Cyprus 'weathering well' in current economic climate

While the credit crunch has had a negative effect on many countries in Europe, "Cyprus is weathering well", according to overseas property advice site, BuyAssociation.

Paul Collins, property editor at BuyAssociation, explained that Cyprus has always been a popular destination for those that are thinking about emigrating from the UK.

He explained that "in times of economic, political or even social turbulence in the UK, it tends to galvanise people's decisions to move overseas permanently to emigrate and – or - to retire."

According to the Populations projections 2008 – 2060 issued by Eurostat, the Statistical Office of the European Communities the strongest population growth is expected in Cyprus.

There are no inheritance taxes or estate duties in Cyprus and according to the Global Property Guide "much of the property market in Paphos, one of the most favoured areas, is driven by British buyers".

The guide states that EU nationals who live in Cyprus can own as much property as they wish, while non-resident EU nationals can own as much land as they want.

Overseas Property News posted on 04/09/2008 13:12:22