Category: Cyprus

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Christmas wishes from Ian Davies, founder of MyElysium, and why he chose Cyprus for his second home

From Ian and on behalf of the MyEylsium team, we wish you a very Merry Christmas and a Happy New Year!

Why Cyprus is the perfect destination for a ‘home from home’

Cyprus is quickly becoming a top choice for UK residents looking for a second home, a retirement haven, or a base to relocate a business. Its combination of a low-tax environment, sunny weather, and laid-back Mediterranean lifestyle makes it an attractive destination for those seeking a new chapter.

Here are some key benefits that make Cyprus the perfect place to invest in a second home:

60-day rule: You can become a tax resident by spending just 60 days a year on the island.
5% tax on pensions: A flat, low tax for retirees on pension income.
No capital gains tax: Cyprus doesn’t apply capital gains tax, except on property sales within the country.
Tax-free dividends and interest: Exempt from SDC tax, making it even more appealing for investors.

In addition to these financial advantages, Ian fell in love with Cyprus for its natural beauty and culture. With over 320 days of sunshine per year, a rich cultural heritage, world-class healthcare, and a warm, welcoming atmosphere, Cyprus offers a perfect mix of lifestyle benefits that make it easy to embrace the Mediterranean way of life.

If you’re considering Cyprus as your next home, Ian or one of the team would love to hear from you. Our local knowledge will help you to discover the best that Cyprus has to offer – whether it’s finding the right property or exploring the island’s hidden gems. So, if a second home in Cyprus is on your Christmas wish list, contact us today to begin your journey.

Start your journey today

Are you ready to explore the possibilities in Cyprus? Get in touch today at info@myelysium.co.uk or call Stephen Parsons MNAEA directly on +44 (0) 7740 735144. Let’s make your dream home in Cyprus a reality in 2025!

From all of us at MyElysium, we wish you a Merry Christmas and a Happy New Year. We look forward to guiding you through your property journey in the new year.

Disclaimer: This blog is for general informational purposes only and does not constitute professional advice. For specific guidance, we recommend consulting a tax advisor, financial expert, or legal professional.

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The key to a smooth property purchase in Cyprus

cyprus law

Over the past months, while fine-tuning our proposition for Cyprus, we have found Polycarpos Philippou & Associates LLC and their website, www.philippoulaw.com, to be a valuable resource for detailed, accurate, and helpful content about all aspects of law in Cyprus. If you’re considering moving there, we recommend starting your journey with us at MyElysium, and we can guide you towards the right legal experts to ensure a smooth property purchase in Cyprus.

The importance of legal advice when buying in Cyprus

Making a significant financial decision, like purchasing property in a foreign country, requires thorough understanding of the local legal system. Cyprus has its own unique legal landscape, which differs from the UK, making professional guidance essential for any property purchase or investment decision. Partnering with experienced legal experts is key to avoiding potential pitfalls and ensuring that your investment is secure.

For example, if you’re considering relocating and need immigration guidance, you can find detailed advice in this article from Polycarpos Philippou & Associates LLC: Immigration and Residence Permits in Cyprus.

Expertise of Polycarpos Philippou & Associates LLC

We have been working closely with Eleni Philippou and Ioannis Pitsillos at Polycarpos Philippou LLC, and their level of service has been outstanding. They are part of an experienced, forward-thinking, and professional team based in smart modern offices in Paphos. Both Eleni and Ioannis are bilingual, and their professionalism mirrors that of solicitors in England, except for the beautiful Mediterranean surroundings!

They specialise in the following areas of Cypriot law:

  • Residential and Commercial Conveyancing
  • Immigration Law
  • Wills and Probate
  • Corporate Law
  • Litigation

Their deep expertise and personal approach ensure that, whether you’re moving to Cyprus for retirement, buying a holiday home, or relocating your business, you will be in excellent hands.

If you’re exploring property investments in Cyprus, we recommend checking out their article on Property Investment in Cyprus. It offers great insights into the legal considerations for property buyers.

For business owners interested in moving their operations to Cyprus, their expertise in corporate law is essential. Here’s a helpful guide on Company Incorporation in Cyprus.

