cyprus guide - martinwoodward.net

Transcription

Buying a
Property &
Living in
Cyprus
The Good
The Bad
& The Ugly
C
Copyright: Martin Woodward 2006
Buying a Property & Living in Cyprus - The Good, The Bad & The Ugly
Buying a Property
& Living in
CYPRUS
The Good, the Bad & the Ugly
C
DISCLAIMER
Please note that although every care has been taken, no
guarantee can be given as to the accuracy of the information
contained in this guide and it should therefore not be relied on
as being accurate or up to date. You are advised to seek
independent legal advice with regards to property purchase or
taxation matters etc.
G Copyright: Martin Woodward 2006
CONTENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
CYPRUS IN GENERAL. . . . . .
The Climate . . . . . . . . . .
The People . . . . . . . . . . .
Historic Sites . . . . . . . . .
Public Transport . . . . . .
Taxis . . . . . . . . . . . . . . .
Places . . . . . . . . . . . . . . .
Crime . . . . . . . . . . . . . . .
English Publications. . . .
Airports . . . . . . . . . . . . .
Creepy Crawlies . . . . . .
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. . . 10
. . . 11
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. . . 12
COST OF LIVING . . . . . . . . . . . . . . . . . . . .
Eating Out . . . . . . . . . . . . . . . . . . . . .
Supermarkets . . . . . . . . . . . . . . . . . . .
Other Large Shops . . . . . . . . . . . . . . .
Returning Goods . . . . . . . . . . . . . . . .
Satellite T.V. . . . . . . . . . . . . . . . . . . . .
Council Tax . . . . . . . . . . . . . . . . . . . .
Water . . . . . . . . . . . . . . . . . . . . . . . . .
Gas/Electricity. . . . . . . . . . . . . . . . . .
Heating Oil . . . . . . . . . . . . . . . . . . . .
Telecom . . . . . . . . . . . . . . . . . . . . . . .
A years expenses (April 2005 -2006) .
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. . . 13
. . . 13
. . . 14
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. . . 15
. . . 15
. . . 16
. . . 16
. . . 16
. . . 17
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HEALTH CARE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Health Insurances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Hospitals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
After Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Doctors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Chemists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Dentists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Z
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Opticians . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
h
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6
Alternative Therapies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
7
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9
a
q
x
s
w
MOTORING IN CYPRUS . . . .
Buying a car . . . . . . . . . .
Importing a car . . . . . . .
Vehicle running costs. . .
Petrol Stations . . . . . . . .
Driving licences . . . . . . .
Hiring Cars . . . . . . . . . .
Motorcycle hire . . . . . . .
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. . . 21
. . . 22
. . . 22
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. . . 23
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. . . 24
IMPORTING ANIMALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Vets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
BUYING A PROPERTY. . . . . . . . . . . . . . . . . . . . .
The Holiday Rental Market . . . . . . . . . . . . .
The Ex-Pat Residential Market . . . . . . . . . .
The Cypriot Residential Market . . . . . . . . . .
Northern Cyprus . . . . . . . . . . . . . . . . . . . . .
Construction Methods . . . . . . . . . . . . . . . . .
Heating . . . . . . . . . . . . . . . . . . . . . . . . . . . .
How Not to Buy. . . . . . . . . . . . . . . . . . . . . .
How to buy without getting ripped off . . . .
Buying a New Property. . . . . . . . . . . . . . . .
Buying a Resale . . . . . . . . . . . . . . . . . . . . . .
Deeds & Specific Performance. . . . . . . . . . .
Communal Areas & Pools . . . . . . . . . . . . . .
Pools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Solicitors . . . . . . . . . . . . . . . . . . . . . . . . . . .
Exchange rates . . . . . . . . . . . . . . . . . . . . . .
Mortgages . . . . . . . . . . . . . . . . . . . . . . . . . .
Wills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Furnishing Your Property . . . . . . . . . . . . . .
Selling Your Property . . . . . . . . . . . . . . . . .
Capital Gains Tax . . . . . . . . . . . . . . . . . . . .
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. . . 25
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. . . 27
. . . 28
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. . . 30
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. . . 38
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. . . 41
. . . 42
RENTING A PROPERTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
WORKING IN CYPRUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
Income Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
VAT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
National Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
CLAIMING YOUR UK PENSION IN CYPRUS. . . . . . . . . . . . . . . . 46
IF I WAS DOING IT ALL AGAIN . . . . . . . .
Things I miss about Cyprus . . . . . . . .
Things I’m glad to get away from . . .
Things I’m glad to get back to . . . . . .
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. . . 46
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. . . 48
USEFUL CONTACTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
INTRODUCTION
Moving to Cyprus to buy your dream home in the sun either to retire to, for
investment, or to work from may seem idyllic. On the surface it appears to
be, and I’m sure for some it can be, but for others it can end up being a total
nightmare. All is not exactly as it seems.
We have bought and sold two quite different properties and lived there for
nearly three years. Fortunately we managed to avoid the nightmares, but
have seen several unfortunate people come to grief.
Our first property was a first floor one bedroom apartment in a small
development, which shared a swimming pool and was within at three
minute walk of the sea and even less to the main bar/restaurant area in
Kato Paphos.
We bought this property at the beginning of 2000 when the development
was almost complete from a reputable builder (Costas Gavrieledes).
We used this property mainly for our own holiday purposes. As it was so
conveniently placed, it was not necessary to hire a car (although we always
did). We did rent the property out for holiday use in the first year, but
afterwards decided to keep it just for ourselves. To this day I don’t regret
buying this property. We bought it for a good price and virtually doubled
our money when selling (although it has to be said that had we invested the
same amount in property in the UK across the same time span we probably
would have made more).
Had we decided to rent the property for holiday use more regularly, it
would have been a superb investment (due to the quality of build and the
location).
Having enjoyed several holidays in Paphos at our apartment we decided to
sell up in the UK and semi-retire to Cyprus. We considered living in the
apartment, but decided it was a little small so we bought a new three
bedroom Villa (off plan) in Peyia (about 10 miles West of Paphos). We
decided to keep the apartment with the idea of renting it out.
Living in Cyprus as opposed to visiting for a few holidays is a completely
different scenario as we later discovered.
The first property we (accidentally) got absolutely right. Good property,
good location, ideal for holidays. But the second property (although it
certainly wasn’t a disaster) was not so right. With this property we made
several mistakes which you should avoid with the benefit of the
information contained in this guide.
We chose the house in Peyia as it was a little away from the tourist area,
had it’s own pool and had an uninterrupted view of the sea. What we
didn’t take into account was the fact that it was too far from the village to
walk comfortably, nowhere near any public transport and the 10 mile
distance from Paphos proved to be a pain. These were not the only reasons
that made us decide to return to the UK, but they contributed.
Possibly the reason that we got the first property right and the second
wrong was because in both cases we were in ‘holiday mode’ when looking,
which works well for a holiday property, but not so well for a residential
one!
CYPRUS IN GENERAL
There’s no doubt about it that Cyrus has an awful lot going for it, both from
the holiday and living point of view. Compared with Spain & France, the
big advantage is that the majority of the population speak English although
Greek is their native language. The other major advantage is that they drive
on the left similar to the UK. Coupled with a generally agreeable climate
and a low cost of living it all looks pretty good.
The Climate
On the surface the climate seems wonderful. It is dry for most of the year
although there are occasional heavy rainstorms in the winter. However
even these are usually only for a short time. If it rains in the morning it will
usually be fine and sunny again in the afternoon. The winters are never
warm enough to swim in an unheated pool (unless you’re a total nutter!),
but it really is true that you could be ski-ing in Troodos in the morning and
sunbathing in Paphos in the afternoon. February is probably the ‘worst’
month for cold and rain, but even this can vary.
The evenings in the winter can be quite chilly causing the need for heating
in your home (November - March). There are some very strong winds at
varying times of the year (the ‘Coptic Gales’). They also have mud slides
and earthquakes but not too regularly.
The summers (July and August) can be unbearably hot, which is why the
shops are closed from 1.00pm - 4.00pm in the summer. The only way to
deal with it is to stay in with the air con on.
The heat in the summer was another factor that caused us to return to the
UK. When I used to phone home to be told that it was pouring with rain
and freezing cold I felt really jealous. I know this is hard to imagine.
The People
As in any country/area, there are friendly and unfriendly people in varying
quantities. In general though the Cypriot people appear to be very friendly.
However, if you live here for a while you will discover the darker side.
Again as a generalisation only, they can also be very protective and very
materialistic. Although they wouldn’t openly admit it, many of them resent
us Brits being there even though they’re very happy to take our money.
Some of the Cypriot people can also be very noisy and untidy, but
remember it’s their country. We have no right to dictate how they live! You
might not think that a having a fifteen year old washing machine in your
front garden is a good idea, but clearly some see it as a status symbol!
Historic Sites
If you’re into ancient monuments etc., Cyprus is the place for you. They are
literally on every street corner. The most famous in Paphos are the Tombs
of the Kings and the House of Dyonisis (near the harbour) and The Kykos
monastery (in the Troodos mountains). All of these are worth a visit. If you
dug down deep enough just about anywhere, you’re virtually guaranteed
to find something historic, but I doubt if anyone would be particularly
interested unless you happened to unearth Atlantis!
