# Can I afford to retire to Cyprus?



## DavidWYork (Sep 20, 2011)

Hello there. I am a single (soon to be divorced) male. I can afford to buy a property without need for a loan. I will have a pension of around £11,000 per annum, from teaching. I will be 57 so have to wait 9 years for my old age pension. I would like to live near Polis, and do some part-time work perhaps teaching English to adults or am open to options available locally. I have 32 years experience teaching in UK primary schools. I could manage without my car for most of the time, hiring one as necessary when my children visit. 
I live simply, and I am in good health...so, could I live on 11 grand (pounds)?

Perhaps you are in a similar situation already and could give honest advice. I lookforward to replies.

Regards, David.


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## Veronica (Apr 5, 2008)

DavidWYork said:


> Hello there. I am a single (soon to be divorced) male. I can afford to buy a property without need for a loan. I will have a pension of around £11,000 per annum, from teaching. I will be 57 so have to wait 9 years for my old age pension. I would like to live near Polis, and do some part-time work perhaps teaching English to adults or am open to options available locally. I have 32 years experience teaching in UK primary schools. I could manage without my car for most of the time, hiring one as necessary when my children visit.
> I live simply, and I am in good health...so, could I live on 11 grand (pounds)?
> 
> Perhaps you are in a similar situation already and could give honest advice. I lookforward to replies.
> ...


Hi David,
welcome to the forum.
You would have no trouble living on that with no rent or mortgage to pay. Especially if you supplement your pension with a bit of part time teaching.
I don't blame you for wanting to live near Polis, we love that area and would want to live there if we didnt have our business to run. Maybe one day when we retire properly we will move up there


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## DavidWYork (Sep 20, 2011)

*That is very encouraging...big thanks!*




Veronica said:


> Hi David,
> welcome to the forum.
> You would have no trouble living on that with no rent or mortgage to pay. Especially if you supplement your pension with a bit of part time teaching.
> I don't blame you for wanting to live near Polis, we love that area and would want to live there if we didnt have our business to run. Maybe one day when we retire properly we will move up there




Veronica, that is what I hoped to hear. I need a fresh start for the next chapter of my life. I have only been to Cyprus once, but I am well travelled over the years...Cyprus ticks every box for me...I am so pleased to have discovered it at this stage in my life. I am excited for the first time in years Veronica. There is so much I need to find out about income tax, health care, reciprocal pension agreements. It seems daunting, but I must find a way to make my dream into reality. Any help welcome, it will all add to my transition process. 
Your reply was most welcome...anyone feel otherwise. All views welcome, even pessimistic ones. 
Regards David.


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## Veronica (Apr 5, 2008)

DavidWYork said:


> Veronica, that is what I hoped to hear. I need a fresh start for the next chapter of my life. I have only been to Cyprus once, but I am well travelled over the years...Cyprus ticks every box for me...I am so pleased to have discovered it at this stage in my life. I am excited for the first time in years Veronica. There is so much I need to find out about income tax, health care, reciprocal pension agreements. It seems daunting, but I must find a way to make my dream into reality. Any help welcome, it will all add to my transition process.
> Your reply was most welcome...anyone feel otherwise. All views welcome, even pessimistic ones.
> Regards David.


Hi David.
I believe that unearned income such as pensions are taxed at 5%.
For earned income the rates are as follows
€0 - €19,500 0% 
€19,501 - €28,000 20% 
€28,001 - €36,300 25% 
€36301 - 59,999 30% 
€60,000+ (from 1 January 2011) 35% 

For healthcare you will need private health insurance unless you are paying into the social fund. Personally I would say stick with private health insurance as it wont work out much more than social over the year and you will get far better care.
Once you are in receipt of a government old age pension you will be entitled to free health care at the general hospital but again I would recommend you keep a private insurance going for serious illness etc and only use the general hospital for minor things. 

Feel free to ask any questions you have but take some time to read some of the older threads as a lot of the information is already there.

