A fresh pair of eyes can be helpful, particularly when it comes to understanding property. So, this overview of the Cypriot property market, courtesy of U.S. broadsheet The Wall Street Journal, is a welcome reference point for any would-be British buyer of property in Cyprus.
Anyone experiencing post-Brexit uncertainty about property investment in the EU would do well to note the natural counterbalance provided by incentives the Cypriot government has introduced to recover from its own financial troubles.
While tax break incentives for expat buyers and a Cypriot (EU) passport for investors of over €5.0m (or €2.5m each if a collective of 5) have proven successful in bolstering the Cypriot economy, they’ve had an incidental effect too. Right now, tax breaks that make up for any future GBP currency shortfall, along with the prospect of an EU passport after all, make Cyprus an increasingly lucrative residential choice.
Some of the many attractions of living in Cyprus include its cultural heritage and natural beauty, together with its progressive legal system, healthcare and house-building. If you're looking for a new build development in Cyprus, you can be sure it will be packed with amenities and siturated in an excellent location - with a heritage site, a traditional hillside village and a sea-view close by.
Last year, the Cypriot government enacted a temporary program that cut the cost of title-deed transfers in half, an initiative that is set to be made permanent, a spokesman for the republic’s ministry of finance said. This means a title transfer on a $1 million home sale now costs about $40,065, compared with the $80,132 it would have cost in 2014. A new law passed this summer will cut property taxes by 75% this year and abolish them altogether in 2017, the spokesman said. For buyers spending big sums, Cypriot passports—which provide access to the EU—are available.