Advantages of buying property in Cyprus: everything you need to know

Many foreigners prefer buying real estate in Cyprus, because it is more than just buying an apartment by the sea or in a European city, it is a certain style and a choice of a different format for life. And you can buy real estate in Cyprus thanks to MySpace real estate agency. Learn more about the benefits of buying real estate on the picturesque island.

Buying real estate, especially abroad, is a profitable way of investing. One of the leaders in terms of the volume of residential space purchased by foreigners is Cyprus. Over the last decade, the country has turned into a popular investment, financial and technological center. For this reason, hundreds of people from all over the world decide to change their place of residence or buy a second home in this Mediterranean paradise every year.

What are the advantages of buying real estate in Cyprus?

Certificate of permanent residence in Cyprus when purchasing real estate

Cyprus ranks 4th among the countries of the European Union in terms of the number of issued residence permits. Foreigners who purchase real estate in the country worth more than 0,000 receive an indefinite permanent residence permit under a simplified procedure called Fast track permanent residency. The deadline for processing documents is about 3 months.

Along with the investor, members of his family can get a permit.

Advantages of a permanent residence permit in Cyprus: high standard of living, simplified taxation system, possibility of doing business.

After 5 years, the investor will be able to obtain Cypriot citizenship and travel without a visa to 170 countries of the world, including Great Britain and the EU.

The real estate must be owned by the investor before the expiration of the permanent residence permit or obtaining citizenship. In order for the document not to be canceled, it is enough to visit the island once every two years.

Additional income

The profitability of real estate in Cyprus is one of the highest and most stable in Europe. Every year, Cypriot real estate prices increase by 1-4%.

You can also get additional income if you rent out the premises. In most cases, the net rental income is higher than the mortgage rate.

• A wide selection of objects: commercial real estate, luxury houses, spacious apartments. You can choose real estate for any budget and needs.
• Stable economy, excellent education and health care systems.
• Low corporate tax rate - only 12.5%.
• Strong legal framework.
• Extensive use of the English language.
• Excellent transport connections.
• Advantageous geographical position – strategic location between three continents.
• Mild Mediterranean climate, crystal clear sea and long beaches, which are awarded with the Blue Flag.

So, buying real estate in Cyprus is a good investment that opens up many prospects for the owner.