Veronica


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## Monty (Jun 9, 2008)

Hi David
Dont blame you for wanting to move to Polis, My wife Carol loves that area and have a few friends Cypriot and English who we visit when we go over,
Regards
Monty aka (David ) as well


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## DavidWYork (Sep 20, 2011)

Thank you Veronica and Monty...tax at 5% on my pension is good. I had assumed healthcare would be adequate, never thought about paying a private insurance. Anyone post me a link to a recommended insurer in Cyprus so I could get a quote please?
My diet starts tonight! Well after a couple of glasses of red, and some high cocoa, chocolate. 
Regards from dark, wet cold Yorkshire. (I cannot imagine what the Romans invaded UK for.)
David


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## Veronica (Apr 5, 2008)

I have just returned from a visit to dark wet cold Yorkshire for a family wedding.
Two weeks there was two weeks too long for me
Every time I go to visit family I am reminded of why I left there 7 years ago


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## DavidWYork (Sep 20, 2011)

Hello Monty and Veronica. I keep on reading about the falling value of property...any signs of a slow down? Is the market set to plummet do you think? I appreciate there is risk either way, but would be interested to hear any opinions of those "on the ground".
Also, does anyone in the south of Cyprus really have any thoughts on Turkey causing serious concerns for them? A discovery of accessible oil could really change the picture.
Regards, David, in heat wave Yorkshire...


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## Veronica (Apr 5, 2008)

DavidWYork said:


> Hello Monty and Veronica. I keep on reading about the falling value of property...any signs of a slow down? Is the market set to plummet do you think? I appreciate there is risk either way, but would be interested to hear any opinions of those "on the ground".
> Also, does anyone in the south of Cyprus really have any thoughts on Turkey causing serious concerns for them? A discovery of accessible oil could really change the picture.
> Regards, David, in heat wave Yorkshire...


Hi David, Why couldn't you have ordered a heatwave for the beginning of September when I was in Yorkshire It was like the arctic in Pickering.
As for property prices, I don't see them dropping very much lower. What is happening is that those which have been overpriced are now finding their level and many vendors will take considerably less than the asking price although they won't hear of actually reducing the asking price on marketing sites.
Most properties we have sold over the past 18 months have in fact sold for much less than the advertised price. It is simply a matter of being bold enough to make the offer. 
Developers will also often come to the table with lower prices in order to sell completed properties if they think the buyer is serious.
Without naming and shaming on the open forum there are certain developers I would steer well clear of as not only do they price their properties far too high they also often don't fulfill their obligations in maintenance etc so the developments end up looking very scruffy.
If you have any questions feel free to aks them and we will do our best answer.

Regards
Veronica in lovely warm Cyprus


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## Veronica (Apr 5, 2008)

*Health insurance*

David try the link below for insurance

Pitsas Cyprus Insurance. Life, car, health Insurance company in Paphos.

Pitsa is very nice, very helpful and her prices are reasonable compared to other companies we got quotes from when we first came here.
As a single guy with no health problems you should find the cost of health insurance is not at all prohibitive.

We still keep our private insurance although we are entitled to use the general hospital. We use the general hospital for minor things so that our premiums for private insurance stay fairly low. Once you reach UK penion age you can do the same. At that point any medicines can be obtained free of charge on prescription from the hospital pharmacy. As you get older this can represent a huge saving.

Hope this helps.

Veronica


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## berni109 (May 28, 2010)

hi,
since u dont seem to know cyprus very well i recommend getting yourself over for a few weeks in winter - good deals for several weeks - and doing your research. 
rent for 6 -12 months to be sure u are in right location for what u want out of life.
<snip>
find a lawer on the british consulate list
dont buy without full deads
public transport is not good u prob will need a car.
hope this helps
bern


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## ghg (Jun 26, 2009)

DavidWYork said:


> Hello there. I am a single (soon to be divorced) male. I can afford to buy a property without need for a loan. I will have a pension of around £11,000 per annum, from teaching. I will be 57 so have to wait 9 years for my old age pension. I would like to live near Polis, and do some part-time work perhaps teaching English to adults or am open to options available locally. I have 32 years experience teaching in UK primary schools. I could manage without my car for most of the time, hiring one as necessary when my children visit.
> I live simply, and I am in good health...so, could I live on 11 grand (pounds)?
> 
> Perhaps you are in a similar situation already and could give honest advice. I lookforward to replies.
> ...


