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Why Buy Property In Cyprus ? - An Overview
Cyprus is situated at the eastern end of the Mediterranean and lies around 100 miles off the southern Turkish coast. The island of Cyprus is one of the most popular tourist destinations in the world due to its warm year round climate, stunning golden beaches and beautiful scenery. It has also developed as an important business base through a strategy of low taxation for companies.
It is not surprising that there is a very strong British presence with Cyprus having a large expat community. The Cypriot average temperatures only dip below 70F (21C) between November and April and the country can boast on average 300 days of sunshine per year. English is widely spoken by much of the local population, and the legal and land registry systems are largely based on British practices. The Cypriots also drive on the left side of the road, very convenient for British visitors.
A popular destination for tourists, ex-patriots and investors, the Cypriot property market is continuing to excite buyers. With the planned construction of a number of luxury marinas in key locations across the island, as well as several golf courses, improving infrastructure and increasing budget flights, we have experienced a surge in demand for high quality properties which guarantee safe returns and offer the perfect destination for a second home.
Since Cyprus joined the EU in 2004, it has already enjoyed capital growth of up to 40% whilst property prices remain significantly lower than other popular Mediterranean destinations such as France and Spain. The already excellent capital growth rate has continued to improve since its entry to the Eurozone in January this year.
Cyprus adopting the Euro
On 1 January 2008 Cyprus adopted the euro, the single European currency. More than 310 million people in the 15 EU member states that have adopted the euro now share the benefits of the single currency. There are numerous advantages for Cyprus including price stability, price transparency, low interest rates and exchange risk elimination all of which will have a positive impact on the economy.
In addition
- Cyprus is very easy to get to from the UK and return flights can typically be around £120 provided the key holiday periods are avoided.
- Obtaining finance for a property purchased in Cyprus is relatively easy and some excellent finance packages at up to 80% LTV are available via Swiss Franc Mortgages.
- Cyprus is a tax haven and currently Corporation Income Tax is 10% and Capital Gains Tax 10% for companies as opposed to typically 20% Income Tax and 20% Capital Gains Tax for individuals.
- The Cypriot legal system is based upon English Law and Cyprus has a western, stable, democratic government.
- There is a low crime rate in Cyprus coupled with a low cost of living and virtually no unemployment
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