Immigrating to Cyprus is not a huge change of lifestyle for Brits
Cyprus has been hailed as one of the best places for Britons to retire as immigrating to Cyprus is not a huge change of lifestyle for them, according to one property expert.
Paul Collins, property editor at BuyAssociation.co.uk, said Cyprus does offer “enough of a change to attract people”. He added that many Brits have chosen to purchase property in the country and Cyprus property is showing a year-on-year growth of more than 18 per cent. The country’s offers a number of financial attractions to older expatriates from the UK and its favorable tax regime of just five per cent on a person’s pension income is flagged up as one of its main benefits. Furthermore, people are not liable to pay inheritance tax upon their death.
Paul Collins added that there are lots of similarities with Britain, especially in its legal system. As a result, property buyers have not been required to learn a lot of new rules and regulations when purchasing a home. In addition, 90 per cent of Cypriot residents speak English, left-hand driving and British television is available via satellite are the other features attracts the Brits.
Mr. Collins commented: “These are things that buyers look for because particularly if they’re retiring – they don’t want to be somewhere that’s completely different.”
The retirees in Cyprus have smaller outgoings as a result of the country’s favorable tax regime and the cost of living in Cyprus is up to 20 per cent cheaper than it is in the UK, the Associated Press reports.
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