Those who think of Cyprus think of the financial and banking crisis in 2013 with banks over-extended and public finances in the red. However, the truth is that the fears that most people had regarding Cyprus never materialized. The country has bounced back with positive changes, building on trust, introducing new structural measures and sweeping reforms over the years to make it one of fastest financial bounce-backs ever in history.
The European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) have praised the country for its outstanding performance and amazing comeback. Independent reviews and audits have cleared the money laundering allegations and have proven without a doubt that the claims were unsubstantiated. Credit rating agencies have recently begun upgrading the economy and international investors are driving the recapitalization of banks and other financial institutions, seeing the positive influence the country’s changed infrastructure has on different institutions in tourism, land development and professional services and financial services.
Thanks to the changes, the economy of Cyprus is thriving and there is a lot of activity that can be done there to help you lead a better life.
Here are some genuine reasons that can compel you to invest in Cyprus property:
- The Market Is Up-Trending: A high up-trend in the market has been seen in the Cyprus market last year. The general price level of property in Cyprus has remained very low in comparison to UK or even in comparison to Spain, but continues to grow steadily and almost exponentially once the effect comes into place.
- If You Choose Not to Sell, It’s Possibly the Best Place to Settle Down: A relatively low cost of living often accounts for a substantially improved quality of life. Cyprus enjoys a high standard of living with good facilities. Cyprus boasts of a very efficient land registry system with straightforward and well-administered procedures, making property purchase a safe option.
- It’s Ideal to Set up an International Business Entity: Taking advantage of Cyprus’ privileged and strategic geographical location at the crossroads of 3 continents, Cyprus cooperates with neighboring countries such as Greece, Israel, Lebanon, Syria, and Egypt.
- British Legal System: Cyprus has a British-based legal system, where English-speaking lawyers are easily available. A British-based banking system in Cyprus makes mortgage choices and managing money easy for UK citizens. Special tax incentives offered by the Government allows a U.K. citizen to receive their pensions and investment income in Cyprus with exemption from U.K. taxes