Price of Life
Overall, Cyprus is free of very much pollution, especially in the countryside areas. The crime rate is exceptionally low, making Cyprus a very nice place for anyone to live. According to the latest census, a couple can have a very nice life living on 8,000 Cyprus pounds a year. Cyprus has many schools located all over the island. In major cities such as Pafos and Larnaca there are 2 schools and there are plenty more in the surrounding cities. Each school offers a very high education and they are usually independent, so they often require fees.
Miscellaneous Annual fees are as follows:
| Average Water bill (pay quarterly) = $32.00 | |
| Electricity | |
| Municipal = $75.00 | |
| Insurance (real estate) = $130.00 | |
| Car Tax = $85.00 | |
| Car Insurance = $205.00 | |
| Food Supply for Two ($60.00/week) = $4,120.00 |
Other fees not calculated annually:
| Doctor Visits = $10.00 (depending on insurance) | |
| Petrol(gasoline) for Car = 48.8c per liter (diesel = 46c per liter) | |
| Medical Prescriptions = $6 |
Would you like to live or invest in Cyprus? Cyprus Invest, for North Cyprus Property
Taxation
One thing that I found interesting about the Cyprus tax program is that husband and wife are filed individually. If that were true in the U.S. then there would definitely be less hassle in divorce cases. In order to be taxed as a citizen in Cyprus you must live there for more than 182 days. Even a half day is considered a whole day. This new change took effect in 2003. The days also do not have to be consecutive. As of 2003, there is no tax on wealth, property outside of Cyprus, inheritance or gifts, or other assets. When buying a home, everything before $50,000 is tax free. After that it is based on a 20% fixed rate. The bank interest rate is 10% based on world wide income. Income from a sale of immovable property is taxed at a rate of 20%.
Working in Cyprus
In order to live in Cyprus you will have to find a means of income(unless you have a very big trust fund). If you are wanting to start your own business, Cyprus has loosened the rules. Cyprus now allows you to start your own business without a local partner and the amount of the investment is not a problem. However, a business such as a stock broker or financial advertiser does have some restrictions that you will encounter. Either way, now that Cyprus is under the European Union, life is much better on the island. It is the perfect time to start a life in Cyprus. If you are American, there are some restrictions that also need to be checked with at the Cyprus Embassy before starting your business.
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