Sun, Sea & Citizenship- The Perfect Combination
2018 has been a stellar year for Cyprus which has shaken off the financial troubles of 2013 and risen to new heights. Literally. New heights because the property sector is booming, and the economy is on the rise too. The property sector in Cyprus has seen an incredible a 7.4% increase this year alone.
The Mediterranean island of Cyprus has seen flurries of investment over the years but 2018 was very different. Where the previous buzz was about obtaining property as cheaply as possible, this is now about investing in ultra-prime property.
Cyprus property expert Nigel Howarth stated “A lot of development is targeting well-heeled, high net worth buyers from overseas. More foreigners than Cypriots have bought property in the last year.”
Why the investment influx?
The Cyprus government prompted the investment influx by offering a “golden visa”. The golden visa meant that in return for a property purchase of €300,000 (£264,000), buyers received Cyprus residency. If they invested €2 million, non-EU citizens qualified for an EU passport. The golden visa scheme has drawn in more than €6 billion worth of investment since 2013.
There’s another reason for the rise in investment. In Cyprus, the first €19,500 of earned annual income is tax-free. This is in addition to very favourable corporate taxes and pension taxation rates.
Where’s the best place to invest?
Whilst Cyprus offers favourable investment options in each city, the number one spot for investment now is Limassol. Located in the coastal centre of the island, Limassol has become a trendy hotspot for investors, international business people, entrepreneurs and of course tourists. Property prices in Limassol have risen around 14% in the past year due to unprecedented demand. There are currently 30+ luxury housing projects in Limassol offering residential space, commercial premises and leisure amenities.
What do these properties cost?
Property prices vary depending on the exact location and property type. An example of a prime investment is Trilogy, by local firm Cybarco. This premises will boast three towers of 37 to 39 storeys, commercial and leisure space, gardens and a public piazza. Prices start at €750,000 for a two-bedroom apartment. Meanwhile, villas at Limassol Marina which come complete with private moorings are selling for €2.9 million.
How can you invest?
There has never been a better time to invest in Cyprus. Limassol’s success has prompted large-scale projects elsewhere like the new marina and port in Larnaca. Luxury malls and property parks are coming to Paphos too. Second Citizenship is the leading immigration consultancy firm based in Limassol Cyprus. Specialising in helping citizens to obtain Cyprus (EU) Citizenship via real estate investment, AME Second Citizenship has exclusive access to hundreds of luxurious properties in Cyprus. Contact our team now for exclusive offers and information.