The Banking System In Cyprus Closely Follows The British Pattern

Category: Finance.

Development of land into villas in estates is now very common in the Paphos area, mainly on the hills between Paphos and Polis. There are, cases where the, of course purchaser may have a good say in the design of his villa.

Projects are developed to take the form of villages with the individual villas designed in traditional architecture. The same type of projects are now being carried out in Limassol and to a lesser extent in the Larnaca area. Try to avoid variations/ changes as these will give rise to claims on the part of the contractor which will mean a financial loss to you. When the building permit is issued works may begin. Upon completion of the work your architect must submit drawings( as built) to the Appropriate Authority, if changes have been introduced, for the issue of a covering building permit. When this is issued, it will have to be deposited at the District Lands Office so that the registration of the building on the title deed of the land is effected.

Upon the issue of the covering permit or, if this is not required, an application must be made to the Appropriate Authority for the issue of a certificate of final approval. Going through a company like Headlands has several advantages: you will get to see a wide range of properties in Cyprus that suit your requirements. It will eliminate any possible misunderstandings. You have the benefit of our many years experience, as well as a fully staffed office to support you in the UK. It helps takes away the stress and strain associated with house purchasing in Cyprus. The banks have many branches throughout the island which are efficient, modern and well equipped with the latest technology. The banking system in Cyprus closely follows the British pattern.

Non- Cypriot citizens may open foreign currency and local deposit accounts without difficulty, although you will also find branches of many international banks at your disposal. Major credit cards, such as those within the Visa and Mastercard networks, are widely accepted in Cyprus.

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