Cyprus property investment
Cyprus property investment remains hugely dynamic. Boasting decades of stability and low crime rates, Cyprus remains as attractive as ever for real estate investors. International interest in holiday properties is just the beginning. For years, businesses across the continent and elsewhere continued to benefit from clearer taxes and an appealing customer base.
Cyprus, too, benefits from a unique climate. Regarded as the ‘sunniest place in the Mediterranean’ by many, its real estate opportunities are never likely to deplete. Beyond the government’s ‘Cyprus Investment Programme’, there are many opportunities out here awaiting exploration.
The island benefits from a unique landscape and incredible historical background. What’s more, it is a state that boasts modern ambition while remaining proud of its roots. Financial security and an impressive infrastructure, too, help to embolden its appeal.
Here are a few arguments why Cyprus continues to grow as a forward-thinking and appealing prospect for investors.
Cyprus is Bouncing Back
One of the biggest reasons why invest in Cyprus and why investment continues to pour into the country is its incredible economic recovery. After a recessive period in 2014, Cyprus has witnessed billions of Euros in foreign investment. In 2017, foreign funding peaked at around €9.8 billion. That, reports show, helped the country to bounce back from its economic decline quicker than many similar EU cases.
Cyprus’ bounce-back is attributed to large-scale development. As the third-largest island in the Mediterranean, it remains hugely appealing to business owners and holidaymakers. For example, the country’s economy grew by 3.9% in 2018 as a result of luxury developments and grand-scale tourism.
Despite recent COVID-19 measures temporarily freezing interest in areas such as Paphos and Limassol, the future remains bright for Cyprus. Luxury developments in desirable areas will continue beyond lockdown. Tourism, too, will bounce back. A renewed thirst in international travel, once it is safe to undertake again, will breed future success for Cyprus.
Cyprus’ financial comeback is at such a point that the IMF keenly expects growth of 3% in 2020 alone. Coupled with strong banking and an appealing bond status, the future is bright. Now, even as we approach an easing of the COVID-19 lockdown, it remains a good time to invest.
Cyprus is a Hive for Business Growth
Cyprus’ remarkable resilience in the face of the economic downturn is hugely inspiring. Local and international businesses, in particular, are keen to get involved with the country’s future. A helping hand in this matter is, of course, how affordable it is to undertake business in Cyprus.
Cyprus’ tax system is famously laid-back. Investors will only ever be held to 12.5% corporation tax. Beyond this, there are no trading taxes and no taxes on shares and relevant dividends. Compared to the UK personal tax threshold, equivalent to €14,000, Cyprus demands tax from individuals after earnings of €19,500.
What’s more, businesses may be able to pay even less tax. Cyprus’ Intellectual Property or IP scheme will allow investors and business owners to drop corporate tax further. This lower further to as little as 2.5%, subject to tests.
Cyprus is firmly within the bosom of the European Union. That means it has strong links to EU partners, and that it obeys EU trading laws. Therefore, import and export are likely to keep the state healthy and affluent even in times of uncertainty.
One market which will keep Cyprus on high demand via the EU is local hydrocarbon. Experts and research show that there are immense energy reserves on the island. This will likely help to add Cyprus to the list of other EU states’ energy dependencies. Such dependency will, naturally, ensure that the economy and demand remain healthy for decades to come.
Cyprus is Safe, Friendly, and Ambitious
Cyprus has a remarkably low crime rate. Recent figures suggest reported crime to be falling, with worries about personal crime also being low per capita. Citizens, according to data, generally feel safe in Cyprus.
Thanks to intervention from the UN, the north-south divide provides no current concerns or worries. The green zone close to Nicosia is closely patrolled, and political unrest is virtually unheard of. The country continues to propel itself forward to a safe, enterprising future.
The cost of living in Cyprus, too, is of high merit. Desirable beachfront locations and unique climate will also continue to drive interest in the country for years to come. Real estate interest in the country is peaking thanks to residential zones remaining accessible and affordable, too. Modern investors and property owners will look to a country they can safely establish themselves in long-term.
Cyprus Has Immense Wealth in Heritage
Cyprus remains one of the most intriguing territories on the continent. Over centuries, it has been the subject of empirical takeover and rejuvenation. As such, historic sites across the country boast Greek, Turkish, Ottoman, Venetian, and even British influence. Cyprus is also thought to be one of the oldest territories on the planet.
Districts such as Paphos remain hugely popular with history lovers. Its Tombs of The Kings remains one of the most valuable UNESCO World Heritage Sites. As such, investors in the country will be rubbing shoulders with an incredible, unique history.
Cyprus is a country proud of its varied past. It has played roles in some of the most crucial trading moments over the centuries. However, it is a nation which is not afraid to move forward. Crucially, Cyprus is an island nation carefully balancing its remarkable heritage with forward-thinking.
As such, the business infrastructure in Cyprus plays out against a unique cultural backdrop. That remains hugely appealing to businesses and investors. Few nations offer the same demographics and the same cultural hierarchies. What’s more, despite its varied history, an investment in Cyprus is seen as remarkably low-risk.
Cyprus holidaymakers explore the island both for the weather and for the history. It is one of the few places in the world where you can ski in the morning and sunbathe in the evening. As such, it is all the more likely to appeal to a wealth of different holidaymakers. That makes it a truly unique investment launchpad, regardless of industry and company projections.
Cyprus is Building Up
COVID-19 has frozen some projects; however, it is highly likely that big developments will continue to persist once lockdown eases. Some of the most significant projects lined up in late 2019 included the Asteroid Tower and the Cymiva Offices. Both expansive workspaces, based in Nicosia, are only the beginning. Further tourism developments are emerging for Ayia Napa and further residential zones in Larnaca.
However, it is the highly popular state of Limassol, which boasts some of the most interesting promise. Not only is it appealing to holidaymakers, it is well-connected across the island. Residents benefit from leading healthcare as well as a thriving commercial centre. Limassol’s industrial facilities, too, are well-established.
Cyprus property investment is especially vivid in Limassol, and real estate investors are keen to establish themselves as a result of the area’s vibrancy and culture. It is brimming with commerce and tourism, as well as miles of sandy beaches. This, inarguably, is a leading factor in driving tourism into the district. Limassol’s population has grown by almost 200,000 people since 1960.
Limassol is not only a popular tourist destination but is a welcoming residential zone. Its strong port and harbour presence ensure perpetual trade and business coming in and out of the region.
Cyprus is seen as useful crossroads for trade between Europe and the Middle East. As such, investors from the east, heading out towards Russia, continue to show invested interest.
The Future for Cyprus’ Investors
Recent news in line with COVID-19 shows that the Cypriot government is taking a proactive stance on international investment. Plans show that officials intend to listen more closely than ever to potential international investors. It is clear that the Cypriot state is more than aware of how crucial foreign interest is to their economy.
Therefore, post-lockdown, Cyprus will remain a huge area for growth for all parties. The Cypriot state is keen to push ahead with future investment opportunities. What’s more, the financial safety of the country, as well as continuing interest from Russia and the Middle East, remain attractive.
Cyprus’ unique, ambitious infrastructure is continuing to drive big business as well as startup interest. Its clear travel links and crossroads nature help to keep it at the heart of Europe. Its future as an energy giant to the rest of the EU will also solidify Cyprus as an investor hotbed.
Stability, growth potential and ongoing financial prosperity are all likely to appeal to foreign investors. Therefore, beyond COVID-19, it is going to be exciting to see what comes next for Cyprus.