Now that Cyprus is part of the EU, its appeal as a tourist destination will continueto grow even further.
Cyprus joined the EU in May of 2004 and EU citizens who are non-resident cannow purchase two properties and this is likely to lead to considerable growth indemand and rising prices. A company registered in any EU member state with aregistered office, or management, or a branch in Cyprus can buy property freely.A company can also be set up in Cyprus to purchase multiple properties.
Currently Corporation Income Tax is 10% and Capital Gains Tax 10% forcompanies as opposed to typically 20% Income Tax and 20% CapitalGains Taxfor individuals.
The Cypriot legal system is based upon English Law.In addition Cyprus has a western, stable, democratic government.
Communication is easy as almost everyone speaks at least some English andmany speak very good English.
•There is a low crime rate in Cyprus just 6% of that in the UK.
There is a low cost of living and the inflation rate is around3% and virtually nounemployment (just 3%).
Good communication links and direct daily flights with most European capitals.
Cyprus is clearly one of the most exciting property investmentmarkets with capitalgains of 15% or more per annum and with this expected to continue for severalyears to come.
Rental returns show a level of 8%-12% on the current price of property.
In February 2005, the International Monetary Fund (IMF), predicted that Cypruswould be using the Euro single currency by April 2008