Public Transport
Generally speaking, the public transport infrastructure is very poor. There
is a good low cost bus service in and around the main towns, but very
sparse in the villages. There is no railway system on the island.
When driving between villages, it’s common for locals to ‘hitch’ lifts as this
is the only way around for those without their own transport. We’ve picked
up a few old local ladies on various occasions. They virtually jump out in
front of you when they want to get in and tap you on the shoulder when
they want to get out!
Taxis
Taxis are plentiful in all the major towns and villages. If taking one to or
from the airport, I would ask for a quote first as the price seems to vary
considerably.
When we first went to Cyprus in 1999, a taxi from the airport to Kato
Paphos cost C£8.00. The last one that we had for the same journey in 2003
cost C£15.00. Most of the taxis are brand new Mercedes’ which are
incredibly expensive in Cyprus, so you can see who pays for them!
Places
The main places in Cyprus are Nicosia (North East); Larnaca, (East);
Limassol (South); Troodos (central) and Paphos (South West).
Nicosia is the capital and commercial centre and is mainly inhabited by
Cypriots. Property prices are very reasonable there and I think that in the
future it could be a good place to buy into, particularly as they have now
opened the border to the occupied area making it only a short drive to the
beautiful costal town of Kyrenia. However it does get unusually hot (even
by Cypriot standards) in the summer.
The east of the island also includes popular British holiday destinations
such as Agia Napa and Protoras. Although these areas have possibly the
best beaches it has to be said that out season the area ‘drops dead’ and as
such is not a good place to invest in for retirement or holiday property at
the moment.
Limassol is a very interesting costal town. It has commerce, industry, the
main port, the Britsh bases of Episkopi and Akritiri, good shopping as well
as tourism. Many ex-pats live there. The main advantages are that the
property prices (and other prices) are lower than Paphos; it has all year
round activity; is mid distance and fairly easily accessible to both Paphos
and Larnaca airports and has some good beaches (if you know where to
find them).
The Troodos mountain region is fairly easily accessible from both Limassol
and Paphos and offers wonderful refuge from the heat in the summer
months. There is also ski-ing on Mount Olympus in the height of the
winter.
Although Troodos is a wonderful place to visit, I doubt that many ex-pats
would want to live there, due to the remoteness.
The Paphos peninsular is the most popular destination for ex-pats to retire
to and invest in. Apart from Troodos, it’s probably the most scenic part of
the island. Advantages include; good infrastructure; easy access to Paphos
airport; motorway links with Limassol/Nicosia/Larnaca; good beaches;
excellent restaurants/bars etc. open all year. Although property prices here
are the highest on the island, in my opinion it’s the best place to invest in.
Crime
Basically Cyprus is extremely safe. There is virtually no chance of being
murdered mugged or raped at any time of the day or night, which is a nice
feeling. There is very little car crime and comparatively few burglaries
(compared to the UK). However, burglaries are on the increase so I
wouldn’t recommend going out and leaving your house unlocked anymore.
The only crime that we’ve personally experienced is having a pair of old
sandals stolen from our doorstep in Peyia. If I’d seen the culprit I would
have given him some money as well, because he must have been really
desperate. Some friends of ours had some jewellery stolen from an
unlocked apartment in Kato Paphos.
English Publications
There are a few local English publications available, but the main ones are:
The Grapevine (free), The Paphos Post (free) and The Cyprus Mail (40c).
If you are living in the UK and thinking of buying a property or moving to
Cyprus, it’s a good idea to get the Grapevine posted on to you direct.
Although it is free in Cyprus, it costs about £20 for the year to have it sent
out and is well worth it as it will keep you informed of what’s going on.
Apart from the local publications, most UK newspapers are available on the
day of publication. All UK magazines are also widely available but cost
about double.
Airports
There are only two international airports in Cyprus: Larnaca and Paphos.
Due to the property development, both of these are now working to
breaking point. You used to be able to park your car free of charge at both
of them, but now I wouldn’t recommend attempting it.
There is now good motorway links between Paphos, Larnaca and Nicosia.
So even getting to Larnaca from Paphos is only about 2 hours.
Creep Crawlies
Cock roaches are abundant in Cyprus (as they are in any hot country). The
best way to deal with these is to have window nets preventing them from
flying in, then you’ll only have to deal with the ones that crawl in.
Ants can be a problem, but if you don’t leave any crumbs or similar lying
around and ensure that all foodstuffs are sealed in containers they
shouldn’t have reason to visit you. Of course there are also some fairly
effective sprays that you can use.
There are a few varieties of snakes on the island, some of which are
poisonous. A trip to ‘Snake George’ in Peyia will familiarise you with these
and their habits. I’ve seen several snakes when walking about. Good advice
is to always wear appropriate shoes if walking in rough ground.
Tarantulas are also very common and often come into your home.
Apparently they live in the banana plantations (along with a few snakes) of
which there are numerous near Peyia. We only ever had one visit us and I
managed to evict him live and well without too much trauma. A friend of
mine had one in his shoe, which he discovered when he was putting it on!
Scorpions could also enter your property, mainly in the winter to keep
warm. Their normal habitat is cracks in stone walls. I’ve only ever seen one
of these horrors in Peyia (walking up the road). There are also scorpions in
the UK incidently. They are the only creature capable of existing anywhere
on the planet, from the Sahara to Antarctica. They can even withstand
radiation.
Mice and rats are no more of a problem than in the UK, apart from the fact
that you’ll probably see more of them. As with the ants, if you don’t feed
them they’ll go somewhere else.
Flies are a nuisance at certain times of the year but none carry maleria.
Scented candles and flyscreeens reduce the problem.
Lizards (some very large) are plentiful in Cyprus, but they would never
hurt you. In fact you’d be pretty clever to catch one (I never managed to).
Remember the spiders and the lizards eat the flies and the ants, so they’re
on our side! If you’re lucky enough to have a lizard living in your house I’d
consider it a privilege.
COST OF LIVING
The Cost of living is quite different to the UK. Some things are a lot cheaper
and others more expensive. As a whole I would say it’s probably a little
cheaper than the UK, although prices are on the increase. When comparing
prices it’s easy to forget that the Cypriot pound is not the same as sterling.
Basically if something costs C£1.00 this is £1.20 sterling at the exchange rate
of .84 which seems to average out at (at the time of writing this).
The last year that we were in Cyprus 2005/06 we spent about £14,500
sterling in total. This was for two people with private health insurance, a cat
and a dog in a three bed villa with a pool, eating out at least twice a week
(modestly) and running one small 4x4 vehicle. The actual breakdown of
these expenses is shown shortly.
Eating Out
The are literally hundreds of bars and restaurants just in the Paphos area,
mainly aimed at the holiday market and therefore in some cases a total ripoff. Obviously you are going to have to pay a premium for prime locations
such as the harbour and other sea front locations.
However if you know where to go there are some excellent restaurants at
very reasonable prices (in general much cheaper than the UK). In Kato
Paphos for superb value for money try The Adelaide (opposite the Almyra
Hotel). For absolute top quality we can thoroughly recommend The
Almond Tree (more expensive but truly excellent). The Sienna (at
Kissonerga) is also top quality, very expensive in the summer, but has some
good winter offers.
Also don’t be afraid to try the not so good looking establishments where the
Cypriots eat. These offer good food at very low prices. Two of our
favourites are: Nikis (on the Agios Georgious Road about 3k past Coral
Bay) and The Olive Tree in Polemi village (turn right way up the Polis road
just past the petrol station at Stroumpi). There are hundreds more.
Surprisingly most of the ‘Fish & Chip’ shops are really good - not quite
Scarborough quality, but not far off!. We used to go to the Santa Marina in
Coral Bay regularly. Most of the others in Kato Paphos are just as good.
A little tip: A large Keo might cost you £1.60 in Paphos, whereas a small one
would probably cost £1.20. So don’t buy two small ones!!
Eating out in Pissouri and Limassol tends to be less expensive. A large Keo
in Limasol would cost about £1.00. - £1.20.
Supermarkets
The main supermarkets in the Paphos area are: Papantonios; E&S; Chris
Cash & Carry and Orphanides. It’s impossible to work out which is
cheapest. Prices for food probably works out the same as the UK. Fruit &
veg is a lot cheaper (and better), but other items can be a little more
expensive.
If you are in the Coral Bay/Peyia area, the cheapest by far is Phillipos (in
Peyia). Avoid the small supermarkets in Coral Bay as they are a total rip off
(aimed at the tourists).
Other Large Shops
There is a good ‘Super Home’ for DIY goods etc and a Debenhams both
situated by the Stadium roundabout. There is another smaller Debenhams
in Kato Paphos. There is a small M & S in Paphos town, but a much larger
one in Limassol, but neither have much of a foodhall. The nearest thing to a
U.K. type M & S food hall is the grocery department in Debenhams.
For clothes shopping, there are a few British run shops aimed at ex-pats in
Paphos. Apart from these, you’d be better going to Limassol where there is
a much greater selection, although difficult to find until you become
familiar.
Returning Goods
Be very careful before buying anything. It’s only the very large shops where
you have any chance of exchanging goods (and even then I doubt if you’d
get your money back). Make a point of keeping receipts for everything, then
at least you’ll have a chance.