Why choose Polycarpos Philippou & Associates LLC

Whether you’re moving to Cyprus for personal or business reasons, you can trust Eleni, Ioannis, and their team to provide exceptional legal guidance. For anyone considering relocating to Cyprus, we highly recommend starting your legal journey with Polycarpos Philippou & Associates LLC, where you’ll find comprehensive guides and up-to-date information about Cypriot law.

Why choose MyElysium to get your property journey started

At MyElysium, we take pride in offering our clients expert guidance every step of the way. Whether you’re buying property in Cyprus for personal or business reasons, our experienced team is here to help you navigate the complexities and find the perfect fit. With our deep knowledge of the Cypriot market and our trusted partnerships, like with Polycarpos Philippou & Associates LLC, we can ensure that your journey is smooth and successful.

Stay tuned for future insights

Keep an eye out for our blog posts, where we’ll share more of Polycarpos Philippou & Associates LLC’s legal insights. Soon our website will deliver a whole section on legal matters regarding making a move to Cyprus and expert advice to make your property journey as smooth as possible, so watch this space!

Contact us to start your journey to Cyprus

Call us today to find your perfect property and start your journey of relocating to Cyprus. Our team is ready to assist you with every aspect, from finding the right property to connecting you with trusted moving partners. 

Thank you for reading our blog on ‘The key to a smooth property purchase in Cyprus.’ Would you like to find out more about why it’s a good time to move your business to Cyprus? Visit our news section to read Cyprus: The Strategic Choice for Growing Your Business.

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Cyprus: The Strategic Choice for Growing Your Business

Known for its rich history, vibrant culture, and dynamic cosmopolitan lifestyle, Cyprus is not only celebrated for its exceptional quality of life but also recognised as one of the healthiest places to live globally. As the legendary birthplace of Aphrodite, Cyprus, often dubbed the “Island of Love”, is actively nurturing economic growth. The island offers compelling incentives for businesses, including favourable tax advantages and double taxation treaties, making it an ideal destination to relocate your business.

Relocating your business to Cyprus provides an array of benefits, allowing companies to capitalise on favourable tax structures while enjoying the Mediterranean’s sun-soaked coastlines and an elevated standard of living. 

Here’s why Cyprus is the perfect choice for growing your business in a welcoming and prosperous environment:

Competitive Corporation Tax Rate: Benefit from a low corporation tax rate of just 12.5%, one of the most appealing rates in Europe, making it advantageous to relocate your business to Cyprus.

Pro-Business Government: Take advantage of government policies designed to foster and support business growth.

Efficient Business Registration: Enjoy a streamlined and rapid business registration process, enabling you to start operations quickly after you relocate your business to Cyprus.

Modern Office Facilities: Access luxurious, state-of-the-art office spaces tailored to meet your business needs. 

Low Operational Costs: Experience a cost-effective environment with low living costs and reduced business overheads when you relocate your business to Cyprus.

Access to Skilled EU Workforce: Hire highly qualified and affordable EU staff to drive your business forward.

Double Taxation Treaties: Benefit from tax efficiency through double taxation agreements, including those with the UK, when you relocate your business to Cyprus.

Inheritance and Dividend Benefits: Enjoy the advantage of no taxes on inheritance or dividend income, allowing you to retain more of your wealth.

UK-Based Legal System: Operate within a legal framework based on UK principles, providing familiarity and confidence for British businesses, making it easier to relocate your business to Cyprus.

Strategic Global Position: Utilise Cyprus’ strategic location for easy access to European, Middle Eastern, and global markets, making it a hub for international trade.

Cyprus offers the perfect combination of opportunity, lifestyle, and business growth potential. As your business faces the challenges of a changing economic landscape, consider Cyprus as the strategic choice to relocate your business to and thrive in an ideal environment. Let this sun-soaked island become the next chapter in your company’s success story.

Contact Us to Start Your Journey to Cyprus

Call us today to find your perfect property and start your journey of relocating your business to Cyprus.

Thank you for reading our blog on ‘Cyprus: The Strategic Choice for Growing Your Business’ Would you like to find out more about why it is a good time to buy a home in Cyprus? Visit our recent blog here.

