:: Why Cyprus ? ::
Cyprus has everything that makes the Mediterranean such an attractive place for second or retirement homes with 340 days of sunshine a year, an enviably high standard (but low cost) of living, a very low crime rate and exceptionally friendly and welcoming people.
Cyprus annual house price inflation running at 20%+. Prices are being pulled up by demand for property from investors worldwide with the increase in demand accelerating now that Cyprus is a member of the European Union. In addition, property purchases are amongst the lowest in Europe.
Of particular interest to investors, Cyprus enjoys a comparatively low rate of taxation, including a Double Taxation Treaty with the UK. Capital Gains Tax is only 20% and Corporation Tax for Cypriot limited companies (through which you can own properties and contracts) is only 10%. UK pensions can be received on the island free of UK Withholding Tax and foreign residents residing in Cyprus pay only a 5% flat rate of Income Tax.
The British based legal system and one of the most efficient systems of land registry in the world mean that your purchase is straightforward and assured. Your chosen lawyer will speak English and processes will be familiar.
Then when it comes to choosing mortgages and managing your money in Cyprus, the British based banking system helps here too. Quality property in Cyprus is very popular for letting or selling to the UK, Cypriot or wider European holiday or second home market. The potential financial return for well marketed, quality accommodation in a setting with year-round appeal is excellent and can be well in excess of traditional buy to let investments.
Cyprus is currently experiencing a property boom as it becomes more and more popular with British buyers, after Spain and France." Property for sale offers excellent value for money so its popularity isn’t surprising.
After all, how many of us regret that we didn’t buy that bargain property in Spain a few years ago, before prices shot up?