We bought a Dyson vacuum cleaner from Euronics with a two years
guarantee. After only two months the pipe broke. When we took it back we
were told that the pipe was not covered on the warranty. We got one in the
end after phoning Dysons in the UK who confirmed that everything was
covered.
We’ve had many similar incidents. The Cypriots have got a long way to go
with their ‘Customer Care’ attitude.
One thing that you must get used to doing in Cyprus is ‘haggling’ over
prices. Apart from shops like Debenhams etc where everything is clearly
priced, the starting price is often double what you really need to pay. This is
particularly the case with jewellery and furniture. My wife wanted a fairly
expensive gold/diamond cross. When she found the one she wanted, the
marked price was C£1,400. After a few weeks of haggling, we finally
bought it for C£700.00. This was at the Athos Diamond Centre on the sea
front (aimed mainly at tourist suckers).
Satellite T.V.
Films and news are shown in English every evening on Cyprus T.V., but if
you want to continue watching your old favourites you will need a very
large - 2.8m satellite dish.
A complete system including: dish; LMB; digi box with card and
installation will cost about C£750.00. This will give you just about
everything you would get on the UK ‘freeview’ system without any
ongoing monthly charges. Further Sky channels are available on
subscription.
We bought ours from Astra Sat who were excellent.
There are no T.V. licence fees to pay in Cyprus.
Council Tax
Our first council tax in Cyprus was C£100.00 for the year, so as you can
imagine we were delighted. But after about a year, it was discovered that
we were paying more than double than the locals. I’m not sure whether
anyone complained or what, but it later got reduced to ‘proper’ amount
which was C£39.00 for the year. However, it must be noted that the amount
you pay is set by the municipality, so some areas may be a little more.
Water
The mains water in Cyprus is quite drinkable although we used to filter it
via a jug filter (for drinking only). In most of Paphos and particularly Peyia
there is a very high limescale content, which can scale up your kettle and
washing machine very quickly. There are various water filters/softeners
available, presumably there must be one that actually works but
unfortunately we never managed to find it.
All the water in Cyprus is metered, so obviously the more you use the more
you pay, but amazingly the price is only a fraction of the UK price. As you
will see from the calculation below, ours was just over C£70.00 for the year
(including topping up the pool).
Gas/Electricity
Obviously, how much you pay for these utilities will depend on how much
you use. If you waste electricity by leaving outside lights on unnecessarily,
you will pay accordingly. But in general I would say that per unit electricity
is probably more expensive in Cyprus.
It is the norm for hot water to be heated via solar panels on the roof which
gives you free hot water for most of the year.
There is no mains gas supply in Cyprus, so if you decide to have gas central
heating as we did, you will have to have an LPG tank. When we originally
looked into it, LPG was the cheapest, but it doubled in price during the time
we were there, so we had to use it carefully.
Heating Oil
Most central heating systems are fuelled by oil as our neighbours were. It
appears that the price is fairly comparable to gas (also increasing) although
of course it depends on how you use it.
Telecom
This is another item that increased in price dramatically recently. When we
first got there, the line rental was C£1.50 per month, now it’s nearly C£7.00.
However call charges at the moment are significantly cheaper than the UK.
Using a mobile even on ‘pay as you go’ is very cheap (about 5c per minute
even to the UK). If it wasn’t for needing the internet (which requires a fixed
line), I wouldn’t have bothered with a land line at all.
The initial ‘pay as you go’ packages (cost about C£15.00) and ongoing top
up cards are available from most corner shops. Just ask for a ‘so easy’
package. The sim card included will work on any ‘open’ mobile phone.
All the mobile phones sold in Cyprus are ‘open’ and are about the same
price as the UK.
A Years Expenses (April 2005 - 2006)
Following is an exact list of all our actual expenditure for one year (to the
last penny). This is for two people, one cat, one dog, with health insurance
living in a three bed villa with pool and running a small 4 x 4 vehicle, eating
out at least twice a week (sometimes more). The list includes all insurances,
but not initial vehicle cost or depreciation. My wife had a pre existing
medical condition which is why the medical costs were so high. The
medical insurance for the two us was C£880.00 the rest was medicines and
vet charges.
Shopping
Petrol
Meals out
Gas/Elec
Telephone (inc Mobile)
3224.59
805.17
2582.30
725.72
481.08
Rates
Waterrates
Medical (inc insurance & Vet)
House items inc. insurances
Car (insurance/tax/service)
Presents
Other
Total
39.00
71.33
1651.58
602.95
442.05
1485.59
204.70
£12316.06 (Cypriot)
This equates to £14,661.98 sterling (£281.96 per week) at .84. Note that we
spent C£1485.59 on gifts which was exceptional, so discounting this it
would be less than £250.00 per week sterling. A great deal of the petrol
costs were due to living in Peyia and travelling regularly into Paphos which
could have been avoided. The telephone costs also includes internet
connection/use and regular calls to the UK.
HEALTH CARE
Perhaps the greatest advantage that Cyprus has over many other countries
with regards to health matters, is that they nearly all speak good english. In
an emergency this alone could save your life.
One of the worst things that could happen to you in Cyprus is to become
de-hydrated, and due to the climate this is a very common occurrence. Be
warned because it could kill you. Make sure that you drink at least 2 litres
of water or fruit juice per day. Alcohol will have the opposite effect and
should be administered moderately.
In the UK we are told to reduce the level of salt intake, but salt helps retain
water keeping you hydrated, so I would use it. Obviously, if you have high
blood pressure etc, seek medical advice.
Health Insurance
Once you reach pensionable age, you are eligible to register with the
General Hospital for free health care, but if you intend living in Cyprus
permanently and are under pensionable age, you would be a fool not to
have some sort private health insurance.
There are many plans available and obviously, the older you are the more
they cost and of course none of them will cover you for any pre existing
conditions. Be sure to read the policy very carefully before parting with
your money as the small print could reveal many ‘nasties’.
The best we could find was ‘Atlantic’, but even they were far from my idea
of acceptable. We paid C£880.00 annually for the two of us.
If you are not resident in Cyprus but visit regularly, I would advise that
you have annual private holiday insurance. This can work out much more
economical, but again they will not cover you for pre existing conditions or
you will pay a much higher premium.
You should also obtain your E111 health card.
Hospitals
If you don’t have private insurance, your only option is to pay for private
treatment (which is expensive) or use the General Hospital. I have no
personal experiences of the General at all, but I understand that it is fairly
good, but of course you may have to wait (as in the UK).
If you plan in living in Cyprus or visiting regularly you’d be wise to
familiarise yourself with the location of a few private hospitals (and the
General). When you need one it will most likely be urgent. Members of my
family and close friends have needed them on a few occasions, all urgently.
I can personally recommend the Iasis, the Evangelismos and Byron
Yavaccis. We have also had dealings with The Blue Cross, and The St
George. In all cases you will need your private health or holiday insurance
and passports immediately available.
If you are an in patient, they do feed you, but only to the very basic level.
You will need someone to bring you in bottles of water/fruit juice etc.
In the event of no insurance cover, the general hospital will treat
emergencies (accidents etc.) free of charge.
After Care
There isn’t any! In the event of recovering from a traumatic operation, on
leaving hospital, you are on your own. It’s doubtful that any care that you
need would be covered by your insurance, so you would have to rely on
friends and/or relatives or pay for private care, if you can find it.
I see this as being a major social problem for ex-pats in not too long, as it is
already in Spain.
Doctors
If you are retired and eligible to use the general hospital, you could go there
free of charge. But for normal ailments, you might find it a great deal more
convenient to pay to see a local doctor or one in a private clinic.
There is a price variation. I would say that C£10.00 is normal for a
consultation. Although my wife used to see Dr Boris at the Evangelismos
and he only charged her C£5.00, whereas others at the same hospital have
charged more than double.
Chemists
In general chemists are about the same as in the UK. There is always a late
night one open, which varies and is advertised in the Cyprus Mail (in
english) and also on the internet (cytanet.com.cy).
In certain chemists you can obtain a few things over the counter that would
not normally be allowed in the UK - antibiotics etc. I’m not sure whether
this is good or bad!
Dentists
I’ve had the ‘privilege’ of attending a Cypriot dentist. To my surprise he
was totally excellent and a great deal cheaper than a non NHS UK
equivalent.
Opticians
Opticians are in abundance as buying spectacles is a fair bit cheaper than
the UK and the eye test is generally included in the price. For people on
holiday, they can usually supply them very quickly. We’ve found them to
be at least equal to the UK. But when comparing prices pound for pound
don’t forget to add on the 20%.
Alternative Therapies
Many ex-pats have started varies alternative therapy clinics such as:
reflexology; reiki; hypnosis; hydrotherapy etc. I get the impression that
there is an up and coming market for these both in Cyprus and here.
MOTORING IN CYPRUS
Generally speaking driving in Cyprus is exactly the same as it is in the UK.
Most drive on the left - but keep a special eye out for the others! The traffic
lights follow exactly the same sequence as the UK (unlike other parts of the
EU). Most of the signs, road markings and roundabouts are also the same.
The volume of traffic is far, far lower than the UK which is a pleasant
change (although this is increasing due to the development).
But don’t get complacent because the majority of the local drivers are
abysmal. You must never let your guard down day or night, town or
country. Few locals take any additional precautions in the wet, most have
bald tyres and they’ve all got a mobile phone glued to their ears. I’ve long
lost count of how many accidents I’ve avoided virtually on a daily basis.
