Cyprus, officially the Republic of Cyprus, is a Mediterranean island country situated at the crossroads of Europe, Africa and Asia. It is the third largest island in the Mediterranean with an area of 9,251 square kilometers.
Cyprus is a major tourist destination in the Mediterranean. With an advanced, high-income economy and a very high Human Development Index, the Republic of Cyprus has been a member of the Commonwealth since 1961 and joined the European Union on 1 May 2004. On 1 January 2008, the Republic of Cyprus joined the eurozone.
There are a large number of foreigners living on the island, who at the end of 2011 accounted for 21.4% of the total population. While some European countries are less attractive because of the language barrier, in Cyprus English is widely spoken and therefore you will rarely if ever, face the language barrier in your everyday life – whether this is to request instructions to visit your local supermarket, pay your bills, or enjoy the sun to the beach. In fact, Cyprus has the biggest rise in Europe in residents who have positive image of the European Union.
In addition, the professionals offering their services in the private sector in Cyprus are fluent in English and always keen to assist their customers. Especially if you have recently relocated to Cyprus and you are on the lookout for professional advice or services, the private industry offers a number of experienced and skilled professionals you can choose from for your personal or business affairs, such as lawyers, accountants, auditors, translators, computer technicians and so on. Cyprus being a center of excellence in the provision of professional services brings the competition on a higher level, having as a result higher level of efficiency and productivity of the service provided, to the benefit of the customer.
Cyprus offers more than 340 days of summer, 65 Blue Flag beaches, 1 Blue Flag marina, the Mediterranean lifestyle, gastronomy, culture, archaeological sites, investor and tax incentives and the highest standard of professional services. Due to the Cyprus investment program for obtaining Cyprus passport, the attractive tax system (12,5% corporate tax), the high standard of living and free movement of capital in the EU, housing index in Cyprus increased to 107.78 Index Points in the first quarter of 2019 from 106.95 Index Points in the fourth quarter of 2018. Considerably, housing Index in Cyprus averaged 108.45 Index points from 2005 until 2019, reaching all time high of 130.42. The majority of real estate transactions were recorded in coastal Limassol followed by coastal Paphos (24%).
Foreign citizens relocating to Cyprus are subject to certain requirements, depending on their country of origin. Citizens coming from other EU countries are not required to apply for residence permit when coming to Cyprus, though EU nationals are advised to register with their local immigration office in order to qualify for the National Health System (GESY). Citizens coming from non-EU countries can obtain a temporary or permanent residence permit provided they meet certain requirements. For foreign investors, different advantageous residence schemes are available, with the main requirement being the purchase of a real estate property in Cyprus.
If you are relocating to Europe and considering Cyprus, we undertake the process and preparation of legal documentation on your behalf. Contact us.