Cyprus is the third largest island in the Mediterranean enjoying solid visitor management and carefully-managed property construction. The other main industries are apparel and craft exports and retailer shipping.
It is divided into six administrative districts and there are property developments across the island. The districts and their capital cities share the same name- so Paphos’ area capital is Paphos, Famagusta’s district capital is the port of Famagusta, Larnaca’s is Larnaca, and Limassol capital town is Limassol. Another noteworthy improvement is the seaside retreat of Pissouri in Limassol.
Cypriot property law shares its story with UK property law so is more sincere and natural, connected with many other Mediterranean areas.
Investing in property in Cyprus can mean having a freehold property with no expiry date on the freehold, and no complications with land rates. It can be handed down through your family with little fuss so there is real long-term ownership. From the minute the contract is signed and left with the land registry the property is yours, to do with as you wish.
Cyprus joined the European Union in 2004 and is enjoying a thriving economy boosted by the growth in demand for across property. EU membership helps this further by providing EU citizens with the right to rent out, and multiple ownership. This situation continues to aid healthy property prices and indicates a bright future. In tax terms, Cypriot residents pay 5% income tax, with EUR 3,500 being tax-exempt- for amounts coming from overseas investments or pensions. Also, Cyprus has approved double-taxation agreements with other EU members, such as the UK, Germany, and France, so overseas residents are not doubly liable.
Crime in Cyprus is comparatively low, about 17% of the EU average so properties don’t require expensive security systems. Added to this the government, legal and banking systems tend to be even-handed and accessible so your property and personal/public affairs will be treated with fairness. The cost of living in Cyprus is almost low so time can be “lighter” than in the UK, with a comparably higher standard of life. Coupled with good communications support, travel to and from Cyprus is easy delivering it a prominent place to relocate to.
Buying property in Cyprus is attractive for some reasons, not least the climate and the people. When considering investing in overseas property, Cyprus really ought to be high on your shortlist.
Pauline Hopkins has been involved in the Cyprus property market for many years. This article outlines one of the many benefits which motivate people to buy and sell property in Cyprus, check out the for further details in