Healthcare
With the Cypriot healthcare system, services are paid for at the point of delivery. The cost of treatment in state hospitals is very low, whilst those wishing to seek private healthcare will readily find a wide range of doctors, specialists and surgeons.
The standard of healthcare in Cyprus is already high and improvements are being made all the time. A new development called ‘Neapolis’ is soon to be constructed in Paphos and a state-of-the-art medical centre will form part of the complex. Most Cypriot doctors trained and qualified under either UK or USA health systems. Medical insurance schemes are available for all age groups and all treatments are easily available and highly affordable.
Education top
Educational facilities under the Cyprus State Education System are all excellent. English is at the core of many subjects and the International schools, such as the one in Paphos, achieve extremely good GCSE and A Level results accredited and approved by the UK qualifications authorities. ‘Neapolis’ will also have a positive impact in this sector as the project includes an International University for at least 3000 Cypriot and overseas students as well as a large public library.
All pets brought in to Cyprus must have the necessary vaccinations and health checks in the UK and they will be able to travel with you, serve a 6 months quarantine period in your new home and do not have to be separated from you.
Climate top
The climate in Cyprus is typically Mediterranean with long, dry summers and short, rainy winters. The average annual temperature is 19 °C, but in summer it can reach over 40 °C. Cyprus boasts an average 340 days of sunshine a year, making it a prime holiday destination all year round. The weather is ideal for outdoor pursuits especially sailing, hiking, diving and golf. Spring is warm and fresh; summer lazy and long and winter is short and mild.
Flights to Cyprus top
The island has two International airports at Larnaca and Paphos and there are many direct or connected daily flights mainly to all European countries as well as North America, Asia and Africa. The main carriers from the UK are GB Airways – (who have just been taken over by EasyJet) and Cyprus Airways with regular scheduled flights, however, more and more charter flights are becoming available as the popularity of Cyprus increases as a holiday destination.
www.easyjet.com
www.ba.com
www.skyscanner.net
These are some of the websites you should look at to find out optimum flight prices.
Cost of living top
Cyprus offers a high standard of living while it remains an inexpensive country. Prices for items such as food, drink and tobacco are considerably cheaper than in the UK. In the “Cost of Living Index 2004” which monitors the cost of living in more than 60 countries around the world, Cyprus ranked as the 49th most expensive country compared to the UK which ranked 16th, which makes Cyprus a very attractive proposition when it comes to living expenses.
Currency top
The currency in Cyprus changed on 1st January 2008 from Cypriot Pounds to Euro. Prices across the island will be shown in both Cypriot Pounds and Euros until the Cypriots feel comfortable with the new currency.
Security top
In stark contrast to the UK, crime in Cyprus is virtually non-existent – just one sixth of the European average. As a result, people rarely lock their cars, or even the doors and windows in their homes – and the kind of security measures we routinely take for granted are virtually unheard of in Cyprus.
Cyprus is a very tax-efficient country and, despite recent tax reforms, taxation in Cyprus is still low compared with other European countries. Cyprus has very favourable tax rates particularly for the retired expatriate. You are considered a resident for tax purposes in Cyprus if you reside there for 183 days or more in one tax year. Please seek the advice of a specialist in this sector if your decision to buy a property will be based on the tax benefits.
Working tax payer top
Once you are elegible to become a tax payer in Cyprus there is one of two tax bands that will be applied to your income.
| Amount of Income |
Tax Rate |
| CYP£0–10,000 |
0% |
| CYP£10–15,000 |
20% |
| CYP£15–20,000 |
25% |
| CYP£20,000 + |
30% |
As a retired tax payer you will have the choice to come under the working tax payers’ band as above or the retired tax payers band as follows:
| Amount of Pension Income |
Tax Rate |
| CYP£0-2,000 |
0% |
| CYP£2,000 + |
5% |
To be eligible for the Retirees tax bands you must not undertake paid employment of any kind. Other income such as bank interest and dividends from shares are exempt from income tax.
Capital Gains Tax top
Capital Gains Tax is imposed on gains from the disposal of immovable property at a rate of 20%. However, there are certain exemptions and indexation relief allowed. There is no Capital Gains Tax liability on the gains of investments.
Estate Duty (Inheritance Tax) top
This tax was abolished in Cyprus in January 2000.
Corporation Tax top
If you are trading in multiple properties or contracts then a Cypriot Limited Liability Company is a very tax-efficient method of conducting business, with Corporation Tax on the profit at 10%.
It is advisable to consult a financial adviser, who is authorized and regulated in Cyprus and who has experience in advising on these matters for your own personal situation.
VAT is imposed on the provision of goods and services in Cyprus, as well as on the importation of goods into Cyprus.
The legislation provides for three tax rates:
- Zero Rate (0%)
- Reduced Rate (5%)
- Standard Rate (15%)