Cyprus

Overview

The island nation of Cyprus is the third largest island in the Mediterranean Sea.   Once a centre for the Greek goddess Aphrodite, Cyprus is now a modern nation that hails a characteristically Mediterranean essence. Strategically located east of Greece and nestled between Asia, Europe and Africa, the island boasts sun-soaked acres of sand steeped in myth.

Cyprus enjoys a mild, typically Mediterranean climate, with an average of 340 days of sunshine a year. Outside is where you should be – the island offers an enviable and safe lifestyle and a great place to work and live.

Benefits

FACT BOX: BENEFITS

  • Residency Permit issued within 5 days of application
  • No physical presence required
  • Over 160 Visa-free destinations
  • Does not require any donation or non-refundable contribution to the state
  • Short Processing Time

Costs

FACT BOX: COSTS

  • Invest €1.5 million in residential real estate
  • Additionally invest €500,000 in property to be kept for life.
    OR
  • Invest €2 million in commercial real estate, AIF, or companies.
  • Additionally invest €500,000 in property to be kept for life.

Taxation

FACT BOX: TAXATION

  • Citizenship on its own does not have an effect on the tax treatment of an individual/family
  • Non-dom residents are charged tax on a source and remittance basis only

Eligibility

FACT BOX: ELIGIBILITY

Main applicant must

  • be 18 years of age
  • have a clean criminal record
  • pass security screening
  • fulfil the monetary obligations established by the investment programme

History & Geography

Cypriots have inhabited the island since the 10th millennium B.C. The island poses one of the oldest histories in the world – steeped in myth, sought after by many a zealous conqueror, Cyprus’s robust and multi-layered past has left the island riddled with ancient riches. One may find Neolithic dwellings, Bronze age and Pheonician tombs, as well as the looming essence of once-mighty city kingdoms, Roman mosaics, mountaintop castles and Byzantine churches dispersed around the island’s ample and lush countryside.

Although the island is split into two factions, crossing the line between South and North endows one with an in-depth understanding of Cyprus’s complicated and painful contemporary history. The Cypriot Republic, established in 1960, was inevitably plagued with dispute between the Greek and Turkish Cypriot communities. The dispute was eventually solved by the UN-manned ‘Green Line’. Despite this, both communities, though intrinsically different are at their heart of hearts, incredibly similar. Greek and Turkish Cypriots are linked by the still prominent role of traditional family life, as well as a rich history where food culture and folk customs have curiously enmeshed themselves in the same web.

Economics

The Cypriot economy, as confirmed by the World Bank, is of a high-income nature. The country turned over a new leaf after the financial crisis of 2013, strengthening the fact that despite tough austerity measures that restructured and diversified the economy, Cyprus has the immeasurable capacity to adapt and improve.

The unemployment rate is relatively low in Cyprus and, indeed, was at 11.11% in December 2017. The economy, in turn, expanded 4% year on year in Q4 2017. Economic growth is expected to remain robust in 2018 thanks to Cyprus’ thriving tourism sectors and its constant efforts of manufacturing growth and improvement of public finances.

Lifestyle

Cyprus is a safe country and its warm climate promotes a culture of outdoor activity and lifestyle. Sun-soaked stretches of sand are Cyprus’ most defining characteristic – there’s a beach for everyone, be it wild and windswept or family-friendly and packed – and its no wonder that the island’s tourism sector is so prosperous.

Despite the unfortunate Green Line cutting through the island, the naturally warm Cypriot hospitality still emanates. The population has an incredible command of English and expats are continuously drawn to the country, especially in recent years.

Schooling, up to higher education, is provided by the state. The country also enjoys a large number of accredited private educational institutions. Public healthcare, additionally, is inexpensive and free in Cyprus citizenship holders. Private healthcare, nevertheless, is relatively inexpensive and high-quality.

The island is a great place to raise a family – with its low crime rate and high standard of living and education, Cyprus is an ideal place to relocate.

Cyprus’ Real Estate

Cyprus’ real estate market is notable in its recent expansion and success in recent years. Demand for property is increasing and, in 2017, the domestic market registered an increase of 12.6% in sales. The overseas market, nonetheless, rose to 41.3%, as confirmed by Department of Lands and Surveys statistics. This growth in the property market is partly driven by Cyprus’s recovering economy.

The average price for homes in Nicosia is similar to that of Great Britian and the United States, and stands at approximately $400,000 USD. In the suburbs, the average price drops to about $310,000 USD. The average rental yield is 5.29% per annum. The housing market is expected to continue to improve amidst continued economic growth.

The Cyprus real estate market has historically been divided into the major urban centres of Nicosia, Limassol and Larnaca and the seaside resort areas of Paphos and Famagusta.

Contact Information

+356 2205 6868

info@arcusestates.com

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