ABOUT CYPRUS

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LIVING IN CYPRUS

Cyprus’ strategic location, natural beauty and wealth have rendered the island a jewel in the Eastern Mediterranean through the ages.

 

Since the settlement of the first Greek Mycenaeans in 1400-1300 BC, Cyprus has developed a unique character, harmoniously blending influences from different civilisations.

 

The rich historical and cultural landscape is reflected in the hundreds of archaeological sites scattered throughout Cyprus, representing various historical periods in the island’s evolution.

This beautiful island offers visitors a wonderful living experience that combines a comfortable and stress-free way of life with a modern and sophisticated environment, ideal for people seeking the perfect balance between business and pleasure.

NATURAL BEAUTY AND CLIMATE

Cyprus has a pleasant Mediterranean climate with year-round sunshine. Stunning coastlines, golden sandy beaches and clear blue waters, coexist harmoniously with glorious mountains of wild natural beauty and peaceful, picturesque villages.

 

Cyprus’ famous beaches have been awarded with 57 Blue Flags in 2015, ranking the island first in the EU for the tenth consecutive year, including three records:
 

  • most Blue Flags per capita in the world

  • most dense concentration of Blue Flag Beaches

  • most Blue Flag beaches per coastline

Image by Miriam Eh

NATURAL BEAUTY AND CLIMATE

Cyprus has a pleasant Mediterranean climate with year-round sunshine. Stunning coastlines, golden sandy beaches and clear blue waters, coexist harmoniously with glorious mountains of wild natural beauty and peaceful, picturesque villages.

 

Cyprus’ famous beaches have been awarded with 57 Blue Flags in 2015, ranking the island first in the EU for the tenth consecutive year, including three records:
 

  • most Blue Flags per capita in the world

  • most dense concentration of Blue Flag Beaches

  • most Blue Flag beaches per coastline

Image by Miriam Eh
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QUALITY OF LIFE

High quality of life is without a doubt one of Cyprus’ most compelling advantages. Indicatively, the island was ranked as the 5th best relocation destination worldwide by the 2013 Knight Frank Global Lifestyle Review, while Limassol, the second biggest city in Cyprus has been ranked 4th best retirement destination globally.

Image by Max
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SAFETY IN CYPRUS

INFRASTRUCTURE

The island benefits from a well-advanced and modern infrastructure that makes day-to-day life easy, cost-effective and efficient.

 

Commutes are minimal in Cyprus. One can drive with maximum 30-40 minutes between the major cities of the island.

EDUCATION

Third country nationals relocating to Cyprus do not have to worry about language and education. English is widely spoken in Cyprus, while most people are bilingual.

 

The country offers excellent multilingual educational institutions, where courses are taught in English, French, German, Russian, Italian, Armenian and other languages.

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SAFETY IN CYPRUS

Besides its natural beauty, Cyprus offers a very safe environment, with low stress levels and crime rates, ideal for a peaceful family life.

 

Acknowledging the island’s safety and security standards, ValuePenguin has ranked Cyprus 5th worldwide and 1st among smaller.

 

Countries in its Safest Countries in the World Study for 2015.

CLIMATE

Cypriots are known worldwide for their genuine and sincere hospitality and friendliness, but also for the famous Cypriot cuisine, based on the healthy Mediterranean diet. Recipes dating back hundreds of years offer delicious gastronomical experiences, particularly the “Cyprus Meze” which consists of a large number of different cold and hot “hors d’oeuvres” such as assorted dips, salads, meats, vegetables, as well as various fresh fish delicacies.

With a buzzing cosmopolitan environment, arts and culture are flourishing with museum nights, local and international festivals, exhibitions and concerts taking place at both modern and ancient venues, such as historical open-air amphitheatres.

 

With pleasant weather throughout the year, sports enthusiasts can ski in February, swim and kite surf until December, bike and play tennis and golf all year. A vibrant nightlife, with plenty of restaurants, bars and clubs, theatres and concerts caters to all tastes and lifestyles.

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REASONS CYPRUS IS THE

CHOICE OF YOUR DREAMS

Cyprus has proved to be an increasingly popular destination by foreigners for the acquisition of real estate for a plethora of reasons.

  • The island of Cyprus has always been considered to be one of the top property destinations by foreign buyers. The continuing demand for property by foreigners is attributed to many factors, including the relatively low cost of living, the high quality of lifestyle, the favorable policy to obtain a permanent residence through the acquisition of real estate and the fact that Cyprus is one of the top destinations for retirement.​
     

  • In addition, the unique hospitality of the local population, the attractive climate, the increasingly important role of safety (Cyprus is one of the safest countries in Europe with crime at a very low level) and security, have all played an important role. Demand and market activity has caused local property values to show a steady and at times sharp appreciation, but this trend has now a slower pace. Good properties are still abundant, and local property prices are still much lower than those of other European countries such as France, Portugal and Spain.