Honest advice would be to go out to Cyprus and rent a property for at least a year before thinking of buying. The property market in Cyprus is absolutely diabolical and you can not even trust most of the island solicitors to act in your interest. Also, Cypriots will love you to death as long as they think they can get money out of you but will drop you like a hot brick as soon as you stop spending. This I know from having lived there for 12 years and purchased property there. One house took nearly 16 months to sell despite having a cash buyer as the people who sold the land to the developer I purchased from had taken out a mortgage on the land. 
Be very careful and don,t get carried away with the friendly people and make absolutely sure sure that you can afford to stay there without the need to work. Cyprus wages are very low and they tend to make it difficult for outsiders to work there in decent jobs.
Believe me, it is not hte bed of roses some people will have you think.

Good luck

George H. Grant


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## DavidWYork (Sep 20, 2011)

Wow, that's a frank reply George, and appreciated. If I am buying a property with title deeds do the issues still remain?
Can anyone advise me of a decent solicitor I can strike up with and regain some confidence? I am looking to buy a small apartment with title deeds in the Polis/Latchi area. Perhaps some of you have recent and positive experiences you might wish to share.

Regards, David.


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## Veronica (Apr 5, 2008)

ghg said:


> Honest advice would be to go out to Cyprus and rent a property for at least a year before thinking of buying. The property market in Cyprus is absolutely diabolical and you can not even trust most of the island solicitors to act in your interest. Also, Cypriots will love you to death as long as they think they can get money out of you but will drop you like a hot brick as soon as you stop spending. This I know from having lived there for 12 years and purchased property there. One house took nearly 16 months to sell despite having a cash buyer as the people who sold the land to the developer I purchased from had taken out a mortgage on the land.
> Be very careful and don,t get carried away with the friendly people and make absolutely sure sure that you can afford to stay there without the need to work. Cyprus wages are very low and they tend to make it difficult for outsiders to work there in decent jobs.
> Believe me, it is not hte bed of roses some people will have you think.
> 
> ...


As David has said in his first post he will be in receipt of a pension which is enough for a single man to live on comfortably so the question of wages is not relevant.
As for your bad experience you obviously did not have a good lawyer or the fact that the land had a mortgage on it would have been picked up. 
In the past lawyers were often lax in their work and people have found themselves in this sort of position as a result. However now that there are lawyers who will take on cases against other lawyers and there have been some successful prosecutions they legal community is tightening its practices and this sort of thing is far less likely to happen now.
The lawyers we always use have saved us from making some big mistakes in the past when we were looking for land to have a house built on.
We always recommend them to our clients unless they represent the developers our clients are buying from. Too many of the developers will try to persuade buyers to use their lawyer saying it will save them money. But ask yourself who the lawyer will back if anything goes wrong. No one in their right mind should use the same lawyer as the developer but far too many people don't use their heads when buying. They leave their brains behind on the plane when they land.
As for Cypriots only wanting to know you while you are spending money, yes of course this is true in some cases, but then there are plenty of Brits who are the same. In the 7 years we have lived here we have had far more good experiences with Cypriots than bad ones. 

Veronica


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## Geraldine (Jan 3, 2009)

DavidWYork said:


> Wow, that's a frank reply George, and appreciated. If I am buying a property with title deeds do the issues still remain?
> Can anyone advise me of a decent solicitor I can strike up with and regain some confidence? I am looking to buy a small apartment with title deeds in the Polis/Latchi area. Perhaps some of you have recent and positive experiences you might wish to share.
> 
> Regards, David.


Hi. That is not always true of solicitors here, I have a brilliant one in Paphos who I trust implicitly, and have only been in Cyprus a short time. Things just seem to take longer to do.!

Believe me, working for a firm of solicitors in the UK for 21 years, you see the other side of the coin! 

Good luck with it all.


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## ghg (Jun 26, 2009)

Veronica said:


> As David has said in his first post he will be in receipt of a pension which is enough for a single man to live on comfortably so the question of wages is not relevant.
> As for your bad experience you obviously did not have a good lawyer or the fact that the land had a mortgage on it would have been picked up.
> In the past lawyers were often lax in their work and people have found themselves in this sort of position as a result. However now that there are lawyers who will take on cases against other lawyers and there have been some successful prosecutions they legal community is tightening its practices and this sort of thing is far less likely to happen now.
> The lawyers we always use have saved us from making some big mistakes in the past when we were looking for land to have a house built on.
> ...


