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Cyprus
OVERALL LOOK AT CYPRUS LOCATION
3rd largest island in the Mediterranean close to Turkey, Greece and Israel.
4 hr flight time from UK – Paphos & Lárnaca International Airport
Capital is Nicosia FACTS
Population 800,000
Common law Legal System, (Based on the UK – Easy for UK investors to understand)
Official languages Greek and Turkish, English is second language
Currency is Cypriot pound (rate 1.18 to English pound)
Low crime rate
2 hours ahead of UK
Buses, taxis but no trains
Drive on left hand side of road
4 lane motorways connect capital Nicosia with coastal towns of Limassol, Pafos and Ayia Napa LIVING IN CYPRUS
Low cost of living - Bottle wine is CY2
Residence permit is easy to obtain.
Excellent public health care
All the latest medical equipment with private clinics and medical centres DESCRIPTION
340 days of sunshine
16 degrees winter – 35-38 degrees summer
Blue flag golden sandy beaches, sandy coves
Picturesque mountain villages in the Troodos Mountain range
Famous for wines and pottery and lace
Mexican, Chinese, Thai, French, Italian cuisine
Meze -traditional local dish - 20 different dishes.
Salt Lakes with colonies of flamingos and other migratory birds
Two main Marina’s in Cyprus
Lárnaca Marina - 450 births
Limassol Marina - 250+ births
Over 60 hotels offer conference facilities
International schools ACTIVITIES
Skiing; Troodos mountains, Mount Olympus January to March
2 day cruises to Egypt, Greece & Israel from Limassol
Nature reserves, forest parks, nature trails, hiking, horse riding, archery, bowling,
Amateur fishing, sailing, windsurfing, jet skis, waterskiing, shooting ranges & tennis
3 golf course clubs, Tsada, Secret Valley, Aphrodite Hills – 3 more under construction INVESTMENT
Capital Growth 20% and increasing
One of the strongest economy’s in Europe – with regards to its financial hub
Euro currency adopted early 08
Several more golf courses planned
Cheap airlines start March 07 (Monarch)
Shortage of residential land in hotspot rental areas
Huge financial backing from Europe because it’s one of the EU’s newest members
Paphos & Lárnaca international airports – under development for expansion to three times the amount of their capacity – knock on effect will allow more planes, low cost airlines and more jobs – 650m CYP on new airport expansion
Plans to renovate Lárnaca Marina to 2,500 berths in the next 3yrs
New marina in Coral Bay which will house 1000 berths finished in 3yrs
Widening of the motorways to cope with tourism demand
Construction periods 2 – 3 years
Low density of build around 20% and in certain cases as little as 10% - max 3stories
Low running costs around £1,000 per year for a two bedroom apartment
Longest rental season in the Mediterranean
CAPITAL GAINS TAX
20% although the first 10k per person is exempt (TAX FREE!!)
However, as a company, we would suggest that the clients do their due diligence and check their tax liabilities in their country of origin. (We are not tax specialists)
NO INHERITANCE TAX
This was abolished in 2000. ANNUAL TAX ON PROPERTY
Between 0% - 0.40% per year (depending on the value of the property) STAMP DUTY
Between 0.15% - 0.20% (depending on the value of the property) INCOME TAX
Up to CYP10 000 annual income/person tax free LOCAL AUTHORITY TAX
£35 - £120 per year (VERY LOW) covers Refuse & street lighting, COMMUNITY FEES
£350 - £400 per year depending on property PROPERTY BUILDING INSURANCE
£155 per year MORTGAGES -
Up to 80% interest only/capital and interest Mortgage from 3.9% up to 30 yrs, up to the age of 70 RENTALS - BASED ON A 2 BEDROOM APARTMENT IN A GOOD LOCATION
= High Season (Jun-Nov) – £ 400-600 per week
= Mid Season (Mar-May) – £ 300-400 per week
= Low Season (Dec-Feb) – £ 210-300 per week
Cyprus has great all year round rentals, with the regions low property density the demand has always outweighed the supply! SHORT TERM 12 – 14 % ANNUAL YIELD LONG TERM 10 – 12% ANNUAL YIELD
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