OFFPLAN NEWS

(07.06.2007 )
Property in Cyprus From Offshore to Retirement, Cyprus

There is a growing number of Europeans near the age of retirement, looking for sunny and affordable places to pass their golden years. As many Americans and Canadians in the similar situation, these Europeans are looking for relocation in some southern countries, but not too far from their homeland. For the British, the Germans and for some other Western Europeans, the island of Cyprus (the third largest in the Mediterranean) has become the right place to settle and live. Even if the country doesn't offer huge bargains in terms of property prices, it provides the foreigners with many other benefits

 Maybe the sun for the offshore business is taking some clouds but the attraction of the island as a paradise for the people whishing to retire is on the rise. The prices (usually between $100,000 and $250,000 for a 3-4BR house) aren't the main reason to relocate to Cyprus even if this seems a real bargain for some West Europeans. Other reasons for people from Northwest Europe to relocate to Cyprus is the climate (300+ sunny days a year, no winter), the low crime rates (15% of the average European levels) and also the clean environment. In some areas the prices are on the rise, which reflects the growing number of foreign settlers.
To qualify for permanent residency the foreigner have to prove s/he has an annual income of at least CYP 3,800 per person plus CYP 1,800 per dependent*. Once the immigration permit is approved, the new resident isn't allowed to engage in any form of business activity. While settling into Cyprus, the foreigner should know that only one real estate could be bought and that the land in this deal is limited to approximately two thirds of an acre.
The interest for relocation to Cyprus is growing but the land for residential development is limited. The local authorities have begun to tighten the construction regulations, limiting the density of the housing. This should be an alarm for those who plan to relocate to Cyprus not to wait until the country enters the EU.

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