Veronica,

My solicitor came highly recommended by the british community and did all the necessary searches at the time of signing my build contract and gave it the all clear. However, you can not legislate for a land seller,not the developer/builder who takes out a new mortgage on the land after the deal is done. Sound familiar to you? 
By the way, I did not leave my brain on the plane either as I actually rented property for 2 years before buying our first house from a gentleman of a builder/developer who delivered on time and on budget and had no trouble signing off when the lands office finally got round to issuing deeds some 5 years later. The second house we purchased was the one that gave us real problems.
I have no doubt you may be able to purchase a house with title deeds as the brits like myself are moving out as we can no longer afford to live there on a pension. There are thousands of expats there caught in the trap of having bought houses and can not get rid of them. Also, if they can get rid of them in the current very depressed market, they can not raise enough funds to purchase another property in the UK.

My advice however, still remains the same, rent before you look at buying, trust nobody until you get to know them and the country and most of all, keep your money out of a Cyprus bank.
Good luck in you search for a home. 

George


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## jamboles (Oct 5, 2011)

David, you mention 5% tax for pensions. You need to know that the allowance before tax is only 3400 Euros before the 5% kicks in. If you have less than 19000 Euros per annum you should pay no tax, on pension or wages. I pay mine after 19000 euros and it is cheaper than paying 5% on my total pensions over 3400 Euros.


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## needanewlife (Oct 23, 2011)

George,
why do you say keep "keep your money out of a Cyprus bank"?, should anyone moving to Cyprus from uk keep using a uk bank?


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## Veronica (Apr 5, 2008)

needanewlife said:


> George,
> why do you say keep "keep your money out of a Cyprus bank"?, should anyone moving to Cyprus from uk keep using a uk bank?


We have recently moved money out of a Uk bank as the interest rate is so poor there . We were offered 0.6% in the Uk and here we get 4%. 
We have been very impressed with the bank we are with in the 7 years we have lived here. Having said that there are certain banks we recommend people to steer well clear of.


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## chrissie (Feb 20, 2008)

hello love do you need a visa to work in paralimni cy . just two days may bee a week.


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## hotshop (Aug 4, 2008)

*Banks*

ho


Veronica said:


> We have recently moved money out of a Uk bank as the interest rate is so poor there . We were offered 0.6% in the Uk and here we get 4%.
> We have been very impressed with the bank we are with in the 7 years we have lived here. Having said that there are certain banks we recommend people to steer well clear of.


Hi Veronica

I hope ypu are well

We would be better if we could sell our house in the UK ha ha

Which bank is paying 4% and which bankls are best to avoid please

Regards

Hotshop


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## Veronica (Apr 5, 2008)

hotshop said:


> ho
> 
> Hi Veronica
> 
> ...


Hi, nice to see you again
We are currently getting 4% in the Laiki bank with 30 days notice if we want to withdraw the money. We have been with Laiki since moving here 7 years ago and have always been very happy with their services. The staff are always very polite and friendly and make you feel at ease no matter what you go there for.

Alpha bank is a nightmare. When clients opt for buying from developers and need mortgages they have to go to the bank the developer is with and without exception they have always had a nightmare if they have to use Alpha bank.
Also the staff in the main branch are very rude and unfriendly. 

I hope you manage to sell your house soon.

Veronica


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## hotshop (Aug 4, 2008)

Veronica said:


> Hi, nice to see you again
> We are currently getting 4% in the Laiki bank with 30 days notice if we want to withdraw the money. We have been with Laiki since moving here 7 years ago and have always been very happy with their services. The staff are always very polite and friendly and make you feel at ease no matter what you go there for.
> 
> Alpha bank is a nightmare. When clients opt for buying from developers and need mortgages they have to go to the bank the developer is with and without exception they have always had a nightmare if they have to use Alpha bank.
> ...


Hi Veronica

Speedy reply as usual hun

Is there a special name for the account paying 4% please

Also can I open an account proper to coming to Cyprus?

Regards

Annie


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## Pam n Dave (Jun 11, 2007)

Hi David,

We live in the Polis area and it's great for us, I would be wary of purchasing a property at the moment even though the prices are low. The main problems that I see is the title deeds issue and the seemingly lack of consultation when properties are built or businesses started.

