Cyprus is called “the island of the goddess Aphrodite” and this is no coincidence because Cyprus is indeed a beautiful island. The mesmerizing landscapes, the excellent-Mediterranean climate and the fertile territory make the island an ideal jurisdiction to combine business, family and pleasure. Cyprus continues therefore to attract business people to settle and to incorporate their own business.
The real estate sector will play a vital role during the coming year contributing to the Cyprus economy at large. Due to some significant amendments of the LEVY AND DUTIES LAW the real estate sector is expected to dramatically develop.
Being a rational investor, there is no reason not investing in Cyprus. First of all, the recent amendment of the tax Law, provides a decrease of 50% in immovable property transfer fees as well as registration of any lease or sublease until the 31st id Dec 2016.
It’s worth noticing that the sale of a real estate does not longer contain capital charges provided that the act of resale takes place before the end of 2016.
This time juncture is ideal for buying real estate or making investments since real estate prices are derisory.
The newly amendment involves also possibility for decreases of the mortgage which is expected to attract waves of foreign investors in Cyprus since:
Other banks, financial institutions or investment companies will have the opportunity of acquisition of non-performing loans from the banks at negotiable prices.
The investor may either sell the mortgaged property at auction, or in the other case, has the right to resale it on a lower or a higher price.
Having above in mind Cyprus obtains a significant advantage and becomes the second home to many investors because of the fertile investment environment.
Let’s not forget Cyprus’s crucial position in a geopolitical meaning and the essential agreements between Cyprus and other countries designated to safeguard the investor from any possible risk that may occur. The status quo of the double taxation treaties are applied between Cyprus and 58 other countries at this point which include among other China , Russia, Malta, Qatar, Iran, Canada. The full list is available at the website of Cyprus Ministry of Finance . The above agreements generally lead to the fact that the Cyprus registered companies that are beneficiaries to tax exemptions in Cyprus will have the same exemptions in the treaty countries.
We would like to close with a verbatim quote used by one of our major customers:
“All started from a conference I had to attend in Cyprus. Since then Cyprus became my home”.
Anastasia Theofanous. BA: International and European Studies, MSc: Master in Business Administration.
