Benefits from Buying Real Estate In Cyprus
Cyprus has been a member of the European Union since 2004, and since 2008 a member of Eurozone, offering benefits to non-European residents like Permanent Residency and Citizenship programs.
Knight Frank, a leading independent, global real estate consultancy firm, in 2014 ranked Cyprus as the 5th best relocation destination in the world. Cyprus was the only European country alongside Switzerland to make it into the top five – ahead of London, Madrid and Monaco.
Below we highlight only some of the benefits of acquiring real estate and living in (immigrating to) Cyprus:
1. Permanent Residence in Cyprus (Immigration Permit)
Any non-EU resident who acquires a property for €300.000+ can secure a permanent residency in Cyprus. This permanent residency is good not only for himself but also for his entire family (married spouse, children under 18-years old and financially dependent children of up to 25-years old).
The permanent residence process in Cyprus is fast and easy and it only takes two months.
2. Education In Cyprus
The high standards of education in Cyprus, in combination with the low cost of education are only two of the many reasons that make the Cypriot permanent residency (immigration permit) and citizenship programs among the most attractive immigration programs within Europe and the world.
3. High Safety
Cyprus boasts one of the lowest crime rates in the world. Furthermore, any Cypriot resident and visitor enjoy the benefits of no pollution, no traffic congestion and no vandalism.
4. Unique Location and Easy to Reach
Cyprus has a unique geographical location. It lies in the Eastern Mediterranean at the crossroads between Europe, Africa and Asia and is an island of extreme natural beauty with a long and rich heritage. With more than 60 airlines operating to and from Cyprus, getting to Cyprus is relatively easy. The flight time to London is 4.5 hours while a flight to Moscow takes 3.5 hours and a flight to Athens takes only 1.15 hours.
Being at the heart of busy shipping and air routes has not only made the island a major trading post, but also contributed significantly to its growth as a reputable international business and services centre.
5. Bright Short-Term and Long-Term Economic Outlook for Cyprus
Cyprus is an island that is situated in the Eastern Mediterranean and a crossroad point of three major continents Europe, Asia and Africa. This unique geographical position of Cyprus in conjunction with the very favourable taxation regime, the very agreeable climate and the advanced infrastructure and services have established Cyprus as an ideal location for Banking, Forex and Trading, Tourism, Marine and Shipping, Corporate Services, Real Estate Investments and recently Energy.
Despite the current economic crisis in Europe and elsewhere, the Cyprus economy is expanding again, and both the short-term and long-term economic outlooks are bright.
6. Bright Real Estate Outlook For Cyprus
The Cyprus property market has historically being considered among the most stable property markets within Europe. The unique geographic location of Cyprus, the low cost and high standard of living, and the favorable taxation regime are only a few of the many reasons that established the Cypriot property market to be among the more stable markets in Europe.
We, and many other experts, expect both local and overseas market real estate demand to rise in both the short-term and particularly in the long-term. Given the limited supply of land in the major hubs, prices are destine to start rising at a faster pace.
For the aforementioned and for several other reasons mentioned elsewhere in this write up, Cyprus residential and commercial real estate markets have always been the choice of many Europeans for a second home, for retirement purposes or simply as a diversified long term investment opportunity.
The recent discovery of huge gas reserves in the exclusive economic zone of Cyprus, has attracted international overseas funds and investors and is going to have a substantial economic benefit for its economy for the many years to come.
7. Exchange Rate
Cyprus official currency is the Euro, (€), which was introduced on 01 January 2008. For many macroeconomic reasons, the Euro has depreciated significantly (recently) as compared to many other currencies. However, most currency experts expect the Euro in a 3- to 5-year horizon to regain most of the ground that it lost during the last year. The expected appreciation in the value of the Euro provides an additional return on investment and a diversification tool for many high net worth investors that are looking to diversify their real estate investments.
8. High Standard of Living
The high standard of living in conjunction with the low cost of living makes Cyprus an extremely popular destination for people who want to emigrate, retire, invest or buy a second home.
9. High Quality Healthcare
Cyprus offers excellent healthcare services. The healthcare services in Cyprus consist of a combination of state-of-the-art modern public hospitals and private clinics/hospitals. Both the public hospitals and private clinics/hospitals have highly trained medical staff who most of them have received at least their residency by practicing in the UK, Germany or the USA. In general, doctors’ fees are quite low in comparison to other EU countries. Low cost international private medical insurance is available for non-Cypriots residing in Cyprus.
10. Financial and Tax Benefits
Cyprus offers extremely enticing tax benefits and boasts double taxation treaties with more than forty countries. The Cypriot taxation system is consistently voted by EU experts as being the most attractive in Europe. Cyprus has the lowest corporate tax in Europe of 12.5%.
11. Legal System
The legal system in Cyprus is based on international and EU law.
Two international airports, a modern road network and a range of port and marina facilities form the heart of Cyprus’ constantly improving infrastructure.
13. Telecommunication and Technology
Cyprus utilizes an extensive submarine fiber optic cable network. The island has access to major satellite systems and it can depend on the most highly skilled labor force in the European Union.
There are several telecommunication companies that are operating in Cyprus, all providing land-lines, cellular services as well as internet connections. Several privately owned TV and radio stations as well as cable TV carriers are also operating on the island. Because of the excellent telecommunications and highly quality services along with the favorable taxation regime Cyprus has attracted many technology companies.
14. Benefits for Corporation
Cyprus offers a safe and reputable business environment. It also offers one of the most favourable tax regimes in Europe. Many international companies have based their headquarters in Cyprus.
15. Governing System
Cyprus has a democratic system, with a strong legal framework and highly protected human rights. Cyprus democratic system in combination with Cyprus EU membership offers many advantages, including but not limited to: 1) free movement of people, 2) free movement of services (European citizens and their companies are free to offer services in any EU country without any obstacles), 3) free movement of capital (transferring of funds, purchasing property, and any kind of investing is a free right within the EU states), and 4) free movement of goods (all goods produced in any of the EU countries can be freely transferred to any other EU country).
Cyprus has been a member of the EU since May 2004, unlocking property restrictions and opening up work and business opportunities, thus broadening the lifestyle and investment possibilities. In January 2008 Cyprus adopted the Euro as its currency, raising the financial attractions even further.
17. Visa Free Travel
Cypriot residents and citizens have no visa restrictions to travel within the EU and they also have no visa restrictions to travel to over 140 other non-EU Countries.
18. Best Climate in Europe
Residents and visitors are fortunate to have one of the best climates in Europe all year around. There are more than 320 sunny days in Cyprus.
The Cypriot immigration policy and legal framework now enables non-EU citizens to obtain Cypriot Citizenship on an expedited basis. This Cypriot Citizenship immigration policy is fast and easy since it only takes approximately two months. It is paramount to highlight that recent studies contacted by global immigration experts are ranking the Cyprus Citizenship by Investment Program among the “top ten best in the world”.
Cyprus property prices point to an accelerating growth, according to the THIRTIETH edition of the RICS (Cyprus) Property Price Index.
Sun, 3 Sep 2017