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Life in Cyprus: is it a paradise or not?

Life in Cyprus: is it a paradise or not?

Source: Entralon
Cyprus has become the most popular destination for the digital nomadic and online entrepreneurial community. Let’s try to discover why?

There are a lot of obvious reasons for this: the prime location in the Mediterranean Sea, good transport links to both mainland Europe and the Middle East, low taxes for residents, and a growing community of entrepreneurs. With a population of 1.2 million people, almost a third of whom are immigrants, Cyprus has a lot to offer to expats.

Cyprus is part of the European Union having all rights and advantages as any other country from the Continent. The integration of financial assets is also straightforward, as the national currency of Cyprus is Euro.

The next bonus is climate. A special feature of the Island is that its summer and winter periods are some of the warmest in the whole of the Mediterranean.

Cost of living in Cyprus

The average cost of living on the Island is considerably lower than in the rest of the EU, though some items, for example, cars, are much more expensive. That's due to the complexity of transporting cargo to the island.

Although, so popular Nicosia and Limassol are the two most expensive cities in Cyprus, statistics report the cost of living in Nicosia is about 28% cheaper than in Stockholm.

Crime rate

According to Numbeo, the crime rate on the Island is lower compared to other European countries and the general security and safety levels are quite high.

Taxes

The Cypriot tax system has undergone significant changes in recent times. On the one hand, there are tax havens allowing one to pay reduced taxes compared to those in native countries, on the other hand, the basic taxation of the country has been recently changed.

Corporate Tax

The corporate tax is 12.5% and applies to all companies in Cyprus. The exceptions are dividend income, interest income excluding business income and foreign exchange gains.

Income tax

Individuals are exempt from income tax on dividends and interest income. However, you must spend more than 183 days in Cyprus to be qualified for tax residency in the country.
There are other ways of obtaining Cypriot tax residency status, such as owning property on the Island.

The standard VAT rate is 12% but, in some cases, it could be reduced to 9% and even to 5%.
A huge advantage of Cyprus is its laws on the protection of personal data. Personal information and data are only transferred to local banks when you open an account. These banks are not obliged to share this information with third parties or organisations outside of Cyprus.

Entralon will help you with a more detailed analysis of the buying costs for property in Cyprus.


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