If you decide to settle in a warm climate and enjoy the pleasures of life on the Mediterranean coast, it is worth knowing some details about it. There are practically no industrial enterprises in Cyprus, so from an environmental point of view it is much cleaner here than in mainland Europe. The Mediterranean climate is generally renowned for its mild winters and hot summers, and Cyprus is no exception, with over 300 days of sunshine a year. Add to all this the proximity of the warm sea, stunning nature and many historical monuments.
Purchasing a home is considered a sufficient basis for obtaining citizenship of Cyprus, which is part of the EU. A passport of a citizen of the Republic of Cyprus, which opens up to its holder all the opportunities of a resident of the European Union, can be obtained if the purchased property costs more than 2,000,000 euros.
You need to know that the purchase of any real estate in Cyprus entitles you to obtain a temporary residence permit if you have a good financial situation. By periodically extending it, you can live in Cyprus for as long as you need. Prices in the country for food and transport are enough low.
A foreigner can conduct any legal business in Cyprus. A minimum of statutory documents will be required: the company must have a legal address, a director and secretary (necessarily residents of Cyprus) and shareholders. You can register a legal entity in an average week. After buying a property you can give it for rent. On average, the yield on rental housing in Nicosia, Larnaca, Paphos is about 4%. Property taxes are low: stamp duty is 1.5–2 euros per thousand of the cost of housing, property registration tax is 0–4%, and the annual property tax has been abolished.
For high-quality modern real estate they start from 300,000–400,000 euros. But you can also buy a property that costs about 50,000–100,000 euros. If you want to buy a good apartment or house in Cyprus pay attention to MySpace real estate agency, it offers very interesting options.
If you are planning a family move, please note that your child will need to speak Greek to attend public school. Children living on the island are also allowed to attend private British schools, and at a price that is several times lower than in England. Electricity prices are high, and air conditioners in houses work almost continuously: in the heat for cooling, in winter at night for heating. However, modern buildings use innovative technologies that significantly reduce electricity consumption.
Today a lot of housing offers are available in Cyprus, about half of them are in Limassol and about a third in Paphos. In first place are houses and villas, in second place, with a small margin, are apartments, and in third place are townhouses (there are only a few hundred of them).
Homes are usually purchased on the coast, with a swimming pool, access to the beach, a large plot with a garden or even a golf course. On the one hand, owning a home in Cyprus is prestigious and profitable. However, do not forget that even a small villa requires a staff of servants, and if you do not plan to live on the island all year round, then a security alarm. The solution is to buy a villa in guarded complexes with their own infrastructure.
Paphos and Limassol are famous resort areas of Cyprus, where purchasing houses has the greatest investment attractiveness. This property will always be in demand. Business people, as a rule, purchase apartments in the capital of Cyprus – Nicosia and Limassol. Nicosia is the only landlocked city in Cyprus. For relaxation, you can buy apartments in resort areas.