articles | 21 November 2019 | ServPRO Accountants & Consultants

Five main reasons to live in Cyprus

According to a recent article by the Financial Times (FT) titled: “Five reasons to live in Cyprus”, there are 5 main reasons for Britons to relocate and live in Cyprus, provided they have the financial means to do so.

1. EU Citizenship According to the article, beyond the island’s beautiful beaches and ancient sites, the Cyprus Investment Plan offers a lifeline to Britons hoping to maintain or acquire a EU citizenship following Brexit.

UK nationals, like any non-European member, can retain their European privileges if they invest € 2 million in real estate with a donation of € 150,000, receiving a passport in just a period of six months. Cypriot citizenship covers the applicant’s family and is valid for life.

2. Property Bargain Buying a Cyprus property is considered a bargain, as by comparison, a property in Cyprus costs almost half as much as a property in the United Kingdom, while Cyprus rent is 30% cheaper.

3. Tax Benefits Due to the fact that Cyprus abolished the inheritance tax 19 years ago, any property bought, can be passed on to the heirs at zero cost. Additionaly, highly paid workers are subject to a tax rate of 35%, compared to the European average of 39.4%. Moreover, entrepreneurs with start-up companies, enjoy Cyprus’s 12.5% corporate tax rate, compared to the EU average of 19.8%.

4. Friendly Climate According to the FT article, another reason worth mentioning is the island’s very friendly climate. Tucked away in the eastern Mediterranean, Cyprus enjoys a subtropical climate with long, dry summers and mild winters. Surrounded by clear, blue water, Cyprus also enjoys a number of blue-flag beaches as well as a ski centre up in the Troodos Mountains.

5. Rich ancient history Beyond the modern hotels and resorts, the FT article also appreciates the rich historical part of Cyprus, an island which is “speckled with remnants of its ancient history”. The impressive remains of the once-powerful city kingdom of Kourion, which was destroyed by an earthquake in the fourth century AD, lie a few miles west of the city of Limassol.

Paphos Archaeological Park, part of a Unesco World Heritage Site on the south-west coast, “is a treasure trove for history lovers”, the article says. It is famous for its villas and their well-preserved mosaic floors, as well as the Tombs of the Kings, a necropolis dating back to the fourth century BC.

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