You will need a bank account in Cyprus in order to complete your purchase, probably with both a Sterling account and a Cyprus Pounds account. This will allow you to transfer funds from the UK and then make your progress payments on the new property. You can also use it for transferring pension, investment or other income out to Cyprus.

Banks in Cyprus have very modern, up to date systems and provide a wide variety of services, including Internet banking that can be accessed from the UK. Opening accounts is a simple process.

All banks offer mortgage schemes (there are no Building Societies in Cyprus).

Other Links

• Price and payment terms
• Solicitors
• Banks
• Specific Performance
• Approval of the Council of Ministers
• Selling your property
• Capital Gains Tax
• Inheritance Tax
• The Cost of Purchasing and On-Going Expenses
• Property Transfer Tax
• Stamp Duty
• On-going expenses
• Local authority tax
• Maintenance charges
• Home insurance
• Living expenses
• Personal taxation
• Retirees
• Income tax and NI