The island of Cyprus is more than just a beautiful place for vacationing it is also a highly attractive place for investors of every ilk looking for a solid place to invest their hard-earned dollars. When analysed properly there are several reasons to invest in Cyprus.
The island has a fantastic tourist sector that continues to grow yearly. Cyprus also has an excellent business sector that has become a popular off-shore haven for investors. Furthermore the island's economy has been on a steady rise and is once again expected to grow by a decent 3.8% over the year.
Cyprus has also invested in an Investor Service Centre, which is operated by the Ministry of Commerce, Industry and Tourism. The centre's mandate is to attract and support foreign direct investment; as well the centre is responsible for ensuring that investor needs are met.
The very location of the island is favourable for investing as it is strategically located at the crossroads of three continents. Cyprus is also a member of the European Union and offers investors one of the lowest corporate tax rates in the EU.
The island's economic stability is further enhanced by a very strong economic performance that has been bolstered not only by its tourist and business markets but also by its red hot property market. Another plus is that Cyprus transitioned to the Euro on Jan. 1, 2008.
Along with the many economic reasons for investing in Cyprus is the island's clement weather, its surpassing beauty and the government's active marketing of the island as a place to invest.
Many global property markets have experienced some form of slow down in the last couple of years not so with the Cyprus property market. The third largest island in the Mediterranean has been on a boom that does not seem ready to stop. With the island's ascension to the European Union and the lifting of all restrictions for Europeans to live and work on the island, expat demand for property in Cyprus is expected to increase.
The Cyprus property market will also benefit from the recent introduction of a 15% VAT on all property purchases in accordance with the acquis communautaire? the VAT is expected to increase property prices by an immediate 5%.
On Jan. 01, 2008 Cyprus did another thing that is highly beneficial to the island's property market it transitioned to the Euro as their main currency. The change means that interest rates are likely to fall an occurrence that will certainly boost demand for property as greater numbers of home buyers will want to take advantage of the lower rates.
Overall, investors who want a good country in which to place their money should certainly think twice about Cyprus.