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Cyprus General Information
If you’re brave enough to want to see these close up, go to the Reptile Park (run by Snake George) where children can hold the non-poisonous local Whip Snake and marvel at other reptiles including chameleons and lizards.

Or you can watch black finned sharks and American alligators at Pafos Aquarium which has over seventy tanks full of marine life from the Mediterranean and all around the world.
Cyprus is famous for birds - especially the flocks of migrating species like flamingoes, cranes, ibis, pelicans, sandpipers and turners who stop off on their epic journeys north and south. The Kensington cliffs at Episkopi are home to hobbies, falcons, vultures and buzzards. The pools and wild macquis around Asprokremos.

Dam host waterfowl, owls and lapwings. Pafos Bird Park has a fantastic and noisy selection of tropical birds. Then there’s the Geronisos wildlife and bird haven near Peyia. In all there are twelve special protection areas - one of the reasons why rare and treasured species such as the Imperial Eagle continue to thrive here.

Donkeys have been man’s best friend in Cyprus for centuries. Trusted as calm, loyal workers, and once the only means of transportation, they’re still seen everywhere on the island. One of the best ways to get to know them better is at the Donkey Sanctuary in the village of Vouni. The moufflon is another of the island’s national treasures, and is unique to Cyprus. A shy wild heep with the beauty of a deer and the agility of a goat, it’s thought to have lived in large numbers as far back at 6000 BC. Once close to extinction and fighting for its survival, it’s now a protected species with numbers restored to over two thousand.

The island’s old and rare trees are protected by the Forestry Department. Forty seven individual trees and eight groves have special designation. The oldest in Cyprus is a 1500 year old Pistacia tree which stands in the mountain village of Apesia, near Lemasos. The stoutest is an olive tree in Xyliatos with a perimeter of 13 metres. Large areas of coastline, Pafos Forest and the Akamas Peninsula remain natural and safe habitats for the island’s amazing wildlife.

Information
 
Cyprus has a very high standard of medical services. Hospitals, private clinics and medical centres are equipped with the latest facilities.

Growing in popularity


Cyprus is increasingly popular as a retirement destination and for investment in holiday homes. The growth in demand is due to a unique combination: the relatively low cost of living, the high quality of lifestyle, the hospitality of the local people, the glorious climate, and the very low level of crime. Property values in Cyprus have appreciated steadily and sometimes sharply, with prices of holiday homes on average 20% lower than Portugal, 30% lower than Spain, and as much as 50% than France and Italy.

Investment gains

Income returns on property are around 6% per annum on current values. The annual appreciation on real estate values are around 15% - 25% depending on where you buy on the Island. Compared to equivalent property in other Mediterranean and Southern European locations, property in Cyprus offers great value for money.

Legal system

The legal system in Cyprus is based largely on the British equivalent. Purchasers’ rights are protected in many ways. For example, once the sales agreement has been signed and a deposit has been paid, the Land Registry in Cyprus provides a “Specifc Performance”. This is a simple but effective legal procedure which protects the purchaser’s ownership rights until the title deeds are issued and transferred to their name. The contract in the hands of the Land Registry can’t be withdrawn by anyone. This means that the property cannot be leased, sold, transferred or mortgaged. Only the purchaser can change this status.

Stamp duty

A one-off stamp duty is levied by the tax authorities in Cyprus on the purchase of property. The amount payable by the purchaser, relative to purchase price, is:
•    Up to €171,000 0.15%
•    Over €171,000 0.20%

Transfer fees

The purchaser is liable for the payment of transfer fees for the property acquired, when this is registered in their name at the Land Registry Offce. These fees are charged on the market value of the property at the date of purchase:
•    Up to €85,500 3%
•    €85,501-€171,000 5%
•    Over €171,000 8%

Inheritance tax

Inheritance Tax was abolished on 1st January 2000, and is no longer imposed.

Local authority tax

Property taxes which are levied by the local authorities range from €51 to €171 per annum, depending on the size of the property. They cover services such as rubbish disposal, street lighting and so on.
 
Allowances

The following allowances are available to individuals:
•    The frst €17,100 of gains arising from the disposal of any property
•    The frst €85,500 of gains arising from the disposal of a house used by the owner for their own habitation
Anyone claiming a combination of these allowances in only allowed a maximum of €85,500.

Capital gains tax

Capital gains tax is levied at 20% on gains arising from the disposal of the property, however, if it is foreign-owned. The frst €17,100 to €85,500 in a private residence sale is exempt and there is also an indexation allowance.

Communal expenses

Communal expenses may be required by property owners to contribute to the cost of cleaning and maintaining communal areas, gardens and swimming pool, as well as management fees and repairs.

Currency - Euro

As of January 2008, the currency of Cyprus is the Euro. Price transparency in the EU single market helps price comparability, encourages competition and leads to lower prices. Travelling and buying goods and services are easier. There are better opportunities too for savings and investment. The economy stands to beneft from greater price stability, sounder public fnances and lower interest rates. Economic growth and employment should both improve.

Healthcare

Cyprus has a very high standard of medical services. Public and private healthcare are available to all. Hospitals, private clinics and medical centres are equipped with the latest facilities. All Cypriot doctors have qualifed abroad. EU citizens who live permanently in Cyprus can get a medical card from the Ministry of Health. Depending on what you earn, this will entitle you to free or subsidised healthcare.

Education

The education system on Cyprus is also of a high standard, and available to all. There are a number of private schools which cost around 5,000 euros per year. In addition to international schools, colleges and academies, there is a university in Nicosia with others planned in Limassol and Pafos.

Social security

Agreements with many countries including the UK may allow the transfer of accrued benefts when people move to their new place of residence.

Opening hours

Most shops are open daily from 9am until 9pm during the summer, and until 7pm in winter. Some only open in the mornings on Wednesdays and Saturdays. Office hours are typically from 8am until 1pm and 4pm to 7pm in summer, and from 8am until 1pm and 3pm to 6pm in winter.

VAT

The VAT rate in Cyprus has recently been brought in line with EU guidelines and is currently 15%.

Doing business

Companies registered on the island get all the benefts of full EU status as well as the lowest national taxation of any member state. Net profts are taxed at 10%. Dividend income and profts from the sale of shares are tax exempt. There is no withholding tax on dividend distribution, interest or royalty payments. There are double taxation treaties with nearly forty countries. Interest from foreign capital deposited in Cyprus banks is exempt from income tax. Bank accounts can be held in any currency and funds can be transferred anywhere in the world

Public holidays

January 1:    New Year’s Day
January 6:    Epiphany Day
Variable:    Green Monday (50 Days before Greek Orthodox Easter)
March 25:    Greek National Day
April 1:    Greek Cypriot National Day
Variable:    Good Friday (Greek Orthodox Church) through to Easter Monday
May 1:    Labour Day
Variable:    Pentecost-Kataklysmos (Festival of the Flood)
August 15:    Assumption
October 1:    Cyprus Independence Day
October 28:    Greek National Day (Ochi Day)
December 24:    Christmas Eve
December 25:    Christmas Day
December 26:    Boxing Day
 

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