Please note that the information provided here is for general purposes only and does not constitute professional advice. We recommend consulting with a tax advisor or financial expert to understand how these benefits apply to your specific situation.

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Why buy a home in Cyprus?

Paphos - why buy in Cyprus?

Why buy a home in Cyprus? Cyprus, strategically located in the eastern Mediterranean Sea, offers a unique blend of cultural and geographical advantages. While geographically part of West Asia, its cultural ties and geopolitics are predominantly Southeast European. Since joining the European Union in 2004 and adopting the Euro in 2008, Cyprus has become a prime destination for property buyers. So, why buy a home in Cyprus? Let’s take a look.

A rich history and culture combined with modern convenience

Cyprus is not just steeped in history and culture; it is also considered one of the healthiest places in the world to live. With a subtropical Mediterranean climate, stunning mountain ranges, traditional villages, and miles of beautiful beaches, Cyprus offers an unmatched quality of life. The island is also a thriving hub for international business, thanks to its favourable tax regime and strategic location.

With around 320 days of sunshine annually and a warm, welcoming population, Cyprus attracts approximately 4 million tourists each year. This high demand also drives the local property market, making it an appealing investment opportunity with house price inflation mirroring trends seen in other European cities.

Why invest in Cyprus real estate? Why buy a home in Cyprus?

The residential property market in Cyprus is both sophisticated and active. While still affordable compared to many other EU countries, property prices have risen significantly in recent years, making Cyprus an excellent place to invest. The buying process is similar to the UK, and non-residents can purchase property with ease. Moreover, incentive schemes are available for those interested in fast-track residency through purchasing new-build properties worth over €300,000 (subject to conditions).

Advantages for UK buyers

For UK buyers looking to buy a home in Cyprus, Cyprus offers several familiar comforts: 90% of Cypriots speak English, the legal system is based on the British model, and driving is on the left-hand side of the road. You can even import a duty-free car. The cost of living is low compared to most major European countries, and the quality of shops, supermarkets, and services is exceptional, offering a vast range of choices that often surpasses those in the UK.

Modern infrastructure and high living standards

As an established EU member, Cyprus has benefited from significant infrastructure investments. The roads are modern and well-maintained, linking the island’s east and west coasts seamlessly. The telecommunications infrastructure is advanced, with widespread access to fibre optic broadband. This high standard of infrastructure is a major draw for both residents and businesses.

Cyprus has also invested heavily in education to cater to international demand, with numerous private schools offering top-tier education. The healthcare system is another highlight, with new hospitals and high-quality health services that often exceed expectations.

Diverse leisure activities

Cyprus is one of the few places in the world where you can snow ski and swim in the sea on the same day. The Troodos Mountain range, including Mount Olympus, offers a stark contrast to the sunny beaches and bustling tourist resorts like Paphos, Ayia Napa, and Limassol. Limassol, in particular, is a booming city with luxury apartment buildings, high-end hotels, fashionable boutiques, and gourmet restaurants. For those seeking culture and history, the island is dotted with traditional villages where time seems to have stood still.

A haven for retirees

Cyprus is home to around 10,000 UK retirees who either rent or own villas and apartments on the island. Thanks to the Cyprus-UK double tax treaty, residents benefit from various forms of tax relief and exemptions, ensuring they are not taxed twice on their income or pension. Renting property in Cyprus is straightforward, and the island boasts low crime rates, minimal vandalism, and little pollution, making it an ideal place to retire.

Experience the better lifestyle of Cyprus

If you’re ready to explore the better lifestyle that awaits you on the island of love, the birthplace of Aphrodite, contact a member of the MyElysium team today. Let us help you find your dream home in Cyprus.

Ready to find your dream home in Cyprus?

Don’t wait to make your dream a reality. Whether you’re looking for a seaside villa, a modern apartment, or a traditional village home, we’re here to help. Contact us today to start your journey to owning a home in Cyprus and discover why so many are choosing this beautiful Mediterranean island for their next property investment.