Sadly the statistics show that the fatal accident rate in Cyprus is nearly four
times higher than the next worst EU country - statistics from before
Bulgaria and Romania joined - they may be even worse! You regularly see
locals riding motor scooters with one child stood on the front footplate and
another on the back - all with no helmets of course!
To make matters worse, if you are involved in an accident the Police decide
who’s to blame and if the driver is the Policeman’s uncle’s grandfather’s
nephew’s brother-in-law, you’ve got no chance, even if the other car has
pulled out of a junction into the side of you, it’s your fault!
If you don’t know what ‘nepotism’ means you soon will after living in
Cyprus for a while. Basically just about everyone is related to everyone else
in a roundabout way and will protect there own whatever.
Buying a Car
The cost of buying cars is probably about 20% more than the UK (duty
paid). If you are retired and no-one in your household is working (paid or
unpaid) you may be entitled to buy a duty free vehicle. This could save you
a fortune on a large engine vehicle, but you must realise that you can only
sell them back to a dealer when trading up. You cannot sell them privately
even to anyone else who may qualify.
Importing your car
You could import your UK vehicle but you may have to pay excise duty (as
against import duty). This is based on the engine size and if it is a large one
it could cost you much more than the car is worth.
Be careful also when seeking advice from the local customs office. Half of
them don’t know the rules and as such could mislead you. I recommend
that you buy a duty paid vehicle locally and save yourself a load of grief.
There are several British dealers who could advise you honestly.
Vehicle Running Costs
Petrol costs are about 2/3rds of UK prices.
Insurance is about the same - you can transfer your UK no claims bonus
with no problems. The two cheapest we found for insurance were Atlantic
and GAP.
Road tax depends on the engine size, as our vehicle was only 1100cc the
cost was only C£27.00 per year. However larger gas guzzlers and diesels
can cost considerably more.
Vehicle servicing tends to be quite a lot cheaper than the UK. There are a
fair few British mechanics who work for very reasonable rates. A full
service on my little 4x4 cost me C£65.00 including new spark plugs, oil/air
filters and oil. This also included cleaning out all the brake drums/discs
(Frank in Peyia). In the UK I’ve paid four times this cost for not as good.
There is an AA equivalent in Cyprus which costs about C£10.00 per year.
We used this once and they were remarkably quick and efficient - maybe
we were lucky!
Once your vehicle is three years old it will need an MOT test every 2 years.
This costs C£10.00 plus any work required. Judging by the amount of
wrecks driving around, I doubt if this test is anywhere near as stringent as
it is in the UK.
For some reason you are advised to change your oil every 3,000 miles maybe because of the dust or heat. So a lot of garages offer a quick oil
change service, where the old oil is sucked out of the dip stick tube. This is
a complete waste of money. Always insist on having it drained out of the
bottom. They will always do this if you ask for no extra charge. If you use
synthetic oil, I can’t imagine this needing changing at less than 12,000 miles
or more (under any circumstances)!
Petrol Stations
Petrol stations are plentiful in and around the main towns, but if you go
into the remote areas there are none at all. When they are closed they nearly
all have automatic machines which take cash (notes) or credit cards.
Instructions are in English and Greek.
Interestingly, in the remote villages you can buy petrol in bags from the
local shop.
Driving Licences
Once resident in Cyprus, you can exchange your UK licence for a Cypriot
one if you wish, but this is not compulsory. I chose to keep my UK one
which saved a load of grief changing it back again.
Hiring Cars
There are numerous car hire companies mainly aimed at the tourist market
and priced accordingly. Don’t be misled by the daily price quoted, there
will be lots of ‘extras’ to be added.
If you do hire a car make sure that it is FULLY insured and has tyres that
YOU consider legal (and a spare).
If you intend going into the Akamas Peninsular or the Cedar Valley, you
will need a 4 x 4. This is why you will generally find large excesses in the
agreements for sump damage etc.
The only company that I could personally recommend is Andreas
Philipedes at Fairways - the main Mitsubishi dealer. With him you will get
a good, legal, airconditioned, fully insured vehicle at a fair price, but you
must book in advance. You can even arrange pick up and drop at the
airport for no extra cost.
Motor Cycle Hire
Again there are numerous companies mainly aimed at the tourists. If you’re
on holiday, check your holiday insurance first. You may find that you are
excluded completely or only allowed to ride a machine up to 50cc. Make
sure that you are supplied with and use a helmet and carry your travel
insurance with you - this saves time at the hospitals.
IMPORTING ANIMALS
It was 2003 when we moved to Cyprus, before they were EU members.
Even then importing pets was no problem. They had to have a rabies
injection before leaving the UK and be checked by a vet on arrival at the
airport and then had to spend six months in ‘house’ quarantine (they could
go in the garden).
Now that they are EU members, you can do away with the quarantine if
your pet has a ‘pet passport’ and the rabies injections are up to date. The
same applies to returning to the UK.
To travel by air they must have suitable containers (available from most
vets). The cost to bring them in and out was about £500.00 per animal.
Vets
The cost of veterinary care is substantially cheaper than the UK and of a
reasonable quality. There are vets available in most areas. We also found
that the waiting time was much lower than in the UK.
BUYING A PROPERTY
One thing that you need to be aware of when buying in Cyprus (and
probably most other places abroad as well) is that there are positively 3
different markets (all of which get a little intermingled):
The Holiday Rental Market;
The Ex Pat Residential Market; &
The Cypriot Residential market.
This might sound quite obvious but, if you intend buying for holiday rental
purposes, you need to buy in an area that is suitable for renting. You would
be amazed at how many people don’t think about this. There are a
multitude of properties being built, many of which are supposedly for
holiday use, but are totally unsuitable. Similarly, some unfortunate souls
inadvertently buy a holiday home for residential use.
We’ll now discuss these differences.
The Holiday Rental Market
The majority of Brits who buy their first property in Cyprus, usually go for
this market. The typical property to purchase would be a one or two
bedroom apartment on a complex with a communal swimming pool in the
Paphos area with the probable idea of renting out for holiday purposes.
As always location is of paramount importance. Think about what you
would want from a holiday property i.e.:
Easy and low cost transportation to airport;
Private or communal swimming pool;
Shops, bars/restaurants etc within easy walking distance;
Within easy walking distance of the sea;
Good weather;
All year activity;
Near a golf course etc;
Near water sports etc;
Near places of interest (Historic sites etc.).
Near public transport.
All this seems fairly obvious. The first property that we bought ticked all
these boxes with the exception of golf. The golf courses in the Paphos area
are well away from all the other amenities. But you would be amazed at
how many Brits buy property that is totally unsuitable for their needs,
mainly because the don’t know the areas well enough and/or they are
‘blinded’ by a really nice looking property that happens to be in a totally
inappropriate area.
For holiday purposes you need to be central to Kato (lower) Paphos, the
Tombs of the Kings Road area, or Coral Bay where there are good facilities
within easy walking distance. Even in these areas, avoid properties that are
a 15 minutes walk away from the action.
Latchi (near Polis) on the other side of the Paphos peninsular is up and
coming, but is not so easy to get to from the airport. It’s also not so lively in
the winter at the moment (but the beach is superb). However this could be a
wise investment, as there is a motorway link planned to Polis which could
really transform the area.
I wouldn’t recommend Limassol unless you really know what you are
doing, for various reasons. Although it’s a large costal town which has
action all year, it’s also very industrialised and has a higher crime rate than
Paphos. It’s also nowhere near as scenic. Limassol is an excellent place to
visit for shopping and buying cars etc.
Paphos town, is not ideal for holiday rentals (although there is a good bus
service to Kato Paphos). Surrounding areas such as Tala, Peyia, Chlorakas,
Emba, Kissonerga, Timi, Tremethousa, Konia, Geroskipou etc., are not
really suitable at all, as hiring a car would be essential (the bus service is
only good between Paphos town to Kato Paphos and along the Tombs of
the Kings Road to Coral Bay).
Note that if you are a UK resident and buy a property in Cyprus to rent out,
you will be liable to pay income tax in the UK (foreign lettings). So keep all
accounts of advertising, pool/mainentance charges etc., as you will be able
to claim an allowance for these. You will need to convert all income and
expenditure into sterling at a rate determined by the Inland Revenue.
I strongly urge you against trying to get away with this as they now have
very advanced ways of catching you out.
There is an agreement between the UK and Cyprus to ensure that you wont
be charged tax n both countries.
The Ex Pat Residential Market
If you are looking for property just for your personal use or with view to
future retirement, you would be wise to keep away from the holiday
property areas. This will give you a much greater choice of good areas, but
of course you will need a vehicle (unless you opt for Paphos town). The
areas mentioned previously as unsuitable for holiday properties could be
extremely suitable for residential use.
Beware however, as many builders are now building ‘holiday’ properties in
these areas as well. If you buy your dream home and then find that you are
invaded by noisy holiday makers in your complex or next door you will not
be too pleased.
This can be difficult to avoid. The second property that we bought (in
Peyia) was nothing more than a plot of land when we saw it. Our complex
comprised of 4 villas all with their own pools, directly behind a large
existing Villa.
