Cyprus is situated at the eastern end of the Mediterranean and lies around 100 miles off the southern Turkish coast. The island of Cyprus has developed as a tourist hot spot through its long season (12 months long and a high season from May to September). It has also developed as an important business base through a strategy of low taxation for companies. Cyprus long history has seen the country absorb a mix of influences from Ancient Greece through to the modern era when it became an important military and strategic base within the British Empire at the crossroads of Europe and Asia.



	With the country being so British-friendly, the weather so mild, the locals speaking the English language so much, the relatively cheap taxation system, the strong British military presence in a couple of locations on the island and the legal system being based upon a version of English Law, it is easy to see the attraction to people looking for the good life in retirement, a peaceful holiday destination in which to relax or a great place to start a business.
			Average Temperatures

There is a strong British presence to this day and Cyprus has a large expat community (estimated at around 60,000). The British tourist trade accounts for the majority of the country's tourism income but there are growing numbers from Russia, Germany and the rest of Europe. The Cypriot average temperatures only dip below 70F (21C) between November and April and the country can boast on average 300 days of sunshine per year. English is widely spoken by much of the local population, and the legal and land registry systems are largely based on British practices. The Cypriots also drive on the left side of the road, very convenient for British visitors.

Cyprus is very easy to get to from the UK and return flights can typically be around Ł120 provided the key holiday periods are avoided. Flight costs are expected to drop when the much expected arrival of the cheap carriers commences.

With the country being so British-friendly, the weather so mild, the locals speaking the English language so much, the relatively cheap taxation system, the strong British military presence in a couple of locations on the island and the legal system being based upon a version of English Law, it is easy to see the attraction to people looking for the good life in retirement, a peaceful holiday destination in which to relax or a great place to start a business.

Whilst there are no hard and fast rules governing the purchase method of property in Cyprus, one will typically buy through an agent or developer, or a partnership of both. There is nothing to stop a buyer dealing directly with a seller, but this is not recommended as the land registry system is somewhat bureaucratic and best tackled by a professional representative. Legal fees are likely to be in the region of CYP600 for a normal transaction.

Obtaining finance for a property purchased in Cyprus is relatively straightforward, and thanks to the country's British connections, most bank staff speak reasonably fluent English. Typically, Cypriot banks will lend around 70% of the value of the property. The country's accession to the EU means in theory that any restrictions on capital transfers or interest rates should no longer apply. In practice however, it is taking longer than expected for the domestic banking industry to fully adjust to the new environment.

In summary, these are some of the many reasons people buy in Cyprus :

It was reported in 2004 that flight only tickets now outsell holiday packages to Cyprus indicating strong growth in the apartment and villa rental market. That said, many of the most expensive hotels in Cyprus were fully booked at the beginning of October 2005, so the tourist boom can be seen to be benefiting all aspects of Cypriot tourism.
Now that Cyprus is part of the EU, its appeal as a tourist destination will continue to grow even further.
Cyprus joined the EU in May of 2004 and EU citizens who are non-resident can now purchase two properties and this is likely to lead to considerable growth in demand and rising prices. A company registered in any EU member state with a registered office, or management, or a branch in Cyprus can buy property freely. A company can also be set up in Cyprus to purchase multiple properties.
Currently Corporation Income Tax is 10% and Capital Gains Tax 10% for companies as opposed to typically 20% Income Tax and 20% Capital Gains Tax for individuals.
The Cypriot legal system is based upon English Law. In addition Cyprus has a western, stable, democratic government.
Communication is easy as almost everyone speaks at least some English and many speak very good English.
There is a low crime rate in Cyprus just 6% of that in the UK.
There is a low cost of living and the inflation rate is around 3% and virtually no unemployment (just 3%).
Good communication links and direct daily flights with most European capitals.
Cyprus is clearly one of the most exciting property investment markets with capital gains of 15% or more per annum and with this expected to continue for several years to come.
Rental returns show a level of 8%-12% on the current price of property.

Cyprus Investment Property Database

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