Cyprus hailed as the cheapest place to settle abroad
Research has shown that Cyprus is the cheapest place to retire abroad, despite the economic downturn.
According to shelteroffshore.com, expatriates are now enjoying a number of financial breaks since moving to Cyprus. The tax burden on the Mediterranean island would be far lower than in the UK, as expats will be charged less on their pension income. The website added that 40 per cent of their pension income would be paid to the state in the UK, whereas in Cyprus it is charged just five per cent. The cost of living in Cyprus is also up to 20 per cent cheaper than it is in the UK and other European countries.
According to Gulf Weekly, These diverse range of attractions in Cyprus is helping to attract many foreign expatriates. The Mediterranean island is said to offer many tempting attributes including warm climate, culture, history and architecture.
Commenting on its investment potential, the publication added that house prices are going up by between 15 and 20 per cent every year, which means that property owners stand to make a profit if they sell up in future. The property market in Cyprus offers excellent value with quality developments.
Meanwhile, The Financial Mirror has reported that Cyprus commerce, industry and tourism minister Antonis Paschalides has said the island is ready to welcome more Britons to its shores.
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