The cost of living is going up in most American cities. In major cities like New York and California, the average price of a home is more than $600k and $300k respectively. To live comfortably in these cities, you need thousands of dollars every month. As a result, many people are moving from these cities to those that are relatively cheaper. Others are leaving the U.S. for other countries in Europe. Cyprus has emerged as a key destination. This article explains why you might want to buy a home in Cyprus.
Cyprus is an island country that is located in the Eastern Mediterranean. The country is relatively small and has a population of just under 1 million people. One of the reasons why most people are moving to the country is its strategic location at the intersection of Europe, Africa, and Asia. Since the country has a number of airports, traveling to these locations takes a few minutes. This brings convenience to people doing business or those wishing to travel to these areas.
Early this decade, Cyprus went through some economic challenges. To attract foreign investors and save the economy, the government introduced a number of incentives. The most popular incentive was an investment passport. This is a passport that allows foreigners to become citizens of the country after making an investment. Before the crisis, the minimum amount of investment was €10 million. Today, the amount is just €2 million. Getting this passport will make it possible for you and your family to travel and do business in all European Union countries. It will take you just 6 months to get your passport.
Another incentive the government has put in place is lower taxes. For companies, the corporate tax rate is just 12%. This is much lower than the European Union average of 22% and the US average of 21%. Therefore, you will benefit from these incentives if your goal is to start a business in Cyprus. In addition, you will have access to the EU market, which is made up of more than 500M people.
The country’s location makes it have excellent weather. The residents experience cool and sunny weather throughout the year. As such, you don’t need to travel to avoid extreme weather events like hurricanes and tornados. Further, because the weather is good, the cost of insuring your home is relatively cheap.
When moving from the United States, you want to live in a country that has a quality infrastructure. You want a place with quality roads, quality airports, and reliable water supplies. With a Cyprus property, you will get these and many more. In fact, the government has invested heavily on these infrastructural projects with the goal of attracting foreign direct investment. Some of the best-known projects are the Lanarca International Airport and Paphos International Airport. There are also quality schools like the University of Nicosia and the University of Cyprus.
In Cyprus, you will find all types of homes. You will find quality beachfront apartments, townhouses, villas, marionettes, and bungalows. As a small country, these houses are located close to all the nearby amenities like malls and government offices. While the home prices have risen, they are relatively cheaper than those in the United States.
There are other reasons you might want to consider settling in Cyprus. For example, it is one of the safest places in the world, it is a multicultural country with people from most countries, most people talk in English, and it has an active night life. You can also escape the dysfunctional US politics by moving to a country that is not so political. To start your Cyprus home ownership journey, you need to use a quality real estate agent, who will show you the variety of homes and help you in the purchasing process.
August 8, 2019