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Reasons buy Cyprus property

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 Over the years, Cyprus has become an appealing tourist and holiday resort in terms of the international market.

Foreign visitors are on the rise, comprising primarily of Europeans, with the British market dominating (accounting for approximately 40% of tourists), trailed nowadays by the Russian market at 20%, with other European markets in pursuit.

As the Mediterranean’s third largest island, it is particularly attractive for vacationing families, though there are hot-spots for younger and unattached tourists as well — limited to certain towns and localities. And, being a former British colony, Cyprus has adopted many of the UK’s customs, as well as legal and other procedures.

The island thus offers numerous advantages & Reasons buy Cyprus property when compared to its real estate competitors, chief of which are as follows:

• The overwhelming majority of the population speaks English as well as Greek, though given the increasing numbers of arrivals from other countries, around 15% of the population also speak additional languages, such as German and Russian
• Motorists drive on the left (a concern for un-accustomed drivers)
• The legal system is akin to the UK’s
• The island is the EU’s second safest country and eighth most secure in the world. Serious crime is limited, even though it seems thefts might be on the rise • As an EU member, public health, domestic worker assistance for the elderly and other EU benefits and obligations apply in Cyprus
• The island claims six of the Mediterranean’s top blue flag beaches and is likely to add to this number as part of ongoing infrastructure upgrades
• Two top-quality marinas are already operating in Limassol, with another under construction in Ayia Napa, expected to be completed in 2018. A fourth is planned for Paphos and a fifth for Protaras. Small fishing harbours are also placed all along the coast
• There are two international airports (Larnaca and Paphos) offering ease of access to all cities via a highway network. Travel time is 30-45 minutes from airport to urban centres
• In addition to an array of sports facilities, the island boasts five international golf courses, plus various sporting clubs of all kinds
• Cyprus enjoys 300 days of sunshine a year and, depending on weather conditions, snow over the Troodos range, with facilities for skiers
• There are several schools and universities where tuition takes place in a major European language in all towns
• For those seeking a business destination, Cyprus offers the lowest tax rate in the EU, and holds double taxation agreements with key commercial partners, including the UK, Russia and Egypt. Perks such as special tax incentives for foreign managers of offshore companies are an additional attraction.
• Distances are comparatively short, with travel between coast and mountains taking about an hour. The island also offers an attractive countryside that combines history with natural beauty.
• Citizens of non-EU states can secure a permanent residency visa by acquiring a home worth over €300,000. Non-EU residents can also acquire a Cypriot passport with an investment of €5 million and a €500,000 house purchase. Such visas and passports also cover family members, whereas in the case of group investments (i.e. a number of buyers getting together or operating through a developer), the investment amount is reduced to €2.5 million per person. This scheme compares favourably with similar schemes in other European countries, and offers a one- to two-month response period from application date. Meanwhile, after a six-year recession, local real estate is showing signs of recovery with prices rising, so it is a suitable time to invest for personal use/buy-to-let/capital gains. It’s important to note that, under the prevailing incentives, the ownership transfer fee (stamp duty) is charged at 50% of the normal rate if transfer takes place in 2016 although we anticipate this may be extended.
Additionally, no capital gains tax is incurred for real estate acquired (if not necessarily transferred) within 2016, and sold at any time in the future.

Prices are dependent on a property’s location, quality, proximity to the beach, size and plot extent. As a frame of reference, the following are price guides for primarily new properties (prices for re-sales would be lower): Villas with pool – 100m2, two-bedroom villa with a pool: €150,000-€250,000 – 125m2, three-bedroom villa with a pool: €250,000-€400,000 Apartments with facilities – 90m2, two-bedroom flat: €180,000 – 110m2, three-bedroom flat: €220,000 Offices – Newer, high-tech at €3,000 a month (rental at €15 per m2.) Older at €2,000 a month (rental at €10 per m2) The above prices do not reflect those of properties in Nicosia, where prices are between 10%-15% lower than elsewhere. Luxury/beach accommodation Beach villas: €5,000-€10,000 per m2 Beach apartments – €3,000-€4,000 per m2 Less popular/non-beach tourist areas are estimated at 25%-35% less

Finally Reasons buy Cyprus property the growing number of airlines connecting to Cyprus, together with the government’s new open skies policy are also boosting the island’s popularity. Meanwhile, deflation has brought down the island’s cost of living index, to rank it 12th in the EU. So, for those on the hunt, it’s definitely worth paying a visit to a variety of local properties, to get a first-hand look at what the island’s real estate market can offer.

