|
|
          |
|
|
|
Overview Cyprus has long been a popular destination for holiday makers in the Med and is now proving to be a popular investment property hot-spot. The legal system is based on the UK system and is therefore easy to understand. Residence permits are easy to obtain for living in Cyprus. The climate varies from 16 degrees in the winter to 38 in the summer and the island has many picturesque beaches as well as stunning mountain scenery (even skiing is possible in winter). Investor Statistics Capital growth in Cyprus is currently at around 20% per annum and the economy is very strong especially since adopting the Euro. Many large infrastructure projects are currently underway to improve the island. Running costs of a typical apartment are low, at around £1,000 per year and the rental season is one of the longest in Europe due to the excellent climate. Rental yields can be as high as 14%. Taxation Alexander Richards would always recommend that you consult a tax specialist regarding your personal circumstances. Capital gains tax is set at 20% with the a tax free amount. Inheritance tax has been abolished in Cyprus. Stamp Duty is payable at up to 0.20% of the property value as well as an annual property tax which can be as high as 0.4%. in general however running costs are low. Financing Mortgages are available and typical rates are 4%. You can borrow up to 80% of the value of the property for up to 30 years mortgage. Always consult a financial advisor for advice. Location |
|
|
Cyprus
