FPE
From: Cyprus
5/8/2003 08:58 EST
We have lived in Cyprus for the last 5 years and really enjoy it.
Cyprus benefits from the all modern facilities. It enjoys a Mediterranean climate with approximately 340 days of sunshine per year. Pine forests are close to the coast and you can ski in the mountains and swim in the blue Mediterranean in just one day, although the sea may be rather chilly in the winter when there is snow on the mountains but you get the picture.
The main language spoken in Cyprus is Greek Cypriot, but over 85% of the population speak English. Most of the shop, street and road signs are in English and we drive on the left as in the UK.
It has one of the lowest crime rates in the world, well established airline routes to Europe and other countries and has many tax advantages for those who choose to move here, especially for the retired or businesses looking to lower their tax burden.
The property market is one of the fastest growing markets within Europe. Purchasers are attracted by the potential growth in terms of returns on investment of property in Cyprus compared to other countries in Europe and the UK. Cyprus is the lead nation waiting to join the European Union by 2004. This is another factor affecting the growth and prices in the property market. It is expected that in the run-up to becoming a member of Europe, prices of property in Cyprus will continue to rise at an estimated growth rate of around 20% per annum.
Expect to pay from around CYP 95k for a new villa and about CYP45k for an new apt, resale properties may be found for a little less, the prices differ depending on location, size and amenities.
Cyprus has a favourable tax regime for those UK expats who are drawing funds from UK occupational or personal pensions. Many individuals have retired to Cyprus to make their pensions go further. The UK/Cyprus double taxation treaty enables individuals who live in Cyprus to remit their UK occupational, personal and state pensions to Cyprus free of withholding tax in the UK.
The pensions are then taxed in Cyprus at a flat concessionary rate of 5pc.
For working expats the tax system has just changed and all income worldwide will now be liable for tax. (top rate 30%) but with decent allowances.
Cyprus enjoys a superb health system with hospitals and clinics in every town offering very high standards of medical treatment. The cost of health treatment is much lower than on the European mainland while for almost all medical cases including open heart surgery, kidney transplants and cancer treatment there are specialised centres on the island.
Health Insurance Schemes are available with reputable local insurance companies at very reasonable costs. We have full comprehensive medicare for myself, husband and daughter for CYP44 per month.
In each town of Cyprus there are secondary and primary schools, which conduct all lessons in English, for the thousands of expatriate families living on the island. The costs vay depending on the school but I think that the most expensive is around CYP2,800 p.a.
I could go on but I think that is enough info for now, if you want to know anyhting else about living in Cyprus let me know
Regards
Vivian
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