Up until we purchased, the whole area only consisted of detached villas
and the traditional village houses in the village. But due to the land values
increasing, the developers are now building a multitude of town houses
and apartments. Many of these of course would be sold for holiday use
(despite being unsuitable) and others for residential use.
The Cypriot Residential Market
The Cypriot market is different in the fact that, they are not in ‘holiday
mode’ at all and as such would tend to inhabit areas that are convenient for
commuting to their places of work and will generally not have swimming
pools.
Obviously, there are Cypriots living in all areas, but you will find that they
are generally in or very near the villages/towns and in more traditional
type properties. Whereas us Brits and other ex pats tend to be in more
modern properties outside of the villages/towns.
If you think about it sensibly, the areas that the locals inhabit are the most
convenient - they are generally within easy walking distance of shops,
schools and public transport etc. Whereas the average Brit doesn’t think
that they are ever going to get too old to drive a car or maintain a large
garden/pool etc. They are blinded by what the property developers show
them.
Northern Cyprus
If you buy property in the Turkish occupied area to the north of the island,
you will have no way of knowing whether the land that you are purchasing
is stolen or not and you would never obtain ‘legal’ deeds to the property as
these are only issued in the south (any issued in the north are not legal). So
the ‘bargain’ prices could end up being a nightmare, because you could
never legally re-sell.
In most cases you would be attempting to profit out of someone else’s grief.
If your conscience will allow you to do this - fine, but it’s my opinion that
there’s a lot more trouble to come there yet.
Construction Methods
The general method of construction in Cyprus is as follows:
Firstly the land is cleared and levelled and any retaining walls erected.
Then the land is excavated for drains and services etc. Most properties have
septic tanks, but they are gradually connecting everyone to main drains.
Then a re-inforced concrete raft is constructed as a foundation. This is so
that if there is any movement due to earthquakes, the whole lot will move
together.
Obviously if this raft or any retaining walls are in anyway defective, the
property will collapse at some later stage. Also, if you require central
heating, the conduit for the pipes must be installed at this stage. (If you’re
not sure about central heating, you could have the ‘provision’ for it installed
at no great cost).
Then a re-inforced concrete skeleton (including upper floors and roof) is
constructed, by erecting wooden moulds and pouring the concrete into
place. The gaps are then filled in with a single layer of brickwork, windows
and doors.
The usual windows that are used are sliding aluminum framed. It makes
little difference if these are double glazed or not as the drafts simply blow
through the gaps in the construction. We had single glazed in the apartment
and double glazed in the Villa. To be honest the apartment was warmer!
It’s normal to have two water tanks on the roof. One of these is a large
storage tank so that you still have water when the supply is interrupted.
The other is the hot water tank which is usually heated by a solar panel and
backed up by an immersion heater. This effectively gives you free hot water
most of the year.
All the plumbing and electrical wires will go into conduit on top of the raft
and then covered in screed. The walls are then plastered inside and
rendered outside and the internal fittings completed etc.
The result is one incredibly environmentally unfriendly concrete blob with
absolutely no insulation whatsoever, which will be freezing cold in the
winter and unbearably hot in the summer. So you would need to spend a
small fortune on heating (which is expensive) in the winter months and air
conditioning in the summer (which is even more expensive). It’s my
opinion (from what I’ve seen) that the life expectancy of this type of
property is very low (30 years?).
Personally, I hate the whole construction method although I admit that due
to the possibility of earthquakes, the concrete raft is essential. In my opinion
a much better method is the ‘Structurally Insulated Panel’ (SIP) method.
This will give you so much insulation that you would need only minimal
heating in the winter and no air conditioning in the summer. It’s also
stronger, lasts longer, easier, quicker and cheaper to erect and far more
environmentally friendly.
Sadly, few Cypriots builders use this method although it is readily available
from a few companies in Cyprus. There is British run company called
‘Eden’ with a subsidiary called ‘Nest’ who specialize in SIP construction.
Alternatively, the traditional method with the inclusion of some form of
insulation and the use of better sealed unit PVC windows with Pilkington
‘K’ glass could also produce a good result. I know that Petra Build would be
accommodating here and probably Costas Gavrieledes and Tritonia as well.
Eventually, all of the developers will have to, if they intend progressing into
the current century.
Due to the climate Cyprus is the perfect place for using solar panels and
wind turbines for generating electricity. There are companies specializing in
these and subsidies are available. With the way that electric prices are
increasing, I don’t think it would take long to recover the initial cost of this.
Heating
Central heating can be by fuelled by LPG bottled gas (which we had) or oil.
When we bought ours, gas was cheaper, but it doubled in price in the three
years that we were there.
I think a wood burning stove or open fire is an excellent idea, as although
firewood is expensive, you could also burn all sorts of bits of wood that you
will see lying about. My wife isn’t too keen on open fires due to the dust. It
has to be said that the normal level of dust is a real problem in Cyprus, due
to the climate and the building.
If you didn’t want central heating, there are also gas fires and individual
gas wall heaters available, but again the pipework must be installed during
the build.
Most airconditioning units also give out heat, but these tend to be expensive
to run and not terribly efficient in large areas.
Finally there are some very efficient electric heaters around. But forgive me
for re-itterating myself, if you have insulation, you will save a fortune.
How not to buy
You probably first thought about buying in Cyprus as a result of a property
developer’s advert. It’s likely that you will then go to a property exhibition
in the UK. So far so good. This will give you an idea of what is on offer at
what price, but of course at this point you will have no idea of the areas and
build quality and what else is on offer.
Then comes the big mistake. The idea of the property exhibition is to create
sales, so the developers then offer you a low cost ‘inspection trip’ (perhaps
with a 100% refund if you buy as a result).
On arrival in Cyprus you would have a very tight itinerary (so that you
couldn’t escape). You would be taken to an hotel well away from the town
centre (and any estate agents offices), and shuttled around to varies
properties and areas that they want you to see.
They would very cleverly take you to restaurants with superb views in
lovely locations (probably nowhere near their properties at all). This of
course is just a ploy to make you associate the good areas with their
properties even though they could be miles apart. But as you’re totally lost,
you’ve no way of knowing.
Then of course they would offer you an incentive to sign up NOW, after
which you would be hustled off to their solicitors and the deposit taken.
SUCKER!!!!
The largest developers are Leptos, Aristo and Pafilia. They probably all
employ these tactics or similar. If you were stupid enough to go along with
it, (even after taking into account any special offers that you may think
you’re getting) you’d probably pay 20% or more above the market value
and that’s before you start with all the ‘extras’ (more about this later).
Another thing that you’ve got to be aware of when buying off plan is that
although there maybe a superb view now, if there is vacant land in front,
you must assume that it’s going to be developed with a block of flats. Many
builders will insist that it is ‘green land’ in front of a proposed development
and no-one can build on it. Don’t be taken in. In Peyia, developers have
literally broken the law by building too high, too close etc., but the worst
that happens is that they are fined a couple of thousand pounds!
It really is quite frightening at some things that they get away with. I can
show you blocks of flats built no more than a few feet in front of established
properties, not only blocking their previous unobstructed views, but cutting
their light out almost completely (in Peyia and Chlorakas). In the UK such
practice would not be tolerated, but in Cyprus, we don’t make the rules!
I could also show you several modern properties (in Mesa Horia, Pissouri,
Chlorakas and Emba) that have been built so badly that the only option is to
demolish them. I know who built these, but no names mentioned here! I’ve
also seen others similar on ‘Holiday Properties from Hell’.
In general much of the building quality that I’ve seen in Cyprus is very very
poor. They do now have to comply with building regulations, but I still
wouldn’t trust a substandard builder. The general guarantee for building
defects is one year only. If the property falls down after that, in most cases
they’ll just shrug their shoulders and walk away. And sadly even if you
take them to court and make them bankrupt you’d end up shooting
yourself in the foot as the land would be registered in their name anyway.
More about this later.
How to Buy without getting ripped off.
The only sensible way to buy property abroad is to gather as much
information as you can (from brochures, internet etc) and then go there
yourself totally independently of any agents or developers. When you’re
out there it’s a good idea to be shown round properties by agents etc, but
don’t be ‘tied’ to any of them.
The only agent that I can personally recommend is Gloria Aubury (who
featured on ‘I want that House’ on T.V. She has been selling property in
Paphos for over 15 years and can give expert impartial advise with regards
to which builders are good and which are not. We bought both a properties
through her. Gloria can show you both new and re-sale properties.
You then basically have two choices: to buy a new ‘off plan’ property or
buy a resale. There are advantages and disadvantages to both.
Buying a New Property
The obvious advantage of buying new off plan is that you will have a
choice of tiles, kitchen and bathroom etc. Paying in stage payments of
course may suit your budget. Theoretically the value of the property should
have increased before you make the final payment, but to be honest this
usually only occurs in a fast market. Right now the market is slow
(definitely a buyers market), and you should take advantage of this by
looking for a bargain.
There can be more disadvantages to buying off plan.
You must make sure that you are confident that the builder is capable of
keeping his side of the bargain on time and of the quality agreed.
