Below are some of the most common questions asked by purchasers who are considering the merits of north and south Cyprus for their next property investment.
Why should I choose 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.
- Northern Cyprus is set to join the EU when Turkey meets the requirements.
- Very efficient land registry with straightforward and well administered procedures.