| Buying a vacation property has become
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| | leisure destination, with regular
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| more than just trendy ? it has become an
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| | affordable flights from major European
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| important part of anyone's financial
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| | cities. Visitors look for quality
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| portfolio. People from Western countries
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| | accommodation, such as villas and
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| are increasingly snapping up vacation
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| | apartments can offer. This makes Cyprus
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| properties in the Caribbean, the
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| | property a good investment, earning an
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| Mediterranean, and other choice locations
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| | income until the owner wants to sell and
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| in warmer climates.
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| | cash in...or until the owner decides to
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| One island that is seeing renewed
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| | retire and use the property for his own
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| interest is Cyprus. Being a relatively
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| | purposes.
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| new member of the European Community,
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| | Of course, over 320 days of sunshine
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| Cyprus property are also seen a surge in
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| | certainly don't hurt land values on this
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| demand because English is widely spoken
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| | Mediterranean island.
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| as a second language.
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| | Unlike in many other sunshine
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| Being part of the EEC is expected to be a
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| | destinations, the legal system in Cyprus
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| precursor to increased property prices,
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| | is mostly based on the British legal
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| making Cyprus an excellent long-term
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| | system and is designed to safeguard the
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| investment for real estate. The stable
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| | property purchaser. This makes it
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| economy is expected to continue to grow
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| | particularly attractive to UK investors.
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| as a result.
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| | Once the contract of sale is signed and a
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| Investment properties in Cyprus are like
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| | deposit is paid, the contract is
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| tax havens
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| | registered at the land registry office.
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| The exciting news for any property
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| | This procedure protects the purchaser's
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| investor is that Cyprus is almost like a
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| | ownership rights until the title deeds
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| tax haven within the European Community.
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| | are issued and transferred to his or her
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| There is no inheritance tax or gift tax,
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| | name. The contract in the hands of the
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| pensions from abroad are taxed at a flat
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| | Land Registry cannot be withdrawn by
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| rate of just 5%, interest earned on
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| | anyone, and therefore the property cannot
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| foreign capital imported into Cyprus is
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| | be leased, sold, transferred or
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| tax exempt, and investment income
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| | mortgaged. Only the purchaser himself can
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| remitted to Cyprus by foreign nations is
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| | alter this status.
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| taxed at a flat rate of 5%. Even the
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| | Cyprus investment properties might
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| corporate tax rate is a flat 10%. Cyprus
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| | require some patience
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| also has signed double taxation
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| | With so much going for it, even Cyprus is
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| agreements with many countries, including
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| | not perfect. Sometimes it does take
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| the United Kingdom. A Capital Gains Tax
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| | patience to buy property in Cyprus. As
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| of 20% is payable on the sale of
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| | with many sunny locations, the
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| immovable property in Cyprus, but no
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| | bureaucrats don't always see the need to
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| capital gains tax is payable on gains
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| | rush and paperwork can take longer than
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| from investments. Personal income tax
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| | an eager buyer would sometimes like.
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| rates range form 0 - 30%.
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| | In the case of buying property
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| Interestingly, there is increasing demand
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| | "off-plan", it can often take a couple
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| for Cyprus properties from
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| | years for the development to be
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| non-traditional sources, including the
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| | completed...meaning that the buyer might
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| Middle East, Russia and its former states
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| | need some bridge financing until the
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| and United States, as well.
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| | property can be let and income starts
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| According to Glen Young of SunSeaker
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| | rolling in. Mortgages, usually up to
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| Properties, a Cyprus real estate company,
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| | 75%, are readily available, and the wise
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| the island has the dual benefits of being
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| | investor will look for one that requires
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| popular for both retirees and
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| | only 30% to be paid down over the period
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| vacationers. Retirees buy property in
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| | of construction, making financing
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| Cyprus for their own use, largely to bask
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| | affordable to average investors.
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| in the warm Mediterranean sun and escape
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| | With a little planning and patience,
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| the snow and cold winds of winter. The
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| | Cyprus properties are easy to obtain and
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| attraction of Cyprus as a second home (or
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| | promise to carry a positive return on
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| a new first home) is helped by a skilled
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| | investment. Sooner or later, everyone
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| work force, relatively affordable prices
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| | retires; it's never too early to stake
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| and a friendly, welcoming population.
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| | out an investment property on your
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| But Cyprus is also a popular travel and
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| | favorite Cyprus beach.
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