Before signing any contract you need to be completely aware of exactly
what is included and what is ‘extra’. It’s normal in Cyprus for the following
items to be extra:
Shower doors;
Tile Borders;
Tiling above a certain cost;
All white goods including oven and hob;
Double Glazing;
Air conditioning;
Central Heating (or provision for);
Patio or drive areas other than specified;
Granite work tops;
Extra work surfaces;
Extra cupboards or built in wardrobes;
Wall lights (provision);
Swimming pool;
Pressurized water system;
Outside sockets and lights;
Outside Shower and taps;
Irrigation System;
Railings on ground floor verandahs;
Fire places etc.
All in all the extras could end up costing you a great deal more than you
originally anticipated. As an example, our villa originally cost C£108,00, but
the ‘extras’ cost another C£37,000 (nearly £50,000 sterling).
However, it can work out to your benefit for certain things to be ‘extra’ as
you will only pay the property tax on the original price. But you must be
aware of the final cost and compare this to any resales that you may like the
look of.
Be sure to have central heating or the provision for it unless the place is
insulated to a very high degree, remember it can’t be added afterwards
(without pipes showing everywhere or practically demolishing the place).
And don’t let anyone kid you on that you don’t need it, believe me it gets
cold in the winter evenings.
Buying a Resale
There can be many advantages to buying a resale. If you buy in an
established area, you will see exactly what else is built in the vicinity. You
will know that any views that you have should be there for ‘keeps’. Also
you wont have to put up with builders all around you for God knows how
long!
Furthermore, all the ‘extras’ will be included in the price which could make
a huge difference ensuring that you end up with a much better deal.
If the property is more than four years old, the deeds should be available,
which is a major plus point. If they are not available, make sure that the
specific performance has been registered and that the builder is solvent (see
‘Deeds’ below).
Possible disadvantages are that they property may not have central heating
or the provision for it. In this event, if you really liked the property, I would
look into the new types of electric heating available.
Make sure that the property has been built by a reputable builder. If the
property is a few years old, you can usually tell how well it has stood the
test of time. But if you buy via a reputable agent (Gloria Aubury) you
should be advised accordingly.
Deeds
When buying a new property, it normally takes about 3 - 4 years for the
deeds to come through. There is no way of getting around this. Until you
have the deeds in your name, the property effectively belongs to the
developer, but the contract of sale makes it clear that you have paid for it.
In order to prevent the builder remortgaging ‘your’ property to aid cash
flow etc, you need to have the property registered for what they call
‘specific performance’ within 60 days of the contract. This is most important
and of course your solicitor ‘should’ do this but make sure they do.
It’s commonly thought that if the builder goes bankrupt before you get your
deeds and if you have the specific performance that you will still be OK, but
BE WARNED this is not necessarily so. It is down to the judges discretion.
Therefore you’d be a fool to purchase a property from a builder/developer
who is not financially sound! You could lose everything even up to four
years after you’ve paid for it.
Should you wish to sell your property before the deeds are in your name,
the builder will have to sign another contract of sale with the new
purchaser and could (and probably will) charge you several thousands of
pounds to do so, or even not allow it at all.
Therefore you must ensure that there is a clause in your original contract
of sale forcing the builder to transfer the contract to any new purchaser
without charge (other than any reasonable costs that the he may incur).
Again BE WARNED of this, nearly everyone falls foul of it (including us).
It’s nothing more than a blatant con and just about every builder/developer
(even the ‘good ones’) try it on and get away with 99.9% of the time! The
solicitors will tell you that this is quite normal, but if they wanted to sell me
another property ‘normal’ or not they wouldn’t sting me for it again!
When the time comes for you to collect your deeds you will be required to
pay the property transfer tax which is on a sliding scale:
Up to £50,000 . . . . . . . . 3%
C£50,001 - £100,000 . . . . . . . . 5%
£100,001+ . . . . . . . 8%
Note that if you buy a property jointly, both partners get the same
allowance, so then the 3% charge would effectively up to the first £100,0000.
Communal Areas & Pools
If you are buying an apartment or townhouse on a development, there will
no doubt be communal areas and probably a pool. If buying new, before
agreeing to the purchase, make sure that you know how much the
communal charge is going to be and have it written into the contract of sale
that this amount can only increase annually by the rate of inflation.
It’s common that the developer will quote a low amount before you’ve
actually signed the contract of sale and then increase this amount
dramatically after a couple of years. And of course until the deeds come
through for the whole of the development (and a large percentage of the
occupants agree otherwise), he’s got you buy the ‘short and curlies’!
For a small development of up to 10 properties, a fair price for pool
maintenance/management should be about C£400.00 per year. For larger
developments it should be a lot less. However, I know some developments
that charge well over C£1,000 per year.
If buying a re-sale, of course you have no chance of negotiating a better
deal, just be sure that you know exactly how much you are required to pay,
and to whom, and what exactly you are getting for your money.
Pools
To construct a swimming pool, obviously the ground needs to be excavated
to the required size and depth and the necessary pipework and electrics
installed. Then the hole and base is lined with re-inforced concrete. and a
upvc liner inserted (the cheapest option) or the construction is tiled (which
is more expensive but lasts longer). Of course if the groundwork and/or the
re-inforcing is defective the pool will collapse. We’ve seen a few go! Then
the builder blames the pool company and the pool company blames the
builder and you would end up paying for it. We’ve seen this happen to one
poor couple twice!
Generally the pump and filter are housed in a small outhouse nearby
although small pools sometimes have these integrated into the construction.
The average size pool is 8m x 4m rectangular and should cost about
C£12,000 inclusive of installation, surrounding patio, steps and water
(delivered by lorries). Curved and kidney shaped pools cost about C£2,000
more.
The water will need to be ‘balanced’ for chlorine and PH. The average cost
of chemicals is about C£100.00 per year. If you pay someone to maintain
your pool it will cost from about C£45.00 per month plus chemicals.
The only other costs are the electricity for the pump and lights and the
water (topping up). Our pump was about 1500 watts and needed to be
running between 2 - 4 hours per day every day (more in the summer).
Calculating the exact cost of this is difficult, but you can be sure that it will
be more than half of your electric bill unless you use the air con (which will
take it through the roof). In the summer, it is necessary to top the pool up
for about an hour per day due to evaporation..
You should also be aware that chlorine and other chemicals can be
absorbed through the skin. If you use it a lot and if it is over or incorrectly
‘chemicalised’ this could seriously damage your health.
An alternative is to have your pool adapted for salt water. The initial cost of
this is about C£1,500 (probably less if installed from new), but you would
then save on potentially harmful chemicals and electricity and maintenance
costs.
My personal opinion of pools is that they are a fanciful waste of money.
There must be thousands of personal pools in the Paphos area which are
consuming millions of gallons of valuable water per week that are unused
95% of the time.
Unless heated, pools are only usable from May - October max. It’s
obviously great to have one when on holiday, but believe me the novelty
soon wears off when you live there! Personally I’d rather take my chances
in the sea and save the money and the environment. But it has to be said
that if you buy a villa without a pool (or the room to install one), you will
have much more trouble selling it. Most people ‘think’ they want one.
Without doubt, the best type of pool to use is one that is owned by someone
else!
Solicitors
As with buying property anywhere, having a good solicitor is essential. We
have personally used three different ones, but our experience is that
Penelope Athindorou-Mantis is the one to use (see useful contacts). She is
simply more knowledgeable.
The cost of conveyancing in Cyprus is almost double to that of the UK, but
unfortunately it’s a very necessary ‘evil’.
Exchange Rates
When considering a purchase of over £100,000 even a small fluctuation in
the Cypriot/Sterling exchange rate could give you a nasty shock or very
pleasant surprise depending on which way it moves.
When we bought our first property the rate was virtually pound for pound.
But for sometime now it has hovered around the .84 mark.
Before transferring funds always shop around for the best deal, but watch
out for one off transfer charges. (A good rate with a lousy transfer charge
could work out far worse than a ‘ not so good exchange rate’).
If you are paying in stage payments a few months apart, you can secure a
future exchange rate at a set value for a premium. This of course will take
the guess work out of it, but the rate could move in your favour. It’s a
lottery!
Mortgages
Cypriot mortgages are normally available for new properties through the
developer and his bank (as the deeds would be in his name), and through
most banks on resales where the deeds are available.
A mortgage cannot be arranged for a resale until the deeds are available. It
has to be said though that the majority of people buying to retire use the
proceeds from the sale of their UK home and therefore don’t need a
mortgage.
If buying a holiday or investment property, the least complicated way to
raise finances is to re-mortgage your UK property and pay cash in Cyprus.
If you do secure a Cypriot mortgage remember that your payments could
go up or down due to the fluctuation in exchange rates. Also check the
small print for interest rate variations and early redemption charges etc.
Wills
Dying can be extremely inconvenient and I would urge against it. However
if you own property in Cyprus and this does occur and you haven’t made a
Cypriot Will, it will not only be inconvenient for you but probably more so
for your beneficiaries. If you die intestate, your estate will be divided
between your spouse and children and possibly the state according to
Cypriot law. Any UK Will that you may have written, may be taken into
consideration, but I wouldn’t bet on it.
The easiest way of making a Cypriot Will is to do it via a solicitor, but
beware, as they will automatically assume that you want them to be the
executors - BIG MISTAKE. If they are the executors, basically you are
giving them the right to take as long as they want and charge us much as
they want. Insist on your beneficiaries also being the executors, then they
have the right to use whichever solicitor they choose and sack them if they
don’t do a good job.
