Cyprus Property Market: 10 Reasons to Purchase a Property in This Hidden Gem
- Introduction
- The Cypriot Investment Programme - Permanent Residence under Regulation 6(2)
- Reasons to Invest in Property in Cyprus
- Contact our legal team to learn more
Introduction
Cyprus is a cosmopolitan island in the Eastern Mediterranean with a great quality of life. This breathtaking island combines standard living with an affluent historical past and heritage, delicious gastronomy, and pleasant warm weather, making it a top investment destination and a Mediterranean gem.
The Cyprus real estate market has seen significant growth in recent years, with an increase in immovable property transactions. The island is renowned for its cultural appeal, and according to the 2013 Knight Frank Global Lifestyle Review, it was ranked as the fifth-best relocation destination worldwide.
Cypriot legislation, which safeguards property ownership rights, even for non-Cypriots, makes buying property in Cyprus a simple affair. An accelerated process for obtaining a Permanent Residence Permit for themselves and their immediate family members is available to non-EU citizens who purchase real estate.
The Cypriot Investment Programme - Permanent Residence under Regulation 6(2)
Cyprus ranks high among EU countries in the issuance of residence permits according to Schengen News and it has become one of the most attractive countries to acquire permanent residence.
The applicant under Regulation 6(2) should invest in a house or apartment from a development company, which must be a first sale worth at least €300,000 (plus VAT) or purchase of other types of real estate such as offices, shops, hotels or related estate developments, or a combination thereof, with a total value of €300,000. The latter purchases may also result from a resale.
The applicants must show a secured annual income of at least €50,000 from abroad, increasing by €5,000 for a spouse and each additional child, and by €8,000 for each dependent parent. Income sources can include salaries, rents from property, pensions, and dividends.
This type of permanent residency is examined within a year, and it allows non-EU citizens and their dependents to live and stay on the island as permanent residents endlessly, without needing to renew their visas.
Reasons to Invest in Property in Cyprus
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Safety: Cyprus is considered a very safe place to reside as it records extremely low crime rates. The 2015 Value Penguin Safest Countries in the World research ranked Cyprus very high on the list with the safest places among small counties and fifth overall. Moreover, Cyprus was placed as the 13th safest location on Earth for 2023, as per Global Finance.
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Ideal Location: The location of the island is considered to be supreme and strategic, as it lies between three continents Europe, Asia, and Africa. This makes Cyprus a place with extraordinary investment opportunities and brings connectivity with the member states of the European Union. Lastly, due to its location traveling among surrounding continents is easier and accessible.
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Warm Climate: The island is known for its Mediterranean climate, characterized by hot and warm weather making it the ideal place for domestic trips and outdoor activities throughout the year. Cyprus features gorgeous landscapes, from beaches to mountains, and fantastic views making it a perfect place for real estate investment.
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Relaxed Lifestyle: The amiable and hospitable attitude of Cypriots, along with the large number of English-speaking individuals, guarantees a seamless transfer for foreign nationals. Compared to other European nations, the island offers a premium lifestyle that is nonetheless reasonably priced.
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Affordable Property Prices: Cyprus offers a relatively cost-effective price when it comes to the property market compared to other European destinations, without minimizing the quality. There is a wide range of luxurious and first-class properties to accommodate different preferences and needs. Overall, the differences in pricing for residential real estate among Cyprus's districts reflect the island's diversity, with each area having its special attractions and opportunities for a certain way of life.
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Attractive Tax System: The Cypriot Tax System is one of the most attractive Tax Regimes in Europe. The corporate tax is set at 12.5%, the tax on qualified IP profits only at 2.5%, and no tax on dividends, sale of shares, and capital gains for non-domiciled individuals. This makes Cyprus a perfect place to invest, creating a great opportunity to do business on the island.
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High English Fluency: The level of English fluency in Cyprus is one of the highest in Europe, which makes it easy and simple for foreigners to communicate and get along with locals. Furthermore, there is a big community of English-speaking expats on the island.
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EU Membership: Cyprus in 2004 had joined the European Union (EU), a supranational political and economic union. From this day forth, political stability came to the island by granting Cyprus a single market and providing its citizens the freedom to live, work as well and to study in all parts of the EU
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First-Class Healthcare: The National Health System (GESY) of Cyprus provides its citizens with first-class medical care. Medical centres and various commercial and public clinics are registered across the island. Moreover, pharmacies may be found easily in every community.
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Quality Education: Cyprus currently serves as a base for several European and international universities with state-of-the-art facilities, which is a noteworthy development in the education field. Offering recognized, multilingual programs ranging from pre-primary to secondary education, the nation draws foreign universities to set up shop on the islan
In conclusion, someone can call Cyprus a hidden Mediterranean gem as it combines a great lifestyle, safety, and top-notch healthcare as well as education. Its allure is further increased by the reasonable real estate costs and advantageous tax regime. After seven years of permanent residency, investors can also apply for a Cypriot passport and benefit from all the advantages of EU citizenship. All these factors make Cyprus a great place to invest in real estate, live and reside.
Author: Oumountoumidis Anestis
Contact our legal team to learn more
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