Discover exclusive properties in Cyprus! With its mild weather, a relaxed lifestyle, and favorable financial regulations, Cyprus attracts tourists, investors, and HNWI (high net-worth individuals) alike.
They value the affordable tax system in Cyprus and the fact that the island offers one of the most attractive investment immigration through real estate programs in Europe. That’s why there is a vast selection of exclusive properties in Cyprus.
Do you want to take a sneak peek into the world of the successful and wealthy? Find out all you need to know about luxurious homes on the beautiful island of Cyprus in this week’s Property Experts Cyprus article. We are excited and ready to share our experience and insights.
Cyprus Facts
Visitors and residents alike value the great location and interesting history of Cyprus. For example, did you know that the island is home to the goddess of love, Aphrodite (Venus) or that it has several UNESCO World Heritage sites?
Moreover, the “Jewel of the Mediterranean” captivates people with sunny weather all year round and stunning landscapes – from the most beautiful beaches in the world (Fig Tree Bay in Protaras) to impressive mountain ranges, where you can even ski in winter!
If you love delicious food, Cyprus is the right place for you – from fresh fruit and vegetables to Meze, sweets, and coffee, the island will not disappoint you! The relaxed lifestyle, low crime rate as well as low amount of pollution make it one of the easiest and healthiest countries to live in.
People who choose to live in Cyprus also praise the high safety and affordable cost of living, which is about 25% cheaper than the European average. In addition, the country is renowned for its excellent healthcare. As a result, an increasing number of Cyprus’ 2,4 million visitors every year are medical tourists, who combine health and holidays. There are even special surgeries like limb lengthening surgery, which specialists offer in Cyprus, and which is gaining popularity in particular among men.
Finally, the favorable financial regulations attract entrepreneurs, digital nomads, and business expats in particular. For example, the corporate tax rate is only 12.5%. And Cyprus offers one of the best tax resident (Non-Dom) programs in Europe, where you only have to spend 60 days (two months) in Cyprus to receive this status.
Cyprus and Luxury – A Perfect Combination
As you can see, Cyprus has a lot going in itself. But why does the island attract so many investors and HNWI? Let’s find out what they value about Cyprus!
For one, this small island is an ideal base for businesses, private and public investors, and most of all, a safe place for them and their families.
The Non-Dom Status
All nationals – who haven’t lived in Cyprus for the past 17 years – are allowed to apply for the Non-Dom tax status, which particularly appeals to business owners, entrepreneurs, and digital nomads.
The Non-Dom status exempts you from paying the Special Defense Contribution Tax, which means that you are exempt from dividend, interest, and rental income taxes for 17 years.
183-day rule
Individuals become tax residents if they stay at least 183 days per year in Cyprus.
60-day rule
Alternatively, individuals can become tax residents in Cyprus, staying only 60 days per year in the country, if they are
- not a tax resident in another country or stay in another country for more than 183 days
- doing business in Cyprus
- having a permanent home in Cyprus (owned, rented)
Relocating to Cyprus as An EU-National
As an EU-national, there are four basic routes that will take you to Cyprus. Since Cyprus is part of the EU, but not Schengen, EU-nationals can stay in Cyprus for only up to 3 months. Therefore, in order to get residency (Yellow Slip/MEU1) and becoming a tax resident, they can choose from the following options.
- be self-employed
- start a Cyprus Ltd.
- as an HNWI investor
- getting hired by a Cypriot company
The best option for HNWIs to come to Cyprus besides founding an Ltd or sole proprietorship and to even save the payments for social security is the following: Entrepreneurs and especially investors, who can prove that they have an income of more than 6,000€ in the last 3 – 6 months can complete registration in Cyprus, which costs around 1,500€.
Relocating to Cyprus as a Non-EU-National
Being a full member of the EU and offering a quick, easy, and cheap (in comparison) residency program, is an additional plus point for Cyprus. This attracts investors and people seeking residency in an EU country and with this access to the European Union and Schengen area.
The Cyprus Permanent Residency Permit (PRP), which is also known as the fast-track model or Cyprus Golden Visa, gets you a permanent residency in Cyprus within two months. For the real estate investment route, a minimum amount of ~369,000 USD (305,000 EUR) + stamp duty + VAT + annual income of at least ~36,000 USD (30,000 EUR) is required. With the PRP you are not allowed to work in Cyprus, but you can be the owner of a Cypriot business and receive dividends from it.
As a result, the Cyprus property market has adapted to this demand of foreign investors for high-end properties, which serve as luxurious homes and investments for Cyprus residency.
Exclusive Properties Cyprus
The Cyprus real estate market is rich with affordable options, which are often chosen by locals, and more expensive homes targeted towards HNWI investors, business people, residents, and retirees from around the world.
New construction projects and large-scale investment projects are seen throughout the island. Noteworthy are the Mintis Golf Resort in Paphos, the Larnaca Marina & Port, the Metropolis Mall in Larnaca, the Agia Napa Marina, the City of Dreams Mediterranean Casino in Limassol, the Grand Hyatt Limassol, as well as many high-rise buildings and projects throughout the island.
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We offer a wide selection of high-end investment properties, stunning houses, and beautiful apartments for all your needs, as well as many practical services around living on the island of Cyprus.
1. Larnaca Properties
Discover the southern coast of Cyprus and its famous seafront promenades Mackenzie and Finikoudes. One of the two international airports of Cyprus is located in Larnaca. And many expats choose Larnaca as their home base, as many international companies are located in this district.
2. Paphos Properties
Paphos in the South-West of Cyprus is home to many locals and expats alike. The unparalleled nature, vibrant history, and manyfold business opportunities make this district so attractive. Besides, one of the best hospitals on the island is located in Paphos.
Now, let’s move to Limassol, where you find unique shorelines and the most developed and modern city on the island with an impressive Marina.
3. Limassol Properties
Limassol is centrally located, just a 45-minute drive away from both Paphos and Larnaca. Many Foreign Exchange Market (Forex)-related businesses, a large Russian population, and stores open all year round make this district special.
Next up is Famagusta, which was one of the most popular tourist and entertainment destinations for the rich and famous in the 1970ies.
4. Famagusta Properties
Famagusta district is home to Cape Greko, a protected nature park and hallmark of Cyprus. Famagusta city is rich in culture and history with many famous sights. The main economic sectors in this district are tourism thanks to the best beaches on the island, education, construction, and industrial production.
Finally, it’s time to discover Nicosia, the divided capital city in the center of the island.
5. Nicosia Properties
Many shopping opportunities, two large malls, the best schools, and universities, as well as the most modern hospitals on the island, await you in Nicosia. Moreover, there are only a few tourists – something which people seeking an authentic experience may value.
This sums up our introduction to Cyprus properties, the districts, and the benefits of living on this island.
The Takeaway
Buying property in Cyprus for residency in an EU country is a popular method for foreigners from around the world. As is the Cyprus permanent residency program. You now have an overview of the island of Cyprus and the highlights of each district, as well as how to proceed when securing exclusive properties in Cyprus for investment. Get ready to invest and to live in Cyprus now!
Real estate decisions should be thoroughly considered, in particular, because there are often large amounts of money involved. Property Experts Cyprus is your partner to find the best solutions for moving to Cyprus, rehoming, and real estate investment. Whether you are looking for apartments or houses for sale in Cyprus to live in or as an investment – we are excited to share with you our experience, so you can enjoy your new Cyprus residency.
