Cyprus Property Investment Opportunities
Cyprus, like its neighbour Greece, has dealt impressively with the pandemic. Therefore, it should be possible to travel there once the UK has the virus back under control. This fact, along with the glorious weather, relaxed lifestyle, business opportunities and investment incentives make Cyprus a great choice of location for Brits considering investment in overseas property.
Although geographically in Asia, and surrounded by many Middle Eastern countries, Cyprus is politically a European country and a member of the European Union.
Acquiring property in Cyprus, either as an investment or as a second home, has always been a popular choice among foreign investors.
Cyprus Investment Incentives
To lift Cyprus from the economic decline it experienced prior to 2015, Cyprus’s government had to revitalise the nation’s general investment appeal. These investment schemes worked, and have made Cyprus one of the best places to invest in property in Europe.
Just a few of the government incentives to invest in property in Cyprus include:
- One of the lowest corporate taxes in the EU at just 12.5%
- Reduced residential and commercial property tax rates (VAT)
- Residential property only attracts a 5% VAT tax on the first 200 square meters of the primary permanent residence property.
- No inheritance or succession taxes
- Very attractive personal tax regime for international professionals and individuals not resident in Cyprus.
- Tax deductions to encourage investment into Cypriot startups.
These tax incentives, and far more besides, have contributed to establish Cyprus as a cosmopolitan business centre with many investment opportunities across a wide variety of sectors.
Where To Buy Property In Cyprus
Limassol and Paphos are two of the most popular places to invest in property in Cyprus.
Many Brits who emigrate to Cyprus choose the active and cosmopolitan city of Limassol, and it’s easy to see why. The selection of international schools, along with many companies basing their offices there makes it a popular choice.
If you’re thinking of buying a property in Cyprus to rent out to tenants, Limassol is a great location, as rental properties are high in demand and short in supply.
Nearby Paphos has the second largest airport in Cyprus, and it’s generally considered to be cheaper to live there than in Limassol. However, many people work in Limassol, and therefore often choose to commute from Paphos.
Properties In Limassol And Paphos
If you’re after a more laid back environment, or a private house, then Paphos is likely to be more to your taste. If you’d rather invest in flats in a bustling city, you’ll find what you’re looking for in Limassol.
Take a look at some of our other properties in Cyprus here. To talk to us about any of our properties, give us a call on 03333 034 767 or send us a message.
