The Rise of Real Estate Investment in Cyprus: Sales to Non-EU Citizens Doubles in 2022
According to a recent article from Cyprus Property News, sales of property in Cyprus to non-EU citizens have doubled in the past year. This increase in sales is attributed to a number of factors, including the country’s favorable tax laws, its relatively low cost of living, and its status as a safe and stable location for real estate investment.
Cyprus has long been a popular destination for foreign real estate investors, particularly those from Russia and the United Kingdom. In recent years, however, there has been a significant increase in interest from buyers from other countries, particularly those in the Middle East and Asia.
One of the main reasons for this increase in interest is the country’s favorable tax laws. Cyprus has a low corporate tax rate of just 12.5%, and there are a number of other tax incentives available to foreign investors, including a reduced rate of VAT on new properties.
In addition to its tax advantages, Cyprus is also seen as a relatively affordable location for real estate investment. Prices for property in the country are generally lower than in many other European countries, making it an attractive option for investors looking to get more for their money.
Finally, Cyprus is also viewed as a safe and stable location for real estate investment. The country has a stable political climate, and it is considered to be one of the safest countries in Europe. This has made it an appealing destination for investors looking for a secure and reliable place to invest their money.
Overall, the increase in sales of property to non-EU citizens is a positive sign for the Cyprus real estate market. As interest in the country continues to grow, it is likely that we will see further increases in sales, particularly as investors from new markets begin to explore the opportunities available in Cyprus.