Best answer as chosen by user sguven: NTSC is dead; buy a multi-system HDTV here

We have moved to ATSC. And Europe will be using DVB-T, so you may run into a few issues from the get-go, even with crazy converters (#4).

Visit/post @ AVS for more details. It's a complex topic. The following thread will lead you to purchase an HDTV while there, or find a speciality e-tailer who can sell you a multi-system HDTV at US prices.

http://www.avsforum.com/t/989757/using-an-american-tv-in-sweden-atsc-and-dvb-t

The good thing is, the HDTVs there (most of them anyway), will accept a 60Hz video signal, as well as the rest of our video specifications. OTOH, normal HDTVs sold in North American only accept 60Hz and not 50Hz, as is used in Europe. Many of the conversion solutions formerly used for PAL > NTSC won't help you since now it's DVB-T, and your American HDTV uses ATSC. See this post in the above thread-

http://www.avsforum.com/t/989757/using-an-american-tv-in-sweden-atsc-and-dvb-t#post_20754278

The middle ground might be to purchase a multi-system HDTV here (#3). The selection won't be as great, but you would have the necessary technology to use it there and here, but likely pay less than you would in Cyprus, AFAIK.
There's a great company here in Chicago who sells all sorts of neat multi-region electronics. Example:

http://www.220-electronics.com/samsung-ua50eh6000-55-multi-system-led-tv.html

Buying guide-
http://www.220-electronics.com/multi-system-tv-buying-guide.html

<div>

Relocation info-</div> http://220electronics.wufoo.com/forms/z7x3p3/

I've purchased probably a dozen or so various disc players from them over the years. Over the phone & in person help is great IME. Amazon may have a few of these disc players for slightly less though, but w/o support.

If you have any other questions feel free to ask.