Five top tips for investing in Cyprus
Whether for a holiday home or a permanent move, Cyprus has no shortage of reasons to invest in property. The island offers sunny weather, beautiful vistas, rich culture and unparalleled access to Europe, Africa and the Middle East.
Homes on this island are some of the best in the Mediterranean, ranging from traditional Cycladic architecture to new-builds that epitomize modern luxury. However, when deciding on a home to invest in, it is crucial to do due diligence before committing to a purchase.
Outline why you want to buy in Cyprus
Doing your homework and having a clear idea in your head as to why you have chosen Cyprus as a destination is a good place to start. Of course, Cyprus’ sunny weather, idyllic lifestyle and beautiful views are immensely attractive. However, many buyers also value Cyprus’ low tax rates – your pension can only be 5% or you can choose non-domicile status and pay 0% tax on your passive income. Furthermore, Cyprus’ citizenship laws by naturalization, where overseas buyers that purchase a property can apply for resident status and later citizenship, are a very desirable bonus. This is especially true when taking into account the fact that Cyprus is an EU member, granting those with a Cyprus passport freedom of movement throughout the continent. Cyprus also has a British legal system, a good healthcare system, world-class international schools and affordable childcare.
Decide on a lifestyle
Cyprus is well suited for those looking to enjoy a number of different lifestyles. Many dream of a home by the sea, whether for access to the island’s picturesque beaches or tranquil views out over the ocean. Homes further inland are perfect for those looking to enjoy a Mediterranean countryside experience, while in the island’s larger towns such as Nicosia or Limassol there are plenty of apartments to choose from. For the golfers, it is possible to find a property within easy access of one of Cyprus’ impressive golf courses. The options are endless, and buyers will be spoilt for choice unless they make an early decision on the kind of lifestyle they plan on enjoying.
Make a property ‘wish list’
Writing a list of desired or essential features will narrow down your buying options, making it much easier to choose a property, while ensuring that potential buyers avoid disappointment. One particularly desirable feature that investors often look for is a sizeable pool, as many want to enjoy the experience of a cool swim in private on a warm summers’ day.
Similarly desirable is outdoor seating, with families looking to spend quality time dining al-fresco. It is also crucial to decide on how many bedrooms and bathrooms you require, what kind of kitchen features are needed and whether any accessibility requirements need to be met – the things buyers decide on in any property purchase.
Choose an area of the island
The culture of Cyprus is very diverse, and varies by area. Depending on where on the island you are staying, you could encounter many different aspects of Cypriot culture, with art, cuisine and languages that vary enormously. If your lifestyle involves lots of travel, thinking about access to transport links and access to an airport are also important things to consider. You may also wish to consider the landscape, beach access and beauty of the region’s towns when deciding which area will suit you the most.
Engage a professional licensed real estate agency
When buying a property anywhere, there’s no substitute to working with professionals that know the area inside-out, and with Cyprus this is no different. A real estate agent can help familiarize yourself with the island, showing you the various kinds of property available and advising on the best ways to get the most out of your money. There is no need to worry about costs – in Cyprus by law, commissions are paid by the sellers.
Cyprus Sotheby’s International Realty are the leading luxury agency in Cyprus, boasting long-term partnerships with international service providers that can provide advice on immigration, private banking and tax on the island. We also work with buyers to provide comprehensive advice on medical care, education, and other aspects which contribute to a high quality of life.