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This is an exciting new development at Pyla. If you want to escape the fast pace of life but still be minutes away from Larnaca then you can't go past this new estate. It is a prestigious and beautiful new area, very tranquil and peaceful offering sea views as well as mountain views. |
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Cyprus Houses & Villas Development Your Cyprus Property Contact us Villas & Houses in Cyprus Cyprus Property legal issues
About Cyprus |
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Foreign investments in immovable propertyThe location of Cyprus in the eastern Mediterranean at the crossroads of Europe, Asia and Africa, the safe and protective legal system, the perfect infrastructure, coupled with regular communication with all parts of the world, the relatively low cost of living, its excellent climate and the friendliness and hospitality of its people, are just some of the reasons that have made Cyprus attractive to foreign investors for over 20 years now. Foreigners who seek to invest in immovable property in Cyprus may be classified in the following four main categories: (a) Retired residents These are people who settle permanently in Cyprus upon retirement. A series of incentives is given by the Cyprus Government to retired people, including duty-free facilities and very low taxation of their income which emanates from abroad. These people may also enjoy, under certain circumstances, the benefits of the Double Taxation Treaty of their country of origin with Cyprus, if there is one. Cyprus has signed 26 such treaties, regulating in effect tax relations with over 40 countries. (b) Employed residents This category includes foreigners who live indefinitely or for a fixed period of time in Cyprus as employees, either of their own offshore company or of a local or offshore firm, and who choose to purchase their own property in Cyprus rather than live in rented premises. In this category are also included offshore companies purchasing houses for their Directors. (c) Holiday Makers - Speculators These people purchase properties in Cyprus as holiday homes or for possible permanent places of abode upon retirement, or for the sale thereof with a reasonable profit at a later stage. Profits realized by foreigners from the sale of immovable property may be expatriated under certain restrictions. (d) Business investors These are foreign individuals and companies who acquire property in Cyprus for touristic or industrial purposes, making use of the location and climate of Cyprus, the excellent infrastructure and the various incentives offered for these purposes, especially in the area of taxation. To this end, the Free Trade Zone structure of Cyprus offers great inducements ranging from the provision of all modern facilities to low tax or tax incentive status. PricesThe relatively small area of Cyprus and the great demand for immovable property, especially in recent years, have led to a considerable increase in the cost of land and accommodation in Cyprus. However, despite the increase, the prices of land and accommodation in Cyprus, as well as the cost of living, are still comparatively lower than those of most European countries or holiday resorts.Legal assistanceThe complexity of the legislation on immovable property and the formalities which need to be considered when dealing in relevant matters render it necessary, especially when foreigners wish to invest in immovable property in Cyprus, to seek and obtain from the start reliable and efficient legal advice in order to avoid unpleasant results and future undesirable consequences.
For more information please contact Kikis Georgriou at Gol Gon St ,Destalo crt Shop 13 ,6017,Larnaca Cyprus P.O.Box 40683 tel (00357) 99262520 mobile: (00357) 99 65 90 70 fax: (00357) 24103329 kikis@buywisecyprus.com Copyright © 2003 MICROSAT IT |
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