Renting seems the best option at the moment as it gives more freedom, if things don't work out you can just leave. We touched lucky with our rental and don't want to move but know of several people who have had their property on the market for a couple of years with little interest.

You may be better renting out any property you have in the UK and using the funds to rent out here. A one bed apartment is around 325 euros in Polis, (I know because that's what mine and several others are fetching a short walk from the town centre) The prices rise from that point to whatever you are willing to pay.

Teaching English part time seems a good idea but most Cypriots speak it anyway and use us English ex-pats to keep it topped up.

If you need to work then have another option available but stay away from pool cleaning and handy man type stuff as there are far too many of them around here.

Unemployment is rife in Cyprus at the moment and Cypriots get the first option followed by people who may have come from Greece.

Dave.


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## Veronica (Apr 5, 2008)

Hi Annie,

I have no idea what the account is called. We just went to the guy behind the desk and said we wanted to put some of our money into an account that pays a good interest and he recommended the one he felt was best for us as we didnt want to have to give 3 months notice of withdrawal or anything like that. 
The interest is put on monthly so you don't lose out on interest as you do with some accounts where it is paid yearly.

To be honest I don't know how you would go about opening an account before you move here. It is usual to arrange that when over here on holiday or house hunting etc but you could contact the banks to find out if you can open one online.
Maybe someone on t his forum has had experience of opening one without actually being here. If so I am sure they will be along at some point to tell you how to do it.

Regards
Veronica


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## Da Funk (Jun 5, 2010)

*Beware and read the links*

I have to agree with George on this one and this is from my own experience and whole streets of people where I have a house in Cyprus and where many people are waiting on there title deeds for over 6 and a half years. I love coming over to the island and using my holiday home but I still have fears that I may lose this home one day with the amount of corruption going on between the banks, government and in particular the developers.

Please read the link below and use this website for Cyprus Property information. The article and statistics say it all. You are taking a risk buying in Cyprus. Why should you have to wait ANY length of time for a title deed? In any other country you sign on the dotted line, transfer the money, the money clears and you receive the title deeds. you can then enjoy the most expensive purchase you are likely to make in your lifetime. Or you could become one of the THOUSANDS of buyers in Cyprus who worry everyday when they will receive the legal documents that there life savings and home is really safe? I also don't trust the banks here, I could tell you many story's from my own experiences where the banks are also dangerous to deal with. Georges advise below is sound. The Cyprus buying system is a complete joke!

Please read the link below which was issued only last week. I think the numbers speak for themselves.
<snip>

All the best, Frank

(PS I don't know or have never met George)



ghg said:


> Veronica,
> 
> My solicitor came highly recommended by the british community and did all the necessary searches at the time of signing my build contract and gave it the all clear. However, you can not legislate for a land seller,not the developer/builder who takes out a new mortgage on the land after the deal is done. Sound familiar to you?
> By the way, I did not leave my brain on the plane either as I actually rented property for 2 years before buying our first house from a gentleman of a builder/developer who delivered on time and on budget and had no trouble signing off when the lands office finally got round to issuing deeds some 5 years later. The second house we purchased was the one that gave us real problems.
> ...


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## Veronica (Apr 5, 2008)

Many of what has been said I totally agree with, but I will re-iterate that if you are cautious and do your research it is possible to avoid the pitfalls that many people have fallen into.
More and more properties are coming onto the market now that have full title deeds or at least an AX number which means that everything has been thoroughly checked and the last stages of issuing the title deeds are proceeding.
Also the lawyers are now far more diligent as there have been several successful cases agaisnt lawyers who failed to protect their clients. One of the big problems in the past has been people allowing themselves to be persuaded to use the lawyer recommended by the developer. In the case of one of the larger developers in Paphos the owner of the development company is also a lawyer and in partnership with the lawyer they recommend. It dosn't take a mensa brain to work out who the lawyer is really working for, certainly not the poor sap who is buying the property.
Much of the problem that Cyprus has is with the larger developers who of course have sold the vast majority of properties on the island. They are for the most part greedy and unscrupulous but some of the medium sized developers are reliable and trustworthy so are most of the smaller ones.
It is a matter of knowing who you can trust and who you can't, which of course for anyone who dosn't know the island is not easy.

