FAQ

What language do they speak in Cyprus?
Greek is the islands mother tongue, but due to its huge income in tourism and the strong influence Britain has exerted on the islands history English is spoken by nearly everyone. French, Russian and German are also becoming widely spoken languages in Cyprus.
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What currency do they use in Cyprus and what currency are payments in Cyprus made in? On the 1st of January 2008, the Cypriot currency will change from the Cyprus pound to Euro, up until then though the island will continue to use the Cypriot pound as its currency. The Cyprus currency system is based on the decimal system. One Cyprus pound is divided into 100 cents. Coins range in value from one cent to 50 cent and four bank notes are in circulation: £1, £5, £10, £20. One euro equals to 0,585274 Cypriot pounds.
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What are the Cypriot banks like?
The banking system in Cyprus closely follows the British pattern. The banks have many branches throughout the island which are efficient, modern and equipped with the latest technology. Non-Cypriot citizens may open foreign currency and local deposit accounts without difficulty, although you will also be able to find braches of many international banks at your disposal.
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Is the cost of living really much lower?
Recent statistics show that Cyprus is one of the most inexpensive counties in Europe.
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Is Cyprus a full member of the European Union?
Cyprus became a full member of the EU on the 1st May 2004. Cyprus is also a member of the UN, the British Commonwealth, the non-aligned movement, World Bank and IMF.
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What is the governmental structure in Cyprus?
Cyprus is an independent and sovereign republic with the elected president (5 year election cycle) as head of state. The legislation power lies with the elected House of Representative and appointed council of ministers. The legal system is based on the British/European system with independent power exercised by judiciary.
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What was the Capital Growth over the last few years in Cyprus? From 1993 to 2003 the capital growth was 15 – 20%.
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Who supplies power, water can gas in Cyprus?
Cyprus Electricity Authority supplies power. The Water Board supplies water. Gas is not centrally supported in Cyprus. The charges for electricity and water are payable to the respected authorities at regular intervals throughout the year. The water every three months and the electricity every two, and they are based on the consumption of each unit.
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Can I apply for permanent residency in Cyprus?
By law, if a non-Cypriot is planning on spending more than 90 days per year in Cyprus, they must apply for a Residency permit. If a non-Cypriot owns property in Cyprus they are entitled a residence permit but they are not required to hold a permanent residence permit. For EU citizens all that is needed is to complete an application form at the immigration office for formality purposes, and they automatically receive their residence permit. For non-EU citizens there is a straightforward procedure that needs to be followed. First you are required to go to the Immigration Department to make an appointment to start the process of gaining an Alien Registration Card (ARC). The following documents must accompany the application :

- A copy of the sale/rental agreement.
- Copies of pension/retirement income.
- Any other document relevant to income.
- Three photos and passport.

Your “pink” slip (which is now yellow) will take several months before you receive it.
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Can I work in Cyprus on a permanent basis?
Since Cyprus is now in the EU, work permits are not required for any EU citizens who wish to take up employment or start up their own business. But they do still need to have the approval of the Ministry of Labor which is simply a formality. Non-EU citizens intending to work in Cyprus require a work permit as well as a visa. Work permits usually last for three months or a year.
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As a non-national can I buy a business in Cyprus?
All citizens can own a business in Cyprus, but non-EU citizens do require a permit.
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Can I bring my pets to Cyprus?
Since Cyprus’ entry into the EU registered pets are now allowed to travel freely from one European country to another through the Pet Travel Scheme. The Scheme applies to cats, dogs, rodents, ferrets etc. To enter Cyprus all you need to do is get your pet micro-chipped and vaccinated against rabies. Then you need to obtain an EU passport, that confirms your pet’s micro-chip number and date the microchip was inserted end the rabies vaccination.
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Can I rent out my property?
In Cyprus there is a large rental market. What with the summer season stretching from April to November and the winter being as popular as the summer due to is excellent climate and range of things to do, Cyprus is an all year round tourist destination. So you can be sure to expect a reasonable income if you choose to rent you home; and G.K.G. will make all the necessary arrangements for you if you do.
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