If you dabble in the European property market, you have probably heard a lot about Cyprus and the outstanding potential it presents to foreign investors and businesses that seek to expand overseas.
Is this enthusiasm based on fact or mere enthusiasm? Is there actual value in Cyprus’ real estate market?
Below, you will find our list of 17 reasons real estate marketers can’t get their eyes off Cyprus – and then you can make up your own mind.
17 Reasons Property Investors Love Cyprus
First, Cyprus represents a solidproperty market potential despite being one of the fastest growing markets in the European Union. For several years now, prices steadily increase, while in certain areas, they have rocketed to a staggering annual average of 20%.
Cyprus entered the Eurozone in January 2008 – an unparalleled advantage for investors who seek a transparent and well organised financial infrastructure.
Cyprus boasts a rather low tax rate compared to the EU average. On top of that, Cyprus has numerous Double Tax Treaties with several major European and Asian states, protecting investors from paying double taxes.
Next, Cyprus has a Capital Gains Tax of just 20% and a Corporation Tax for Cypriot limited companies of 10%.
If you are a UK citizen, you have no issues with getting your pension in Cyprus tax-free!
Foreigners staying in Cyprus pay a mere 5% income tax.
Despite its steady growth and interest from foreign investors, property prices in Cyprus remain lower than most of the other European states, especially the northern ones.
Cyprus has turned into a golf players’ magnet during the last decade. Several golf properties have been created, and the prices of existing ones have surged to an average of 40%.
Cyprus is one of the most beautiful islands in the Mediterranean, with no less than 340 days of annual sunshine!
Cyprus ranks among the safest countries in the world, with a high standard of living, excellent transportation and communication infrastructure.
In spite of its thriving economy, Cyprus has a low cost of living – at least compared to most western European countries.
Property purchase procedures are straightforward and simpler than ever.
People in Cyprus are hospitable and friendly – and most of them speak English fluently.
Cyprus has excellent medical facilities. In fact, it has become a first-rate destination for recuperating patients.
Its educational system is considered among the best in Europe.
Tourism is Cyprus’ most valued industry, with an average annual growth of 4.6% during the last ten years. What’s best about it is that it relies on values and assets that cannot change – the island’s sublime waters and beaches, long-age history and rich culture.
Cyprus’s legal system was consistently developed in accordance with British Law. The same applies to its banking system. British expats find banking services almost identical to the ones back at home.
Now things are probably clearer for you. Is not mere excitement or chance that Cyprus is so loved by foreign investors from all over the world.
Interested in finding your new home in Cyprus? Click here!