|
|
Why Cyprus
• The property market is one of the fastest growing in European Union. Prices in some areas are increasing by an annual average of 20%.
• Property prices are still lower than in many other European countries, particularly in the north.
• Increase in the number of golf properties available. Golf property prices fetch up to 40% more.
• Comparatively low tax rate, including a Double Tax Treaty with southern Cyprus and the UK.
• Capital Gains Tax of only 20% and Corporation Tax for Cypriot limited companies (through which you can own your property) at only 10%.
• UK pensions can be received tax free in Cyprus.
• Foreign residents permanently residing in Cyprus pay only a 5% flat rate of income tax.
• 340 days of sunshine a year make it a comfortable and enjoyable place to live.
• High standard of living, with good facilities, including top class golf courses.
• Low cost of living.
• Comparatively low crime rate and friendly people.
• Excellent medical facilities, education and offshore business advantages.
• Tourism is predicted to grow by 4.6% over the next 10 years, contributing some 13.9% to the country´s GDP by 2014.
• British based legal system, where English speaking lawyers abound.
• British based banking system in southern Cyprus, making choosing mortgages and managing your money similar to “back home”.
• Member of the Eurozone from January 2008.
• Very efficient land registry with straightforward and well administered procedures.
A number of economic and natural factors combine to make Cyprus the ideal property investment location it is today.
Natural and cultural factors
• An average 340 days of sunshine a year make Cyprus an agreeable place to visit or live and holiday in
• Outdoor activities are abundant, including trekking, golf, sailing and diving, ideal for nature lovers and water sports enthusiasts
• Beautiful golden sandy beaches and ancient monuments, eg. castles, walled cities, abbeys, Roman ruins, make Cyprus a great holiday location with varied appeal
• Cyprus offers an interesting mix of cultures, with strong UK, Greek, Middle Eastern and Turkish influences. In addition, most of the local people speak English are welcoming and hospitable towards visitors.
• Proximity to the European mainland means that Cyprus benefits from regular budget direct flights, making access to the island very easy.
Economic factors
• Competitive prices and a low cost of living compared with other Mediterranean destinations make for an ideal investment climate
• Typical growth rates of 20% per annum in carefully selected locations
• EU inclusion since May 2004 means EU financial assistance and several other economic benefits
• The Strategic Plan for Tourism 2010 is upgrading facilities and resorts in line with 21st century tourism trends. This is set to boost an already thriving tourism industry on the island
• A successful and growing economy indicates strong potential for property investment growth in the future
• A low tax regime makes investors’ money go even further, while pension income is taxed at only 5%
|
