pet passport and must have been vaccinated against rabies at least 30 days prior to it’s arrival in Cyprus. It must also have been treated for tapeworm with a treatment containing Praziquantel, and against parasites with a treatment containing Fibronil, at least 2 days before arrival in the country.

Any pet being brought into the country must be brought to the attention of the District Veterinary Station. If the animal has not met the requirements, it may be placed in quarantine.

Cars
If you have a tourist visa, you can bring your car into Cyprus for up to six months as long as you have valid insurance on the vehicle. If you remain in Cyprus for over six months, you will need to register your car with the local authorities and pay the relevant registration taxes.

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Cyprus is the third largest island in the Mediterranean sea and houses a large variety of terrain – from the hustle and bustle in the major cities through to peace and tranquillity by the seas or in the pine-clad Troodos Mountains. The stretches of clean sand attract many tourists and therefore property investors also enjoy buying real estate near the coasts thanks to their excellent rental opportunities.

ForeignPropertyBuyer.com’s four recommended areas to invest in are listed below.

Paphos Property

Paphos is a popular coastal town in the south-western area of Cyprus and is home to some of Cyprus’ top beaches. The beaches make it one of Cyprus’ top tourist destinations therefore property in the area should rent well and produce a good return on investment. Paphos is also popular as a second home destination therefore demand for property and real estate is always strong and although this means the property prices won’t be the cheapest on the island, the property market is strong and resell value should be good.

Famagusta Property

Famagusta is famed for it’s beautiful beaches – long stretches of golden sand embrace this coastal town. Although many tourists come to the area for the popular holiday resorts of Ayia Napa and Paralimni, there is also a wealth of culture in the area thanks to a mediaeval monastery and several windmills and churches.

The tourist lures mean that prices will not be the cheapest however rental potential for properties is good. Thanks to the wealth of attractions in the local area, property investors will also be able to choose what market they target for their rental properties.

Limassol Property

Limassol is the second largest city in Cyprus and is located on the southern coast. There is plenty of property to invest in on the coast, from small apartments through to luxury villas. The range of property available means that there is something for everyone to buy – from the first-time overseas property investor right through to the seasoned pro – with a range of property on offer from small apartments in the city through to luxury villas on the sea front.

Larnaca Property

Larnaca is the oldest living city in Cyprus and therefore boasts a wealth of history and culture. Home to the country’s major international airport, the demand for real estate and property in the city is always high.

The city has the country’s second largest port and is also a tourist destination in it’s own right. These factors mean that although property prices are relatively high, there is a large range of property to choose from and rental potential and property resale value are good.

Need more persuasion? Read our 10 reasons to buy property in Cyprus
Plus everything you need to know about property ownership in Cyprus

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This is welcome news for property investors in Cyrpus as it shows that Cyprus is increasing in popularity as a holiday destination and this increases the rental potential of properties around the main tourist areas. With the island also planning to become a member of the single European currency early next year, the prospects for the island are good. This will hopefully have a positive knock-on effect on tourism, finances and the housing market.

For those who are looking to buy in a fairly established property market and who are looking for low risk and short to medium gains, on paper, Cyprus looks to be a good bet.

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During the start of the second half of 2007, prices for Cypriotic land have shot up – some land-owners have discovered that they are now millionaires thanks to the new law. Not so long ago, land ownership was considered an almost worthless asset – now, it is pure gold-dust.

With Cyprus expected to join the EU in January 2008, it is expected that Cyprus property prices will also start to dramatically increase, making this the perfect time for property investors. Southern Cyprus has already seen property price increases of around 20% a year for the past couple of years, and it is expected that these percentages will increase by another 10 points to around the 30% figure after Cyprus has become part of the Eurozone.

Cyprus is a fairly small island meaning land sales and property supply is unlikely to increase in the near future. This all means that if the country becomes a desirable place for foreign property investors, prices will increase even further as demand starts to outstrip supply.

However, to counteract bubble, the Central Bank of Cyprus recently changed it’s mortgage criteria – residents must now find a 420% deposit should they wish to purchase and property, and non-residents must find a 40% deposit. This move is aimed at keeping the property market from expanding at too fast a rate. Despite this minor set-back, Cyprus looks like a hot place for property investors who are looking to make either short-term or long-term investments. Short-term, land looks like a good option if there is an easy way to offload it before the new VAT rules come into play, and long-term, the housing market looks set to rise giving good ROI for investors.

If you are looking to buy property in Cyprus, we suggest taking a look at our free buyer’s guide.

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Much of the property development focus has been on coastal properties as this is the current hot spot on Cyprus. This has left the inland property prices trailing and some great bargains can be picked up. The little development inland also means that prices are still doing well and demand and supply are in a good balance, unlike some coastal areas.

The possibility of a change on the VAT associated with property combined with low-cost airline Monarch planning to fly to Cyprus next year, means that the property market in Cyprus will probably continue to do well into next year and possible beyond. Cyprus is also considering adopting the Euro as their national currency which will further encourage foreign investment in the country.