Thank you for reading our blog on ‘Why buy a home in Cyprus?’. Would you like to find out more about Limmasol? Visit our recent blog here In Focus: Limassol

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NEWS: Positive Trends in Greece and Cyprus Property Markets Continue to Attract Investors

NEWS: Positive Trends in Greece and Cyprus Property Markets Continue to Attract Investors

Despite economic challenges across Europe, including rising inflation and interest rates, the property markets in Greece and Cyprus are showing resilience, making them attractive destinations for both local and international investors.

Find Your Ideal Second Home in Cyprus, Greece, or the Greek Islands

If you’re looking to find your ideal second home in Cyprus, Greece, or the Greek Islands, you’ve come to the right place. Our dedicated team is ready to guide you through every step of the property search and acquisition journey. Contact us today on +44 7740 735144 or stephen@myelysium.co.uk to discover how we can help you secure the perfect second home in these stunning Mediterranean destinations. Our team is here to make your dream a reality, offering expert guidance and personalised support throughout the entire process.

Why Invest in Greece and Cyprus Real Estate in 2024?

The housing markets in both countries are driven by a combination of strong foreign investment and steady local demand. Particularly in Cyprus, the real estate market continues to thrive, with the first quarter of 2024 reflecting robust growth. According to recent data, the Central Bank of Cyprus reported a 7.8% annual increase in house prices during this period, slightly lower than the 8.3% growth seen in the previous quarter. Notably, apartment prices surged by 13.9%, underscoring the high demand in this segment.

The Growth of Luxury Properties in Cyprus

Luxury properties remain a significant contributor to Cyprus’s real estate market, with total sales reaching €2 billion. This momentum has carried into 2024, indicating sustained interest, especially from foreign buyers. In 2023 alone, 6,900 properties in Cyprus were purchased by international buyers, marking a 16% increase from the previous year.

Rising Demand for Class A Office Space in Cyprus

In the commercial sector, demand for Class A office space in Cyprus has reached its highest level in five years, recovering strongly from the pandemic downturn. Despite an increase in supply, office rental prices remain high, particularly in key areas like Limassol, Larnaca, and Nicosia, driven by consistent demand and evolving market standards.

Understanding the Booming Real Estate Market in Greece

In Greece, the real estate market is similarly robust. The Bank of Greece reported that the average house price in Athens’ southern suburbs hit €3,750 per square metre in Q1 2024, making it the highest nationwide. Piraeus led with a remarkable 28.9% annual increase in house prices. On a national scale, apartment prices grew by 10.4%, with significant gains across various regions, including Athens, Thessaloniki, and other urban areas.

Explore Investment Opportunities in Greece and Cyprus Real Estate

For those considering investments in Greece or Cyprus, the positive outlook in these markets offers promising opportunities. As the European Central Bank potentially lowers interest rates, the anticipated increase in local buyer activity, combined with an expanding supply of residential properties, is expected to balance the market, making it an ideal time for prospective buyers to explore options in these thriving Mediterranean regions.

How MyElysium Can Help You Find Your Dream Second Home in the Mediterranean

At MyElysium, we pride ourselves on delivering an exceptional level of service. Our experienced team is dedicated to helping you find the perfect second home in Cyprus, Greece, or the Greek Islands. We believe in building long-lasting relationships with our clients, ensuring that you are completely satisfied with your new property. From the initial consultation to the final purchase, we’re with you every step of the way.

Contact Us to Start Your Journey to Owning a Second Home

If you’re ready to find your dream second home in Cyprus, Greece, or the Greek Islands, look no further. Our expert team is here to assist you with every aspect of the property search and acquisition process.

Contact us today to learn more about how we can help you find the perfect second home in these beautiful and culturally rich regions. Let us make your dream of owning a second home in paradise a reality!

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In Focus : Limassol

Why Choose Limassol for Your Property Investment?

Limassol, with its stunning natural beauty and vibrant lifestyle, is a prime location for property investment. The city offers an enticing blend of modern amenities and rich history, making it an attractive choice for both local and international buyers. If you’re considering buying a property in Limassol, this city provides a unique opportunity to enjoy luxury living amidst breathtaking surroundings.

Explore Limassol’s Golden Beaches and Seafront Properties

One of the most attractive features of Limassol is its long stretch of golden beaches, making it a popular destination for tourists and locals alike. Properties along the Limassol beaches offer not only spectacular views but also easy access to a wide range of activities, including swimming, sunbathing, and water sports. Owning a seafront property in Limassol means enjoying a picturesque coastal lifestyle and a serene escape from the hustle and bustle of city life.