Someone I know was having terrible problems attempting to get his hands
on his deceased mothers estate due to this, and during the several years that
it took, the villa deteriorated to such a state that it had to be demolished.
Furnishing Your Property
If you are moving to Cyprus permanently you will need to decide if it’s
viable to ship out all your existing furniture and effects.
The cost of a 20’ container including packing, transporting and unpacking
from the UK to Cyprus is about £3,000 sterling. If you decide to just bring
your personal effects you will pay per cubic metre and this will still cost
you about £800 - £1,000.
We decided to take everything in a container (via Britannia who were very
good). When you add up the value of all your ‘junk’, you will probably find
it’s worth taking the lot as we did.
If you’re furnishing a holiday home or decide to start ‘anew’, there are a
multitude of shops (mainly up the Polis Rd) waiting to take your money.
Make sure that you have a good look around and remember that their
quoted prices are grossly inflated so that they can offer you a discount and
still sting you! Ask for their best price and then again for cash (as against
credit cards or cheques etc.). Then walk out and think about it - the price
keeps going down!
Similarly with white goods, the price variation is enormous and large
discounts are available.
Think carefully before wasting hundreds of pounds installing air con in
every room (as we did). The largest and most expensive units to install and
run would go in the living areas. In the three years we used ours only once
in the lounge and that was just to test it’s efficiency.The one in our bedroom
was used all night and every night during the hot summer months. The
units in the spare bedrooms were used only when we had guests.
However I would say that it is essential to have the provision for air con in
every room and most builders do this as standard, but two ceiling fans
spinning in opposite directions should be enough to cool the living areas
apart from very extreme times (then cool off in the bedroom air con or the
pool).
SELLING YOUR PROPERTY
Nearly everyone I speak to suggests that selling their property wont be a
problem as they’re not going to .......... but they nearly all end up doing it for
one reason or another.
Selling in Cyprus is far more difficult and costly than it is in the UK and this
should be taken into account when buying. The majority of agents and
marketers charge 5% of the property selling price on re-sales and 5% - 10%
on new sales. Obviously this amount is ‘geared’ into the selling price. Gloria
Aubury only charges 3% commission, but would probably not take you
unless you’d bought through her in the first place.
Some agents require sole agency rights, while others are prepared to allow
you to advertise your property with other agents. Look carefully at the
small print and ensure that you are only liable to pay fees in the event of a
sale by the agent. Also watch out for small print the excludes you from
advertising privately. It’s normal for there to be a clause disallowing you or
any other agent from advertising the property at a lower price.
I know that this might seem obvious, but make sure that your property and
gardens are clean and tidy when the photos are taken and when
prospective purchasers come to view.
We were lucky enough to sell our villa privately through the Paphos Post
newspaper. We also tried several internet sites and Daltons Weekly without
success.
When selling of course you must realise that you are competing against all
the ‘glitzy’ new properties (even though yours may be only a year old) as
well as numerous other re-sales. You will soon find that you are not on a
level playing field. Everything seems stacked against you and in favour of
the developers.
When prospective purchasers view, don’t forget to tell them the advantages
of a re-sale (as discussed previously) i.e.: the extras; the deeds; good
builder; established area; view that cannot be obstructed (if applicable) etc.
As well of things particular to your property of course.
It’s a good idea to get a few valuations from agents and look at similar
properties before deciding on a price. Our villa was valued at between
C£160k and C£200k - a huge variation, which leads me to think that they
haven’t got a clue.
Your property is only worth as much as anyone is prepared to pay and if
you’re serious about selling, you’ve got to ‘get real’ with your price. We
eventually sold ours for C£165k, but of course we didn’t have any agents
fees to pay.
Just before we left Cyprus, there was an English company attempting to sell
property by auction. We went to observe (along with hundreds of others).
Only a small handful of the properties actually got sold. So from what I’ve
seen I wouldn’t recommend this option.
After finding a buyer it’s normal to split so much off the price for items
such as white goods; air conditioning and furniture (if applicable) etc. Then
the buyer wont pay property tax on these items and your capital gains tax
liability will be reduced. Your solicitor will advise you, but the more
paperwork you have the better (so keep receipts for every thing).
Capital Gains Tax
Capital gains tax is payable in Cyprus only on property sales and is charged
on the difference between your original purchase price and the selling
prices at 20%.
There are two types of personal allowances both available to both parties of
a joint ownership. Everyone has a ‘once only’ allowance of C£10,000. In
addition to this there is also an indexation allowance based on inflation.
So in it’s simplest form, if you and your partner jointly buy a property for
C£100,000 and after 2 years sell it for C£130,000, after using both personal
allowance and approximately C£6,000 (estimated) for indexation, you will
pay tax on C£4,000 at 20% = C£800.
If you live in your property for 5 years as your main residence, you have an
increased ‘once only’ allowance of C£50,000 each which effectively rights
off any capital gains tax liability completely. Note that this allowance is not
in addition to the C£10,000 allowance (if you’ve previously used that, you
will only get C£40,000).
You are also allowed to claim for estate agents fees (but only from
registered agents not ‘property marketers’) and improvements to your
property which must be backed up with official invoices stating the service
provided, your name and the address of the property. You cannot claim
against solicitors fees (as you can in the UK).
Make sure that your solicitor has all the necessary paperwork so that the tax
assessment can be completed quickly. It’s normal for you not to get the
proceeds from the sale until this has been done which might be about 14
days.
On the sale of our first property, we used our C£10,000 allowances
(eliminating any liability) and thanks to my meticulous record keeping we
only paid about C£3,000 when selling the villa.
RENTING A PROPERTY
There is an awful lot to be said for renting instead of buying. The main big
advantage is that if anything goes wrong and you want to return to Britain,
you can just simply walk away from all your problems, without all the
‘selling’ and ‘capital gains tax’ problems.
I’ve seen people in Cyprus and Spain literally desperate to return home for
various reasons, but unable to sell. Some are forced to sell at way below the
market value and often are unable to buy again in the UK due to the
escalating market over here.
There’s also a lot of sense in keeping a property in the UK and renting it out
(as we did). Then at least you’ll retain your position in the UK property
ladder. Even though we made a profit on both out Cyprus properties, it has
to be said that we would have made at least 20% more in the same period in
the UK.
Renting long term furnished or unfurnished is a great deal cheaper than in
the UK, but you don’t have as many ‘rights’ as a UK tenant has. However
there are many properties to choose from, both from agents and private lets
out of the papers. As with buying, the asking price is usually inflated, so
negotiate.
A good three bed apartment can be rented for about C£350.00 per month.
Villas with pools are also available. A small but tidy traditional house can
be rented from as little as C£140.00 per month.
WORKING IN CYPRUS
As Cyprus is now a full member of the EU, as a British citizen you have the
right to live and work there.
No doubt it’s the dream of many to live and work in the sun. For some this
can be a reality, but only if planned and financed correctly.
I’ve seen several couples, both in Cyprus and Spain fail in their attempts,
mainly through being under financed.
If you’re planning getting an unskilled job working for a Cypriot company,
you will probably be very disappointed. The average wage in Cyprus is
very low. I know ex-pats who work hard (in the scorching sun) for as little
C£2.50 per hour (nearly half the UK minimum wage). To be blunt, the only
way that you have a chance of making any money in Cyprus is to work for
yourself.
Furthermore, unless you are selling a product or service unavailable
elsewhere locally, you will not sell to the locals. Your only customers will be
other ex-pats and holiday makers. Having said that, there are plenty of
opportunities i.e.: motor mechanics; property management; window
cleaning; building services; teaching; driving instructing (UK ADI
qualification can be transferred); retailing; catering; painting/decorating;
gardening; pool maintenance; light removals; personal care; alternative
therapies etc. There are of course many people already doing these things,
but property is being sold daily to ex-pats, so the opportunities are
expanding constantly.
We initially went to Cyprus to retire, but I ended up starting a small sign
making business (UK Mag-Signs which is still going strong), producing
mainly magnetic vehicles signs. As these were unavailable elsewhere in
Cyprus, I even sold to the Cypriots which is very rare.
But whatever you decide to do, I warn you not to tread on any Cypriots
toes. They do not like ‘their’ business being taken away and will re-act
viciously.
A young couple that I knew started a removal business in Paphos, at first
just doing fairly small light removals. They later decided to expand and get
into storage. After a lot of difficulty they acquired a warehouse. However,
they had difficulty getting insurance for it, but foolishly went ahead
anyway and took several thousand pounds worth of customers goods to
store only to be burnt out within the first week.
The fire brigade allegedly just stood and watched. Basically, if you start a
business where ‘they’ think you are taking a Cypriot’s livelihood, you’re
heading for trouble.
Income Tax
Unlike the UK the personal tax allowance is pretty good. Before paying any
tax, you can earn approx C£10,000 (each) and then the starting rate of tax
payable is only 5%. Remember, that your UK pension (if applicable) is
included in this amount.
During our time in Cyprus we paid no income tax.
VAT
The VAT threshold is very low about C£11,000. Whereas in the UK it is over
£50,000. This means that once your ‘turnover’ - not profit - reaches about
C£9,000 you will be required to register and charge VAT on your services.
The current rate is 15%.
If you do work for yourself, I strongly recommend that you use a Cypriot
accountant as although English is widely spoken, all the tax documents are
in Greek only.
