Living and doing business in Cyprus
Cyprus is the third largest island in the Mediterranean. In 2004 the
island joined the EU as a full member and subsequently joined the Euro
zone in 2008.
The privileged geographical location of the island is set at the
crossroads of three continents Europe, Africa and Asia. The strategic
positioning in conjunction with a favorable tax system, advanced
infrastructure and transparent legal and regulatory framework make
Cyprus a very attractive destination for international business, travel
and investment opportunities.
The islands infrastructure is consisted of two International airports
located in Larnaca and Paphos and two ports in Limassol and Larnaca.
The transportation system in Cyprus includes buses, taxis and rental
cars. There are also pedestrian roads for those who want to enjoy the
island walking and beautiful cycling routes for sports enthusiasts.
Cyprus has excellent telecommunication services offering top notch
mobile and internet facilities at high speed services and by 2021 most
central areas will be upgraded to fiber optics.
From 2009 until 2015 the economy of the island was hit by the financial and banking crisis. In 2016 Cyprus turned the corner, left behind the recession and in year 2016 came back to growth. As a result, the the confidence and trust of the investors and the consumers were restored.
The Real Estate sector in Cyprus is one of the vital elements and building blocks of the island’s economy. Since 2015, the property sale transactions have been increasing and the upward trend is expected to continue to rise.
The demand for properties in Cyprus has surged due to the following reasons factors:
As mentioned previously, Cyprus has managed to overcome the crisis and returned to growth.
Property prices are low, compared to other European countries and thus are very attractive to potential buyers and investors.
Property taxes and other related fees are lower than other E.U. countries (Government immovable property tax has been abolished since 2016, transfer fees have been reduced by 50%,etc)
The regulatory framework in Cyprus has been enhanced and improved, especially for the financial and Real Estate sectors (New laws and regulations have been enacted for the issuance of property title deeds and for the property buyer’s protection.
Availability of Cyprus Government immigration Programs (Cypriot Citizenship and Permanent Residence Permit) through property investments.
Due to the Cyprus prospective discovery of the huge hydrocarbon reserves in its exclusive economic zone the island is attracting more foreign investments and definitely it will boost the Cyprus economy further.