News
Property investors interested in Cyprus should buy in developed areas
Friday 27 June 2008
An overseas property developer has advised investors that are interested in Cyprus to buy in an area that has already been developed.
Another suggestion from Pafalia was for investors to use a Cypriot lawyer to keep costs to a minimum.
Simon Cozzolino, property consultant at Pafalia, said: "Use a Cyprus lawyer because it will halve your costs."
He continued: "Don't buy in the middle of nowhere - buy in an already developed area to keep the risk low."
Cyprus is a popular holiday destination and there is a large British ex-pat community there.
The latest figures from the Cyprus Tourist Organisation show that 1.5 million Brits visit the country every year and approximately 65,000 Britons live there.
Investors may also be interested to know that Cyprus is the number one destination for UK retirees, according to research from the Homebuyer and Investor Show 2008.
It scored highly because of the five per cent income tax rate on pensions for retired residents. Low property prices and lack of inheritance tax were also defining factors governing Cyprus' popularity.
Another suggestion from Pafalia was for investors to use a Cypriot lawyer to keep costs to a minimum.
Simon Cozzolino, property consultant at Pafalia, said: "Use a Cyprus lawyer because it will halve your costs."
He continued: "Don't buy in the middle of nowhere - buy in an already developed area to keep the risk low."
Cyprus is a popular holiday destination and there is a large British ex-pat community there.
The latest figures from the Cyprus Tourist Organisation show that 1.5 million Brits visit the country every year and approximately 65,000 Britons live there.
Investors may also be interested to know that Cyprus is the number one destination for UK retirees, according to research from the Homebuyer and Investor Show 2008.
It scored highly because of the five per cent income tax rate on pensions for retired residents. Low property prices and lack of inheritance tax were also defining factors governing Cyprus' popularity.
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