About
CYPRUS
Cyprus is the third largest island in the Mediterranean Sea with
a history of almost 10,000 years. Due to its strategic position
between Europe, Asia and Africa, it has been ruled over
the centuries by most of the powerful countries in the world,
and it has developed into an important place for international
and intercontinental trade.
In fact, Marc Anthony, the Roman Emperor, was so impressed
by the island and its excellent wines that he gave the island
as a present to his lover Cleopatra!
Cyprus has an excellent climate with at least 340 days
of sunshine per year and a variety of landscapes: sandy
beaches, mountains up to almost 2000 m with skiing facilities
in the winter, extended woodlands etc.
The Cypriot people are generally very friendly and proud
of their island. They enjoy their excellent local foods
and wines, and they know how to celebrate their holidays
and festivities.
These are some reasons why annually millions of tourist
come to Cyprus to spend their holidays and why in the meantime
almost a quarter of the population of the Republic of Cyprus
originate from other countries, mainly the United Kingdom.
But there are also some other good reasons for buying a
property in Cyprus, especially for British citizens:
- The official language is Greek, but about 90% of the
people living in Cyprus speak English
- Contracts can be drawn in English, and most official
and semi-official documents are either bilingual in Greek
and English or are available in English
- since May 2004 the Republic of Cyprus is a full member
of the EU. Restrictions regarding residency, buying and
renting out properties, working, setting up a business
etc. have been lifted or at least eased off for citizens
of other EU member states
- due to its former close connection with the United Kingdom
most rules and regulations are similar to the UK. The
legal and banking system is based on the British system
- the traffic is on the left-hand side of the road, like
in the UK. All road signs are both in Greek and English
- Inheritance tax has been abolished and ther are dual
taxation agreements in place with the UK. Foreign pensioners
receive pensions at a low tax rate
- the cost of living is considerably lower than in the
UK. And Cyprus is a quite safe place: the crime rate is
only about 6% of that in the UK!
- an advanced medical system is in place and comparatively
cheap health insurance schemes are available
The British government provides a scheme that allows British
citizens to buy a property through a Self Invested Personal
Pension (SIPP). If you decide to invest into a property
for your personal pension, the the government will contribute
to your fund with 22p for every 78p you invest (or even
more, if you are in the 40 per cent income tax bracket).
The only foreign countries, in which investments under
the SIPP scheme can be made, are Malta, Mauritius and Cyprus,
because only these 3 countries, which all have been former
British colonies and which all have a legal system similar
to the British system, allow properties to be owned indirectly
as investments or "unit trusts".
Please contact us if you are interested in more information
about the SIPP scheme.
|