Invest in Limassol’s Historic and Cultural Landmarks

Apart from the beaches, Limassol is also home to a wealth of historical and cultural landmarks. The Limassol Castle is a medieval fortification that has stood for over 400 years and is now a popular tourist attraction in Limassol. Investing in property near the Limassol old town area provides access to narrow streets, charming cafes, and traditional buildings. These historic sites in Limassol not only enhance the appeal of the city but also add value to the properties located nearby.

Enjoy the Vibrant Nightlife and Entertainment in Limassol

Limassol boasts a thriving nightlife scene, with numerous bars, clubs, and restaurants to choose from. Living in Limassol means being a part of a city known for its dynamic social scene and diverse culinary offerings. Whether you’re looking to enjoy a quiet meal or a night out, the nightlife in Limassol caters to all tastes. Properties in the city centre or near popular entertainment districts offer easy access to the vibrant lifestyle that Limassol is famous for.

Discover the Shopping Experience in Limassol

For those who enjoy shopping, Limassol offers a range of modern shopping malls, boutiques, and traditional markets. Properties near Limassol’s shopping venues provide residents with convenient access to a wide array of shopping options, from designer brands to local crafts. Whether you’re looking for unique gifts or the latest fashion trends, living in Limassol offers a fantastic shopping experience.

Find Your Dream Property in Limassol

Whether you’re looking for a luxurious villa, a modern apartment, or a charming townhouse, Limassol has a diverse range of properties to suit your needs. The city’s real estate market is thriving, offering excellent opportunities for both personal use and investment. If you’re considering a long-term stay or simply want to explore the options available, check out our available properties in Limassol to find your perfect home.

Ready to Invest in Limassol? Contact Us for More Information!

If you’re interested in buying property in Limassol, contact us for more information. Our experienced team is here to guide you through the process and help you find the ideal property that meets your needs and preferences.

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Guide to Buying Property in Cyprus

If you’re considering buying property in Cyprus, here is a guide to help you navigate the process.

Determine your budget

    Before you start your property search, it’s important to determine your budget. Consider your financial situation, including your income, expenses, and any savings or investments you may have. You should also factor in additional costs such as taxes, legal fees, and property maintenance.

    Research the property market

    Research the property market in Cyprus to get an idea of the types of properties available and their prices. You can browse property websites, attend property fairs, and speak to local estate agents for advice.

    Choose a location

    Cyprus has a diverse range of locations, each with its own unique character and attractions. Consider what you want from your location, such as proximity to the beach, access to amenities, and transportation links.

    Find a reputable estate agent

    If you’re looking for a reputable estate agent to help you buy property in Cyprus, you may want to consider speaking to MyElysium. We are a well-established and reputable company with extensive experience in the Cyprus property market. We can provide you with a wide range of properties to choose from and offer expert guidance throughout the buying process. By working with MyElysium, you can ensure that you have a smooth and stress-free property buying experience in Cyprus.

    Visit properties in person

    It’s important to visit properties in person before making a purchase. This will give you a better idea of the property’s condition, location, and surroundings. You should also inspect the property for any potential issues such as dampness or structural damage.

    Get legal advice

    Before making a purchase, it’s important to seek legal advice from a lawyer who specializes in property transactions in Cyprus. They can advise you on the legal requirements of buying property in Cyprus and ensure that the transaction is conducted in a legally sound manner.

    Make an offer

    Once you’ve found a property that you like, you can make an offer to the seller. This should be done through your estate agent, who can negotiate on your behalf.

    Complete the purchase

    If your offer is accepted, you will need to complete the purchase. This involves paying a deposit and signing a contract. Your lawyer will ensure that all legal requirements are met and that the transaction is completed smoothly.

    Buying property in Cyprus can be a rewarding experience, but it’s important to approach the process carefully and with the right guidance. By following these steps, you can find your dream home on this beautiful island.

    Interested in buying property in Cyprus? Let our expert team help you find the perfect match. Reach out to us today for a personalised consultation.