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A Guide for First-Time Homebuyers
Becoming a homeowner is a significant life milestone that involves careful planning, insightful decision-making, and the guidance of experts. If you're about to embark on the journey of buying your first home, you're likely filled with excitement and a touch of uncertainty. Here, you'll find some essential tips to help you navigate your first home investment. 1. Establishing...
Reshaping VAT on First Homes
In a significant move with the close observation of Brussels, the Cyprus parliament recently passed a law altering the existing, reduced value-added tax (VAT) rate of 5 percent on first homes. This legislative change aims to continue making homeownership more accessible and affordable for individuals and families while alleviating pressure imposed by the European Commission. Ho...
Cyprus Permanent Residency: A Quick Guide
Cyprus Permanent Residency, referred to as a Cyprus immigration permit or unlimited residency, offers Non-EU citizens and their qualifying dependents the opportunity to obtain a secure and long-term legal status in Cyprus. This status grants them the right to enter and reside in Cyprus indefinitely, with no expiration or renewal requirements. Permanent residence programs Perm...
What is the cost of living in Cyprus?
You're probably wondering how far your euros will go and how much money (if any) you'll have left after paying your expenses. Cyprus has a cheap cost of living, with costs around 25% lower than in other northern European nations. Limassol was named one of Europe's five least costly cities. Prices have risen somewhat since the country's EU entrance, as predicted, and...
What are the education standards in Cyprus?
Cyprus has strong educational standards that are equivalent to those seen in other wealthy countries across the world. The Cypriot education system is governed by the Ministry of Education and Culture at all levels: pre-primary, primary, secondary, and higher education. It also covers the enrollment of foreigners in Cypriot institutions. European residen...
Banking in Cyprus
Cyprus' banking system is modeled after the British system, with banking procedures, services, and management and control systems that are quite similar to those in the UK. Cyprus's financial system is regulated, supervised, and monitored by the Central Bank of Cyprus. Cyprus has various domestic banks, some of which are commercial banks and others of which are specialized fi...
Taxation in Cyprus
Taxation is an important factor to consider when purchasing a home in Cyprus, whether you are a resident or a non-resident. This includes income tax, immovable property tax, capital gains tax, inheritance tax, and value added tax. If you dwell in Cyprus permanently, you must pay Cypriot income tax on your international earnings. The good news is that tax rates in Europe ...
What's is the cost of buying a property in Cyprus?
One of the most important factors for anybody thinking about purchasing a property in Cyprus is whether they can afford it and, if so, what sort of home they can afford and where they can afford it. Foreign purchasers have always been drawn to Cyprus because of its affordable property prices in comparison to many other European countries. An apartment in Nicosia c...
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