 

Buying Cyprus Property as an Investment

  • Local property values have shown a steady upward movement over the years and properties, especially beach front properties, have shown a considerable appreciation. Relative to equivalent property found in other Mediterranean and Southern European countries, local property is believed to offer good value for money and the island’s increasing popularity by the international market further supports this.

 

Legal Safeguards

  • The legal system is Cyprus is largely based on the British equivalent and safeguards the purchaser’s rights in many ways. For the purchaser’s protection, once the agreement of property sale has been signed and a deposit paid, the Land Registry in Cyprus provides a simple and effective legal instrument called the “Specific Performance”. This procedure protects the purchaser’s ownership rights until the title deeds are issued and transferred to their name. The contract in the hands of the Land Registry cannot be withdrawn by anyone; and therefore the property cannot be leased, sold, transferred or mortgaged. This status can only be altered by the purchaser himself.

 

Summary of Benefits

  • Cyprus has a very favorable tax regime / destination for individuals and companies.

  • Over 75% of the country speaks English and there are excellent education facilities including several UK universities with campuses on the island.

  • Cyprus has a low crime rate and it is one of the safest countries in the world.

  • There is a high standard of educational institutions and healthcare facilities.

  • Cyprus is strategically located at the crossroads of three continents, Europe, Asia and Africa.

  • Cyprus is set to join the EU Schengen zone soon.

  • Property acquired is freehold, there is a low property tax and there is reduced VAT on property of just 5% (subject to conditions).

 

Tax System

Cyprus offers an attractive and transparent tax regime, fully compliant with EU, OECD and international laws and regulations. Providing access to an extensive network of more than 60 Double Tax Treaties, and maintaining a corporate tax rate of 12.5%, one of the lowest in the EU, Cyprus offers international investors and domestic businesses confidence to invest, grow and prosper.


Some of the main features of the Cyprus tax system include:

  • Dividend participation exemption

  • Exemption on disposal of securities (e.g. shares, bonds, debentures)

  • No succession taxes

  • No withholding taxes

  • Attractive IP regime

  • Tonnage tax for shipping companies

Significant exemptions are also in place for non-domiciled individuals taking up residence in Cyprus:

  • No tax on dividends and interest

  • 50% exemption on income from employment in Cyprus of a person who was not previously resident in Cyprus. The exemption applies for ten years, provided that the income from employment in Cyprus exceeds €100.000 per annum.

Image by Miriam Eh

BUSINESS IN CYPRUS

Cyprus has long established itself as a thriving business hub, with a vast array of investment opportunities in key growth sectors of the economy. The island’s ideal strategic location, advanced infrastructure and high quality of life do not only represent key reasons to relocate and live in Cyprus, but are also at the heart of an investor’s choice to invest in it.

Strategic Location

The island is an ideal investment gateway to the European Union, as well as a portal for investment outside the EU, particularly into the Middle East, India and China. As a member of the wider EU and Eurozone community, Cyprus ensures safety and stability for investors, while also offering them market access to more than 500 million EU citizens.

 

The local infrastructure is ideally suited for business people who need to get things done. Thanks to its modern road network, extensive port facilities and two new international airports, travel and transport in and beyond Cyprus is fast, efficient and economical.

Human Talent

Human talent probably constitutes Cyprus’ most compelling advantage, complemented by a broad range of high quality professional services. As a dynamic business centre, Cyprus offers an abundance of highly educated and skilled individuals, multilingual in their majority, ready to serve the needs of any business.

 

Cyprus, indeed, has all the right ingredients to maintain a strong and resilient economy, due to its small size, productive labour force, business friendly and flexible government.

Legal System and Transparency

Our country’s competitive advantages are significantly enriched by a robust and transparent legal and regulatory framework and an attractive tax regime, which offers a wide range of incentives and advantages both for legal and natural persons.

 

Cyprus’ legal system, based on English Common Law principles, is widely recognised as a business-friendly and effective system that ensures transparency and reliability in business practices. Offering foreign businesses a familiar and reliable framework within which to operate, Cyprus’ legal system is also fully compliant with the EU, the Financial Action Task Force on Money Laundering (FATF), OECD, FATCA, the Financial Stability Forum laws and regulations and EU AML directives.