Incentives and Tax Breaks to Home Buyers
The real draw for a number of international luxury home owners is the array of incentives they get from the government, including tax breaks, title deeds at half the price and the opportunity to get an EU Passport.
Real estate prices haven’t gone up by much since their steep decline during the 2008 There is a surplus of homes in the market. In 2015, the authorities came up with a temporary program, reducing the cost of title deed transfers by half.
According to the law, anyone who spends over 183 days a year in this county is entitled to become a tax resident. This means that you will have to pay a tax on any income you earn locally and overseas. However, British nationals with this residency do not have to pay capital gain taxes in Cyprus on the sale of their British assets; they only pay their government (UK) tax on gains accrued after April 2015 (which is when the authorities changed the taxation rules for British property owners living overseas).
Sunshine and warm temperatures
The residents of the island experience close to 340 days of golden sunshine in a year.
Summers last for a minimum of 7 months, starting in early April and lasting until the end of October. The average daytime temperature is around 32ᵒ C during these months and goes up to 40ᵒ C or more inland. Nighttime temperatures can vary anywhere between 13ᵒ C and 24ᵒ C, depending on location. Summer is not only hot but also very dry.
The summer sun in Cyprus can be very powerful. While most people soak up the rays, it is advisable to wear strong sunscreen as well as protective gear (like clothing, hats and sunglasses) when venturing out during the peak hours, which usually last from noon to 3:30 PM. Sunbathers should also drink plenty of liquids to avoid dehydration.In spring, the average daytime temperature usually goes down to 25ᵒ C and during the winter, it could drop to around 16ᵒ C. Nighttime temperatures can go as low as 9ᵒ C. Nevertheless, you will see sunny days all through the year and frequent rain showers between November and March.
Low Crime Rates
We are the 5th safest country int the world. A number of British expats who have been living on the Mediterranean island for years claim that Cyprus’ safety and security levels are much higher than the UK.
While instances of petty theft are reported (especially by tourists and expats) on a frequent basis, the crime rate across this island is very low. Travelers are therefore generally advised to keep their passports, money and valuables in a safe place. Female travelers should exercise the usual precautionary measures that they would in any other foreign country.
This island is a great place to raise children. It is possible for children to play outdoors without their parents having to worry about them, as the overall environment all over the country is generally safe and secure. Of course, it is best for adults to keep a watch on their little ones in order to prevent any accidents and injuries.
Cypriot Hospitality and rich culture:
People in Cyprus firmly believe that all experiences should be enjoyed and the finer things in life should never be rushed. Cypriots are known to savor their meals in an unhurried manner for hours, usually with family and friends. Even a coffee break can go on for up to an hour. Unfortunately, this is a cause of frustration for some outsiders.
Relaxed Pace and Excellent Quality of Life
For those who want to strike a balance between work and their personal lives, Cyprus is the perfect place to be. One of the first Greek phrases you will learn when you move to this island is “Siga Siga”, which when literally translated means “Slowly, Slowly”. Get used to hearing this term very often, as it is a mantra often used by the locals.
Most expats enjoy a higher standard of life as residents of this island since they have a better climate, better healthcare and safety and higher purchasing power than the global average.
When it comes to the cost of living in Cyprus, outsiders have differing opinions. Some foreigners believe that the island is quite expensive, while others think that almost everything is reasonably priced. The prices of most products and services are anywhere between 20% and 50% lower than the UK and significantly lower than many other European nations. According to EU data, the cost of living in Cyprus is about 25% lower than the European average. However, expats from Asia and Africa are likely to find this island quite expensive.
In the recent past, there has been a significant increase in the number of EU Nationals, Russians and Asians who have relocated to Cyprus. A large number of expats are employed by the United Nations and other multinational companies. Most foreigners are based in the capital of Nicosia, but some other Cypriot towns like Paphos, Larnaca, Limassol and Famagusta are also home to thousands of expats.