Its a shame that we cannot name and shame here because I would really love to be able to tell people which developers and which lawyers to steer clear of but then I would have to give myself an infraction

My advice has always been if possible buy a resale with title deeds or an AX number. If you don't want to buy a resale then buy a piece of land, make sure you get the title deeds for it and get a small builder to build on it for you.


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## Da Funk (Jun 5, 2010)

I think the bigger picture is more than just picking a good lawyer, developer and bank when the whole title deed issue with the government is a complete mess. I have my AX Number aswell but until that deed is in my name I know I am not completely safe. I still think there is no way you should but a property in Cyprus until they sort the title deeds issue out regardless of having a good lawyer or trusted developer. 

Land Registry figures released in October 2008 show that 29,949 non-Cypriot property buyers are currently waiting for their Title Deeds and that during the preceding three and a half years, just 4,400 property Title Deeds were transferred to non-Cypriot property buyers.

So if their past performance is anything to go by, it will take the Land Registry nearly 24 YEARS to transfer Title Deeds to the 29,949 who are still waiting!

Please read the links below:

<snip>

Do not buy until the government sorts out the title deed fiasco!!!




Veronica said:


> Many of what has been said I totally agree with, but I will re-iterate that if you are cautious and do your research it is possible to avoid the pitfalls that many people have fallen into.
> More and more properties are coming onto the market now that have full title deeds or at least an AX number which means that everything has been thoroughly checked and the last stages of issuing the title deeds are proceeding.
> Also the lawyers are now far more diligent as there have been several successful cases agaisnt lawyers who failed to protect their clients. One of the big problems in the past has been people allowing themselves to be persuaded to use the lawyer recommended by the developer. In the case of one of the larger developers in Paphos the owner of the development company is also a lawyer and in partnership with the lawyer they recommend. It dosn't take a mensa brain to work out who the lawyer is really working for, certainly not the poor sap who is buying the property.
> Much of the problem that Cyprus has is with the larger developers who of course have sold the vast majority of properties on the island. They are for the most part greedy and unscrupulous but some of the medium sized developers are reliable and trustworthy so are most of the smaller ones.
> ...


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## Avanti1 (Nov 22, 2011)

*Title Deeds*

Hi there
As a brand new Newbie can I just say that we bought our home in 2005 and have just received our title deeds without a problem - well it had a shared swimming pool and that caused some difficulties for the authorities I am told BUT they have now sorted this out and we are delighted  It was from a medium sized developer who does take a balanced view of things gains some and loose a little - but on the whole we cannot complain about the service we have received!


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## Veronica (Apr 5, 2008)

Avanti1 said:


> Hi there
> As a brand new Newbie can I just say that we bought our home in 2005 and have just received our title deeds without a problem - well it had a shared swimming pool and that caused some difficulties for the authorities I am told BUT they have now sorted this out and we are delighted  It was from a medium sized developer who does take a balanced view of things gains some and loose a little - but on the whole we cannot complain about the service we have received!


Hi Avanti, Welcome to the forum.
Its nice to have someone actually saying they are happy with their developers.
There are far more people out there who have had good experiences than those who are unhappy, but as it tends to be those who have had bad experiences who post on forums it makes it look as though every developer is a rogue.

Veronica


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## chrissie (Feb 20, 2008)

*moving*



DavidWYork said:


> Hello there. I am a single (soon to be divorced) male. I can afford to buy a property without need for a loan. I will have a pension of around £11,000 per annum, from teaching. I will be 57 so have to wait 9 years for my old age pension. I would like to live near Polis, and do some part-time work perhaps teaching English to adults or am open to options available locally. I have 32 years experience teaching in UK primary schools. I could manage without my car for most of the time, hiring one as necessary when my children visit.
> I live simply, and I am in good health...so, could I live on 11 grand (pounds)?
> 
> Perhaps you are in a similar situation already and could give honest advice. I lookforward to replies.
> ...


hi david . my husband and i moved to cyprus last month im glad to say you may not need to get private med insurance . if you have payed ns for the last 3 years you can get up to 2 years medical cover in cyprus payed for by the uk . get in touch with over seas medical heath care team and enquire . thats what we did it took about 5 to 6 weeks to come . wish you all the best you will love cyprus we do


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