 Courtesy Cyprus Weekly

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Ayia Napa marina

Ayia Napa marina

The construction of the Ayia Napa marina which is expected to cost around €220 million, is anticipated to start in early April according to an announcement by the mayor Yiannis Karousos.

CONSTRUCTION works for the new Ayia Napa marina are expected to start in the beginning of April, Mayor Yiannis Karousos announced on Monday.
“The process for the construction of the Ayia Napa marina is progressing according to existing schedules. Expressions of interest from companies was a great success after more than 30 companies showed interest,” the mayor stated, adding that 12 companies would be bidding in the end.
February 15 is the due date for submission of the tenders which will be evaluated, Karousos said.

“According to our calculations they will be expected to sign the relevant contracts in late March and in early April the work which is anticipated not only by Ayia Napa but indeed the whole of Cyprus will begin,” he added.
He said the companies would include bids from Cyprus and abroad.
The project also includes villas, apartments, restaurants, bars, shops, cafés and boutiques, as well as a square for holding events. The marina will be able to berth 600 vessels with a length of up to 60 metres and support work on minor repairs and servicing, he said.
During the construction of the marina, which is expected to last about three years, 800 jobs will be created with the majority of employees consisting of people of the region, while 350 people will be needed for the marina’s operation.
The vast complex is going to be built in the area between the Ayia Thekla chapel and Makronisos beach.

Is not the time to buy property in Ayia Napa and the Famagusta area?  Contact us today for more information. Contact us

 

Article courtesy of Cyprus Mail.

michael kors tasche michael kors tasche

 

 

 

A new life in the Cypriot sunshine photo

 

Seven reasons to invest in Cyprus property and real estate

1, The Sunshine virtually every day:

With less than 20 days of predicted rainy weather, Cyprus is a far cry from England’s much cooler climate and something many British people find very attractive.

2, Property is up to 30% lower than in 2008

Now is the time for cash rich investors or people who did not over spend prior to 2008 to capitalise on the marked reduction in cost of property on Cyprus; Bargains are to be had on the Island and this has seen Britons thinking even more seriously about that move to Cyprus.

3, Cyprus economy less affected than much of Europe

Cyprus’s economy has seen a hit in tourism levels and its construction sector, which is to be expected, but as in recent news, Cyprus has been shrewd thinking about the future by starting to diversity its economy into exports, offshore oil and other sectors such as finance. Coupled with its inherently safe banking practices that minimises its banking sectors exposure to bad debt, Cyprus remains a strong economy and most would agree by and large well under control.

4, Excellent schools

Cyprus offers a wealth of good schools with state funded institutions providing good levels of education and also a growing number of private schools of an international flavour allowing for private education to world class standards for any British raising a family in Cyprus there educational options are fantastic for children.

5, Low Taxation

On a personal and business level Cyprus offers an exceptionally low level of taxation with corporation tax for business at 10% and personal tax at the same level but not kicking in until you have actually earned €19500 above €19500 tax starts to be paid at a pretty average 20% and raises in increments to a maximum tax threshold of 30%.

6,  Paphos marina development will be a jewel in the crown for the Eastern Mediterranean

Although things are somewhat in the air regarding this exciting development, when the dust settles and the building starts the end result will be one of the most impressive marina developments in Europe rivalling that of Monaco with space for 1000 yachts. This will leave the area around Peyia & Paphos & areas towards Coral Bay as serious real estate investment opportunities.

7, Excellent healthcare

As a European Union member Cyprus offers on par health services as the rest of the developed world with the Cypriot government giving top priority to its continued improvement, with an ageing population the Cypriot government has started to offer incentives to companies in order to bring in more advanced treatments and technology to maintain its record as providing a good quality health care for all.

If you want a better environment with year round sunshine and an escape from all the taxes and big brother attitudes of British governments, now is the time to start looking for those bargain buys with Cyprus Property for sale being a good investment. It is such a good place to invest and potentially relocate to from a broken Britain.

 

 

michael kors tasche michael kors tasche

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