6 Reasons Why the Cyprus Real Estate Market Keeps on Growing by Leaps and Bounds
Cyprus property has always been deemed a smart investment. Apparently, the influx of foreign capital has provided an impetus to local construction so the demand never fails to meet the supply. Aside from that, there are a few external factors that will keep the Cypriot property market growing at all times. Let’s look into these factors.
Favourable tax climate
Cyprus has one of the lowest income tax rates in the EU - just 12.5%. Moreover, non-domiciled tax residents of Cyprus who spend at least 2 months in the country are not required to pay taxes on dividends and deposits - provided that they aren’t tax residents elsewhere. In addition, Cyprus has no inheritance tax.
IT business hub
Cyprus’s celebrated IP Box Regime, or relaxed intellectual property taxation, attracts IT companies from all over the world. With IP Box, companies pay as little as 2.5% of income tax and economize up to 80 percent on taxation.
In 2013, it turned out that the Cypriot land holds large gas fields. Once processed, the gas volumes may constitute up to 3,000% of the Cyprus GDP. The authorities intend to start industrial gas production in 2022.
Tourists consistently outnumber locals in Cyprus. In the year 2017 alone, Cyprus hosted almost 4 million tourists showing consistent year-to-year growth.
Cyprus is constructing the biggest casino in the European Union. According to experts, the project will lure in an extra 300,000 affluent tourists and create thousands of new jobs. The supercasino resort will encompass over 100 gambling tables and 1,200 slot machines as well as a luxury hotel, spa, conference rooms and a concert hall with a 1,500 people capacity. This is, by far, the largest investment project in the entire history of Cyprus.
The shipping industry
As of today, Cyprus manages about four per cent of the world’s fleet. #11 globally and #3 in the EU, the Cypriot merchant fleet counts over one thousand ships.
All these factors put together give tremendous boost to the property market and ensure skyrocketed development of the sector.
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