We are Canadians that have purchased a condominium in Cyprus and we intend to retire there in afew years.

We did alot of investigations prior to making exploratory trips to Cyprus and then finalizing our decision to purchase there.

The main reasons for our interest in Cyprus are :

- The people, friendly and English speaking;

- English legal system so Canadians and US citizens are comfortable with procedures etc;

- Low 5% tax rate on pensions or investment income transferred from Canada to Cyprus Canada has a treaty with Cyprus so no double taxation. Check to make sure that USA has same.

- Cost of living on par with Canada so maybe alittle more expensive than USA;

- Cost of gas probably the cheapest in Europe. Approx US$1 per litre;

- Cost of hydro lower than CanadA and likewise for the USA;

- Property taxes alot lower than Canada and likewise for the USA;

- Good medical infrastructure plus you can buy private medical insurance ( friends told us that it costs about $300 per montrh );

- Furniture alot more expensive than North America ( approx 3 times the cost ) but you can bring your furniture in duty/tax free if over 12 months old and used;

- Cars/SUV's etc : Much more expensive than North America. Again you can bring one in duty free but remember they drive on the
" wrong " side of the road !!!

- Strong hint : If you decide to buy in Cyprus :

a. beware of " off plan " purchase of an apartment or a villa. If you cannot see it and touch it, do not buy it. Our own apartment is now running well over 12 months behind schedule !!! and we have had continuous hassles with the builders. Also, there seems to be some really good deals for re-sale property as against new;

b. Developers throw the word " luxury " around quite abit for apartments and villa's which cost between $250,000 to $500,000. For North Americans, the villa's and apartments are not luxurious, they are just " normal ". Obviously, if you are going to purchae at the " high end " then the apartments / villa's reflelct the price.

b. No matter what the developers say, get your own lawyers to check the contract, deeds, searches etc. It will be money well spent.

Hope the foregoing helps you some what.

Regards,

" Marino "

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i reply to your question, most of the points have been answered by a previous reply. However, I must comment upon the "Don't buy off plan comments".

The sender is quite correct that many builder/developers deliver late....but this is mainly the case when buying an apartment, as the developer looks to sell as many apartments as possible before commencing the build.

Villas and houses tend to be better.

Most importantly....do not use the developers lawyer. They are often related....so you can imagine who the lawyer will support.

For totally unbiased advice I recommend www.nickskeltonhomes.com

The site is run by my son and he is English but based in Cyprus.

You will find all the local information you require plus he will welcome an e mail or call/fax.

Good luck. It is a great place to live, especially if you like the sun.

There are also many Americans already here.

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