Cyprus is a popular destination for the acquisition of immovable property by foreigners (or by Cyprus companies owned by foreigners) for either holiday reasons or retirement. Popularity and demand for real estate is attributed to a number of factors, some of which are:
- Located at the crossroads of Europe, Asia and Africa;
- Low cost and high standards of living;
- Excellent all-year-round climate;
- Sense of security – low crime rate;
- Constructive legal framework;
- Low tax regime.
It is well said that investment in Cyprus immovable property carries no risk in the sense that Cyprus has never experienced a downturn of its real estate. For a purchaser who does not act prudently though, the risks could be great and the pitfalls many. Professional legal advice is strongly recommended.