It seems if you pick wisely, there are still good returns to be made on property in Cyprus. A typical villa on the coast is currently around the $250,000 – $500,00 mark; A one-bed apartment starts from around $120,000.

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Cyprus Mortgages
Mortgage companies in Cyprus are currently undergoing a period of change meaning it is getting ever easier for foreign investors to get a mortgage. Typical loan amounts of Cyprus properties is around 60-80% of the purchase price with repayment periods ranging from between 10 and 20 years.

Cyprus Property Deeds
When a sale has been agreed, the transfer of the property ownership is a simple process which takes place through the Cyprus Land Registry Office. You can do this in person, or by the power of attorney (where your solicitor will go through the process on your behalf). Foreign buyers must however provide evidence of currency exchange to prove that the purchaser has funds available before the registration can take place.

All foreign purchases must have prior permission from the Council of Ministers, however this is largely a formality and does not normally pose a problem for foreigners who wish to buy a property in Cyrpus.

The contract of the sale must be made in writing. To protect the rights of the buyer, the contract has to be registered at the District Land Registry office within 60 days of from the beginning of the contract date. The new title deed will then be registered in the purchaser’s name and will also be recorded in the Government archive.

Cyprus’ Legal System
The legal system and Land Registry in Cyprus is loosely based on the British systems. This makes both systems fairly advanced and reliable, and helps to make purchasing Cypriotic property secure and easy. Much of the paperwork associated with the property purchase will be written in English.

The Banking System
It is easy for foreign investors to open foreign currency and local deposit accounts at local Cyprus banks. It is advisable for foreign investors to have opened a bank account and spoken to their local bank before purchasing a property.

There are many different banks in Cyprus to choose from – international, national and local. You may wish to see if your normal bank has a branch in Cyprus.

Cyprus Residential Permit
It is easy to gain a residents permit when you have purchased a property in Cyprus. To obtain a residents permit, you must show that your family is self supporting which means having an income of around about £5,000 per person. The application for permanent residence can ve made at the local immigration office.

Working in Cyprus
EU citizens do not require a work permit
Non-EU citizen must have a work permit before they are allowed to work in Cyprus.

Property Taxes
Property transfer fees are charged when a property gets registered with a new owner. The following charges apply:
Value up to C£50,000 3%
C£50,001 C£100,000 5%
C£100,001 and over 8%

If the purchase is over C£50,000 and made in joint names the value for is halved.

Stamp Duty is paid at the time of signing the contract. Stamp duty rates are:
Up to C£100,000 = C£1.50 per C£1,000
and thereafter = C£2 per C£1,000

Local authority taxes and rates depend on the size of the property. As a guide, budget around C£100.

Immoveable property ownership tax (an annual tax) is calculated on the market value of the property as at 1st January 1980. It is calculated by:
Up to C£100,000 exempt
C£100,001 – C£250,000: 2%
C£250,001 – C£500,000: 3%
Over C£500,000: 3.5%

Capital gains tax is set at 20%, and there is a tax free allowance of C£10,000. There is no inheritance tax in Cyprus.

If you are moving to Cyprus to start up a business, the low corporation tax of 10% is an attractive proposition. To qualify, you must have the management and control of the company taking place on the island.

If you are retiring to Cyprus, you will be exempt from all withholding taxes at source although you may be taxed at 5% after your £6,000 allowance (per person).

Cyprus has the double taxation treaty meaning that residents will not pay tax in both countries. This means you can take advantage of the low tax rates in Cyprus.

Weather & Climate
Cyprus is one of the sunniest countries in the Mediterranean with year-round sunshine and warm sea temperatures. It also boasts skiing up in the mountains as well as long stretches of beautiful beaches.

Infrastructure
- Over 40 major airlines fly into Cyprus’ two main airports, Larnaca and Paphos.
- There are two major ports – Limassol and Larnaca.
- You must drive on the left hand side of the road
- There are modern roads and motorways linking most major cities.

Language
The official language of Cyprus is Greek. Most of the population speak English, so communication problems are generally not an issue. All road signs and most shop signs will be written in English.

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1. In Cyprus, the purchaser can become a resident.
2. The property buying system is based on English legal and financial systems, making it easy to understand.
3. Property prices are still relatively low in Cyprus.
4. Property prices are set to increase over the next few years, leaving investors with excellent returns on their investments.
5. Tourism is on the increase in Cyprus meaning if you buy a property with the intention of buy-to-let, you should have no problems finding people who want to rent.
6. The cost of living in Cyprus is fairly low.
7. 90% of people in Cyrpus speak English so there will be no language barrier problems.
8. All road signs are in both English and Greek, making it easy for you to navigate around.
9. Cyprus boasts about 200 days of sunshine a year. The weather is warm most of the year around, making it excellent for holidays and retirement.
10. Cyprus has excellent medical care. Although private insurance is required, the rates are cheap and the service is usually top-class.

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