Cyprus - Not just a holiday break vacation spot.
If you’re weighing out whether buying an investment property in Cyprus is a good idea, the QuickLets Cyprus team have got you covered.
For many, many, many people Cyprus is a great holiday break vacation spot. In fact, Cyprus was estimated to have over 2 million tourists in 2022.
So it’s time for you to stop day-dreaming about hitting a local tavern after a long day at the beach in Limassol and start thinking about Cyprus as a lucrative property investment opportunity. Because those ‘many people’ need a place to stay. Your investment property in Cyprus could be just the spot.
Investing in a property in Cyprus means access to sun, sea and sand
Cyprus boasts one of the most diverse and stunning environments in the Mediterranean. From snow-capped mountains in winter to enjoying one of the pristine beaches in summer, there is something for everyone on this magical island – it’s no wonder 2 million people flock to it’s shores annually. Besides 320 days of sunshine a year, Cyprus has also been names the 5th best relocation destination in the world by a report conducted by Frank Knight.
This strategically located island in the Eastern Mediterranean is at the center of Asia, Africa and Europe. This means it is an investment gateway to the EU as well as Asia and the Middle East.
Is Cyprus your foothold into Europe?
If you want to access a market of more than 500 million EU citizens, then Cyprus can act as your door way. Cyprus Government has been part of the Golden Visa program since 2009. You can benefit from a Cypriot permanent residency once you buy a property in Cyprus with a value of over €300,000 and contribute to the country’s economic development. Investment options include:
- A new residential property (house or apartment)
- A new or existing commercial property (plus additional residential property purchase or rental)
- Share capital of an existing Cyprus company that employs at least 5 people
- Units of a Cyprus Collective Investment Organization investment fund
- Applicant must demonstrate financial self-sufficiency of an annual income of at least €30,000
The residence permit to Cyprus and all of the EU is granted to the property owner and their family. You can then apply for citizenship after 7 years in residency status.
Investing in property in Cyprus has its taxes.
Cyprus is also an EU member state, part of the British Commonwealth and the Eurozone. Cyprus offers favourable tax benefits. The attractive tax regime is fully compliant with EU, OECD and international laws and regulations. Once you buy property in Cyprus you can also benefit from a 12.% corporate income tax rates, which is one of the lowest in Europe. You can also benefit from no capital gains tax or succession taxes.
Benefit from Fast Track Application Processing when you invest in a property in Cyprus
Your application will be reviewed by the Civil Registry and Migration Department and the Ministry of Interior and will grant approval within 3 to 6 months. You don’t need to be present for your application to be processed and the application can be filed on your behalf.
Why is Limassol one of the best cities in Cyprus to buy an investment property in?
Limassol is a fast paced city that is ideal for families. You’ll find a wide range of types of properties to buy here – from apartments, detached homes to villas and luxurious seafront properties. It also is home to reliable and solid schooling system with top private schools located in the city to ensure your family lead a comfortable and happy life here, if you choose to use your property yourself. There are plenty of different activities in the Cypriot Capital – from top rated restaurants to huge shopping malls, and a booming nightlife scene. With the beautiful countryside close by, you can easily enjoy a hike up the hills and explore this gorgeous island.
Cyprus has a huge range of properties to suit your investment needs – from holiday homes for you to visit on occasion, to properties you can rent out on a short or long term basis, or perhaps you’re looking for a new permanent home. If you want to find out more about the options available to you and how to make this dream a reality, get in touch with the expert real estate agents at QuickLets Cyprus and put your mind at rest that you’re in safe and knowledgeable hands.