Cyprus, near Larnaca - Fly To Let

• LOCATION Cyprus is situated in the north-eastern basin of the Mediterranean Sea at the crossroads of Europe, Asia and Africa. This strategic location of the island has played an important role in its continuing development into a financial and tourist centre. With an area of 9,251 km2. Cyprus is the third largest island in the Mediterranean, after Sicily and Sardinia.
• CLIMATE Cyprus enjoys a Mediterranean climate, with abundant sunshine year round. Long dry summers and mild winters are separated by short autumn and spring seasons. Summer is a time of high temperatures with cloudless skies, but the sea breeze creates a pleasant atmosphere in the coastal areas. Winters are mild, with some rain and snow on Troodos Mountains.
• LANGUAGE The local language is Greek, but over 80% of the population speak English, making life for the non-Greek speaker much easier. Correspondence with the Government and other authorities can be made in English also. All road signs are in Greek and English.
• DISTANCES Cyprus is not much bigger than the M25. The road infrastructure in Cyprus is modern and effective making all areas of the Island easily accessible. The distance between Famagusta to Pafos is 112 miles which represents a comfortable 2 hour drive.
• LEGAL SYSTEM The legal system in Cyprus is mainly based upon the British Legal System. The Cyprus Land Registry is probably one of the most advanced and reliable systems in the world. Purchasers of property in Cyprus will therefore be far more secure, with regard to their title deeds, than they might be in another country.
• BANKING SYSTEM The banking system in Cyprus is modelled on the British System. The banks have many convenient branches that are very efficient, modern and well equipped with the latest technology. Non Cypriots retiring to Cyprus may open an external deposit account without difficulty. International banks have branches throughout the island and furthermore, major credit cards, such as those within the Visa and Europay networks, are widely used in Cyprus.
• SAFE INVESTMENTS Because of the way the banks finance the projects you can be sure that it will be finished. Also 95% of our projects are delivered on time, otherwise your monthly rental income will be paid as compensation.
• TAXATION Cyprus is unique when it comes to the taxation aspects of living on the Island. Cyprus has double tax treaties with over 25 countries including the UK, Ireland and the USA. Recent tax reforms have sharply reduced the tax burden on foreign residence. Consequently Cyprus has one of the lowest tax burdens for both residence and companies.

• CAPITAL GROWTH Since Cyprus joined the EU in May 2004 property prices have steadily increased year on year by an average of 15% to 20%. This growth is expected to continue for the foreseeable future.
• GROSS RENTAL YEILDS In line with the growth in property prices, rental yields have shown a strong growth since joining the EU. Short term yields depending on location range from 8% to 12% of the property value and long term rental yields average between 5% to 7% of the property value.
• FINANCE 80% mortgages are available in any major currency. Interest only payments can be added to the loan when the project is delivered and this can be followed by an interest only period of up to 3 years.

• Longer period of equity growth than other countries can offer.
• VAT being added to land in 2008 will increase prices.
• Going into the Euro in 2008 will increase prices.
• Double taxation treaty.
• No inheritance tax.
• Substantial increase in long haul and cheap flights in 2009.
• Contracts and all paperwork in English.
• Legal system based on British system.
• Incredible deposit finance and re-mortgaging schemes.
• Rental scheme.
• First PGA golf course.
• Accessibility to beaches and mountains.

• NEW INTERNATIONAL AIRPORT Currently under construction and due to complete in 2009. The new Larnaca International Airport will accommodate long haul flights and low cost airlines.
• MARINA UPGRADE AND EXTENSION The plans include the provision for more than 1200 yachts with facilities.
• PORT UPGRADE AND EXTENSION Major work is planned which will include the facilities to accommodate cruise ships.
• TERSEFANOU PGA GOLF COURSE The new PGA Signature golf course will include a 5 star hotel and country club, multiple restaurants and bars, state of the art business centre, retail village complex, entertainment, SPA and equestrian facilities.
• WEST OF LARNACA Major new development is planned for this coast line which will include three marinas, two five star hotels and two theme parks.