My accountant charged me C£50.00 plus VAT each year, but of course I
provided him with very easy to read accounts.
National Insurance
After your earnings have reached a certain level, you will be required to
pay National Insurance contributions in Cyprus - your accountant will
advise you when you should register. You would then be eligible for their
health and security benefits.
If you were self employed previously in the UK, you would be allowed to
continue paying your class 2 contributions to the UK. If you were not
previously self employed you can pay voluntary contributions (which are
more expensive). This will ensure that you eventually get your full UK
entitlement when you reach 65 for men or 60 for women.
Once reaching 60, if you living and are not working in the UK, the last five
years of your contributions are paid automatically and you could be eligible
for certain benefits. However, this is not the case if you are living in Cyprus,
but of course it is very much to your advantage to make sure that your
contributions are fully paid.
CLAIMING YOUR UK PENSION IN CYPRUS
As an EU citizen you can claim your UK pension in Cyprus (in sterling), but
with a few exceptions:
You will only get your winter fuel allowance if you started claiming
your pension in the UK;
You wont be able to claim any additional ‘Pension Credits’ that you
may be eligible for in the UK.
IF I WAS DOING IT ALL AGAIN
As stated earlier, our first ‘holiday’ property was built by an excellent
builder in a superb position for a good price and I can’t see how we could
have done any better. This was largely down to contacting Gloria Aubury
who advised us throughout.
However, if I was buying a residential property again, I would do it
differently (not because the builders were at fault).
Firstly, I would rent for a few months in order to find exactly the right
property (or even to decide whether it’s worth buying at all as against long
term rental).
Obviously everyone is different and looking for different things. My ideal
property would be a penthouse apartment either in Paphos town or
possibly Kato Paphos, with a large balcony but no swimming pool. I would
prefer the build to be SIP if possible and with quality UPVC double glazed
windows, solar panels, a log burning stove and air con units in the
bedrooms only.
If I could find the right plot in the town, I would consider doing a self build
with SIP in order to get exactly what I wanted. I have met a few people who
have done self builds. They have had numerous bureaucratic problems but
ended up with superb well insulated properties at bargain prices.
Things I Miss about Cyprus
Even though we have returned to the UK, there are still many things that I
miss about the island:
The food, especially the salads, kebabs and haloumi cheese;
The restaurants/bars in particular the Almonds Tree, Riccos
Beach Bar and Nikis at Coral Bay;
The low council tax, water rates, telecom and petrol prices;
My Pajero Jr 4x4 car;
Trips to the Akamas, Polis and the Troodos Mountains;
The spring, autumn and winter climates, and;
Last but not least, the many wonderful friends (both English and
Cypriot) that we made whilst there and the glorious lifestyle that we
enjoyed.
In all, Cyprus is a wonderful country with lovely people and I’m privileged
to have lived there.
Things that I am glad to get away from
On the ‘darker’ side, there are quite a few things that I shall not miss:
The idiot drivers and bad road surfaces;
The summer heat;
The nepotism;
The bureaucracy;
The pool cleaning;
The dust and the perpetual developing;
The flies, cockroaches, spiders and scorpions;
The harsh winds and threat of earthquakes;
The lime scale in the water.
Things that I am glad to get back to
The weather - sorry but I love it (rain and all);
The British sense of fair play. Britain is the best place in the world,
that’s why everyone else is trying to get here!;
The beautiful British scenery. I’ve travelled to many countries around
the World, but the British scenery (the lakes, Scotland, Wales,
Derbyshire, the inland waterways etc.) never fails to take my breath
away in any weather;
The sound of seagulls. (It’s funny what you miss)!
Cyprus has taught me that the grass isn’t greener on the other side (in fact
it’s very dusty) and has made me appreciate what a beautiful, wonderful
land we live in.
USEFUL CONTACTS
All of the contacts below and adverts on the following pages are personal
recommendations, none of whom have paid to be included in this guide.
Gloria Aubury (Property Consultant)
Mercia House, 3 Brickhill Close, Blunham, Beds, MK44 3NF
Web page: www.paphosproperties.com
Tel: 01767 641564 Mob 07771 861322 Cyprus Mob: 99 339007
Penelope Athindorou-Mantis (Solicitor)
PO Box 60307, 8102 Paphos E-mail: [email protected]
Tel: 00357 26950777
Animal Airlines
Second Floor Unit 1, Building 307, World Flight Terminal,
Manchester Airport M90 5PL
Andreas Philipiedies - Fairways Motors (Car Hire & Sales
Tel: 26932830
Galatia Koursarou (Petra Build Developers)
Tel: 00 357 26954722
Home Flame Ltd (Gas appliances)
34 Ellados Avenue Shop 2, 8020 Paphos, Cyprus
Tel: 00 357 26933953
The Grapevine (English Publication)
www.thegrapevine.com.cy
JOBS ‘R’ US
GENERAL MAINTENANCE
HOMES & GARDENS
99 862063
ELECTRICAL SERVICES LTD
99806226 / 99793998
Butterfly
Ladies Fashion & Accessories
Exclusive Handmade Jewellery
Tala, Pafos
Tel:- 26654338
RDEN & POOL
A
G
Maintained
by
JARDIN
Tel: 99 244968
Mornings - Monday, Wednesday & Friday 9.00am
Evenings - Tuesday & Thursday 6.00pm
MESOGI COMMUNITY CENTRE
E-mail: [email protected]
ND PIS
A
S
OS
RI
U
O
PA
P
H
Call Louise on 99044899
HOUSE - GARDEN - POOL MAINTENANCE
& HOUSE CLEANING
Tel: 99 123079 - 99 123089 Fax: 25 222587
MACK’S
DOMESTIC APPLIANCES
Repairs & Servicing
Tel: 99803123
For that Personal Touch!
Email: [email protected]
Touchdown BB
Professional Beauty Services
Tel: 99097931
www.touchdowncyprus.com
BROOKWELL
GENERAL BUILDERS
Licensed SIPs Frame Builders
Tel: 99 089 375
www.brookwellbuilding.com
D & P
M.R. MORLEY
POOL MAINTENANCE
DOUBLE GLAZING LTD
Tel: 99 377158 TEL: 99067769 - 99036591
Dirt Cheap
Gardening
and odd jobs
Gerry: 99 158312
SE
&
Property Care
& Maintenance
FOR ALL YOUR PROPERTY NEEDS!
Tel: 99 025875 - 99 026683
W
eathershield
aterproofing specialists Ltd
C & D Services
DAMP PROOF & EXTERIOR PAINT SPECIALISTS
Cleaning - Building Maintenance etc.
FREEPHONE
Tel: 26621019 or 99908319
8000 5888
E PROPERTY MANAGEM
PLET
EN
M
T
CO
&
99
9
3130
06 or 9931300
E-mail: caroline_ [email protected]
GENERAL BUILDER LANDSCAPE GARDENER
LOWMAC LTD
BRITISH RUN COMPANY
Tel: 26 222548 Mobile 99 909348
www.lowmac.com
‘
CYPRUS SUN AWNINGS
Putting Others in the Shade!
Call Nigel: 99 129747
Indian Restaurant
and Take Away
Tel: 26 22 21 26
www.prema.com.cy
BRITISH
EASY CLEAN
FLOORS CARPETS UPHOLSTERY
CAR CENTRE Call Chris on 99 92 65 87
A 25819559 U
96371439
FAIRWAYS MOTORS
DUTY FREE & DUTY PAID
CAR SALES
CAR RENTALS
Tel: 26932830
CYPRUS JOY
LANDSCAPE
GARDENING SERVICES
Tel: 99 427481
FREE COLLECTION & DELIVERY!
C yprus
Y
P roperty
R
Paphos
U
S ervices
FOR SALE
99 339007 or
D99
339007
www.paphosproperties.com
W
SECOND SENSE
EX U.K. CHAINSTORE
CLOTHING OUTLET
Tel: 99 011570
’
RUGBY ARMS
PUB GRUB - SKY T.V. ’
Tel: 26935659
R
Other Books/Guides by Martin Woodward
Your Own Home Run Sign Business
Driving Instructor Training – Exposed!
A Guide to Self Employment
Magnetic Business Cards for Profit
Buy to Let on a Budget
An Introduction to Traded Options
Keyboard Improvisation One Not at a Time ?
Buying a Property and Living in Cyprus
See: www.martinwoodward.net for details of the above
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Binaural Beat Maker Plus
The Golden Sphere
Relaxation CD’s & Recordings ?
Note
Since writing this guide Cyprus has become a full member of the EU
and joined the Euro currency. Consequently all items regarding
currency are somewhat out of date.
Furthermore, Cyprus like much of the world, Cyprus has suffered in
the recent recession and as a result house prices are all over the place
and retail prices for food and general living expenses have risen in a
similar ratio to the UK.
To make matters worse, the exchange rate between the euro and
sterling has altered significantly as I’m sure you are aware and this
point alone makes it far more difficult for expats who are reliant on
sterling for their incomes. Having said this, it’s my belief that the euro
is artificially high against the pound and I expect this problem to
ultimately resolve itself.
I will shortly be revising this guide to deal with this problem after we
have made a trip there in April/MAy 2011.

cyprus guide - martinwoodward.net

Transcription

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