Top 10 Reasons Russians Find Cyprus Property Investments So Attractive



1, Cyprus practices the same orthodox Christianity as back in Russia:

This helps Russians thinking of moving to the Island as well as general investment in property in Cyprus feel that little bit more comfortable with the way the people and culture work.

2, The Sun:

With less than 20 days of predicted rainy weather, Cyprus is a far cry from Russia’s much cooler climate and something many Russians find very attractive.

3, Property is up to 30% lower than in 2008

Now is the time for cash rich investors or people who did not over spend prior to 2008 to capitalise on the marked reduction in cost of property on Cyprus; Bargains are to be had on the Island and this has seen Russians thinking even more seriously about that move to Cyprus.

4, Growing ties between Russian and Cypriot governments

Cyprus and Russia have been noted to be quite the happy couple in recent years with President Dmitry Medvedev visiting Cyprus as the first Russian head of state to visit the Island since the “Cyprus problem” of reunification of its Northern and Southern territories became an issue during the late 1960’s leading to Turkeys invasion in 1974.

5, Cyprus economy less affected than much of Europe

Cyprus’s Economy has seen a hit in tourism levels and its construction sector, which is to be expected, but as in recent articles available here on Cyprus Property News, Cyprus has been shrewd of recent and started to diversity its economy into exports, offshore oil and also a more knowledge based sector with the Neapolis development affirming this new found route. Coupled with its inherently safe banking practices that has minimises its banking sectors exposure to bad debt, Cyprus remains a strong economy and most would agree by and large well under control.

6, Excellent schools

Cyprus offers a wealth of good schools with state funded institutions providing good levels of education and also a growing number of private schools of an international flavour allowing for private education to world class standards for any Russian thinking of raising a family in Cyprus there educational options are fantastic for children.

7, Low Taxation

On a personal and business level Cyprus offers an exceptionally low level of taxation with corporation tax for business at 10% and personal tax at the same level but not kicking in until you have actually earned €19500 above €19500 tax starts to be paid at a pretty average 20% and raises in increments to a maximum tax threshold of 30%.

8, Cyprus may enrol Schengen Visa Zone in 2011

This would open up travel and opportunities for people from Russia who own property in Cyprus and would have otherwise had a more difficult process in trying to move around many parts of Europe despite Russia’s obvious connections with mainland Europe culturally and in business and economics.

9, Paphos marina development will be a jewel in the crown for the Eastern Mediterranean

Although things are somewhat in the air regarding this exciting development, when the dust settles and the building starts the end result will be one of the most impressive marina developments in Europe rivalling that of Monaco with space for 1000 yachts this will leave the area around Peyia, Paphos and Kissonerga as serious real estate investment opportunities.

10, Excellent healthcare

As a EU member Cyprus offers on par health services as the rest of the developed world with the Cypriot government giving top priority to its continued improvement, with an ageing population the Cypriot government has started to offer incentives to companies in order to bring in more advanced treatments and technology to maintain its record as providing a good quality health care for all.

Can you think of any other reasons that Cyprus is such a good place to invest and potentially relocate to from a Russian perspective?