When you need to purchase Cyprus pounds, we can refer you to a foreign exchange dealer, who is able to offer both preferential currency rates and free international transfers to our clients.

The decision of 15% VAT on new build property has been passed, with the exception of projects or buildings which have already applied for the planning permit prior to the 1st May 2004. This decision affects all new projects coming onto the market, but the price increase to clients will be closer to 10% due to some of the tax being applied to materials used. There is no VAT applied to the purchase of land up until 2007. VAT is also exempt for re-sale properties. A new law is currently being passed which will refund 10% of the VAT on the building only (not the land cost) to first time buyers on certain defined criteria for prices, sizes etc.

It is advisable to make a will in any country where you have immovable assets you would like to pass on in a certain way. Inheritance tax has been abolished in Cyprus.

Cyprus is virtually crime free and that is why it is such a popular destination for tourists. Street criminality is absent in Cyprus.

The legal system in Cyprus is largely based on the British legal system. The Land Registry is probably one of the most advanced and reliable systems in the world and is also based on the British equivalent. Purchasers of property in Cyprus will be far more secure, with regard to matters such as title deeds, than they might be in other Mediterranean countries.