Introduction to Cyprus
Cyprus is the third largest island as well as being the third most populated (1.21 million) in the Mediterranean. The country acts as a gateway between Europe, Asia and Africa therefore is ideal for both residential relocation as well as corporate relocation. The central location provides easy access to all the major shipping routes as well as great airline routes connecting to all major airports such as Dubai, London, Moscow and Athens. The Mediterranean weather and 300+ days of sunshine a year has been known to attract many vacationers and expatriates, estimating at around 110,000 foreign permanent residents to date. Foreign investors, corporate companies and entrepreneurs are also attracted to Cyprus due to its legal system and tax system.
In this article about Cyprus we will tell you everything you need to know about its location and regions, the lifestyle it offers including education and healthcare systems and of course, why it is an ideal place for investment.
Location and Regions
We have already briefly mentioned the locational benefits of the island in the introduction about Cyprus. So, let’s discuss the regions of Cyprus and what they can offer you.
Larnaca
Larnaca (also spelt Larnaka) is the third largest city in Cyprus with a population estimated at 72,000 people. It is located on the south coast of the island and is home to the country’s main international airport along with a port. Throughout the city you will find high-rise ocean view apartments, vibrant bars and restaurants as well as plenty of beaches.
Real estate development and investment in Larnaca has seen a surge in recent years. This includes the news of the redevelopment of the Larnaca port and marina (where out NOX project is located) and investment to build Larnaca’s Metropolis Mall.
Nicosia
Nicosia is the capital of Cyprus and known by locals as Lefkosia. With a population of over 200,000 people it is the largest city. The capital is known for being the hub of commercial and political activity with many residents living there for work purposes.
Nicosia also has many places to shop including Ledra Street, the Mall of Cyprus and Nicosia Mall. Ledra Street is known for its abundance of independent stores, restaurants, cafes and bars. During the winter months when it is cooler, many residents travel to spend the day in the capital.
Limassol
Known as the cosmopolitan hub of Cyprus, Limassol is the second largest district and named by TripAdvisor as the 3rd most up and coming destination in the world back in 2014. It is mainly known for its luxury marina with restaurants and bars lining across the seafront with spectacular views. Many residents visit this city for a lavish day or night out.
Paphos and Ammochostos
These two locations are mainly populated with expatriates and see many tourists visit throughout the year. These are the places where you will find the most relaxing and beautiful villas with stunning sea views. The beaches in these areas cannot be compared hence the reason for so many visitors each year.
About Cyprus: The Lifestyle
Education in Cyprus
The education system in Cyprus is highly commended. Not only does it have 20 English schools ranging from primary to secondary education but it also has internationally-recognized universities and training centers. The system gained even more credibility during the Europe 2020 Education Review where it was revealed that Cyprus has the second highest tertiary educational attainment rate across the EU at 51.7%.
Cyprus has many private schools around the island that welcome international students every year. You can find out more about the private schools in our article here.
The Healthcare System
The Cyprus healthcare system has recently seen itself remodeled to offer full-coverage for all its citizens. GESY, the new system, came into practice in June 2019 and has received great reactions. The system allows citizens access to any healthcare professional in either the private and public sectors with the Health Insurance Organization paying for medical and pharmaceutical fees. Citizens contribute a small set percentage of their income to fund GESY (employees 2.65% and employers 2.9%).
More information regarding GESY can be found here.
Investment in Cyprus
The last topic we are about to discuss about Cyprus is why it is so popular for investment, specifically foreign investment.
Some of the benefits for investment in Cyprus:
- A low starting cost for business registration. The Cypriot government offers tax incentives and work permits.
- The taxation system which holds low corporation tax and double tax treaty. The corporate tax rate is 12.5%; this is one of the lowest tax rates in the EU
- Well-regulated sectors including shipping, tourism and real estate. The Exclusive Economic Zone (EEZ) of the island has transformed after the discovery of natural gas reserves. The country was ranked 8th out of the top 20 countries in the Global Finance Magazine’s ‘FDI Superstars 2018’ for Foreign Direct Investments (FDI). Cyprus has dedicated resources towards research and technological advancement with the government doubling its investment in technological research in 2019.
- Member of the EU. Cyprus has been a member of the EU since 2004.
Conclusion
Cyprus really does offer something for everyone; if you are looking for investment opportunities then the island has them in abundance. But if you want a vacation home or even looking to relocate then you are bound to find the occasion here.
