Why Buy Property in Cyprus
The property market throughout Cyprus is one of the fastest growing in the European Union and prices in some areas are increasing by an annual average of 20%. Cyprus economy is by strengthens and macroeconomic stability which is evidenced by the favorable evaluations and comments of the European Commission, the International Monetary Fund and other international organizations. Investors can take advantage of the relatively low level of taxation.
Property prices are still lower than in many other European countries. A comparatively low tax rate, including a Double Tax Treaty with southern Cyprus and the UK are attractions for investors. Capital Gains Tax of only 20% and Corporation Tax for Cypriot limited companies (through which you can own your property) stand at only 10%.
Foreign residents permanently residing in Cyprus pay only a 5% flat rate of income tax. 340 days of sunshine a year make it a comfortable and enjoyable place to live. A low cost of living often makes for an improved quality of life. There is a comparatively low crime rate in Cyprus and friendly people make it a desirable place to visit or live. Tourism is predicted to grow by 4.6% over the next 10 years, contributing some 13.9% to the country´s GDP by 2014. All these are good news to property investors looking for a ready market.
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