The beautiful island of Cyprus has many attractive qualities, all of which are bathed in sunshine for 340 days each year. Its charm and beauty is complemented by an excellent infrastructure, high quality of life, low cost of living and generous tax incentives for those who choose to purchase a property here.

Standard and cost of living
Cyprus provides a good standard of living and yet is one of the cheapest countries in Europe to live in. There is the choice of local markets and modern supermarkets in most towns with wide selections of brand names and convenience foods. The low cost of living in Cyprus compared with the UK is a major attraction to the island.

Legal System
Both the legal system and Land Registry in Cyprus is based on the British legal system and it is one of the most advance and reliable systems in the world. This makes purchasing property in Cyprus very secure. Contracts and paperwork relating to property transaction are in English.

Property Ownership
Purchasing properties in Cyprus is relatively simple compared with many other countries. Foreign buyers are entitled to FREEHOLD ownership of a villa, an apartment, or a piece of land. Cyprus joined the EU in 2005 and therefore EU citizens do not require a work permit to work in Cyprus.

Capital Gains Tax
Capital gains tax in Cyprus is 20%. There is a tax free allowance of C£10,000.

Inheritance Tax
There is no inheritance tax in Cyprus.

Mortgages in Cyprus
The financial institutions of Cyprus have undergone (and are still undergoing) a lot of changes. This is making mortgage finance easier for foreigners to get and with more attractive terms. Banks offer all the usual facilities to assist in the purchase of Cypriot property. The typical loan amount is between 80% of the property value. Repayment periods are usually between 10-20 years.