In Cyprus the cost of living is 30 per cent cheaper than in the UK

In Cyprus the cost of living is 30 per cent cheaper than in the UK; property prices are 30 per cent less than Spain, 20 per cent less than Portugal and 50 per cent lower than both Italy and the South of
France. Sold?

Well you better get in there quick as Cyprus is fast becoming the property hotspot of the Mediterranean.

This small country is gearing up for entry into the European Union on May 1 next year. EU entry will gradually lift a number of restrictions regarding foreign property buyers.

One advantage will be that the one-month minimum letting rule to foreigners will be lifted – meaning the entire country will be opened up to the buy-to-let market.

The Cypriot government has already looked into its laws of ownership of businesses by foreigners and as a result relaxed its rulings making it possible for members of the EU to own a business in Cyprus outright.

The ramifications of this are enormous – the island that was once only suitable for those in retirement or with private means has now opened up to those wishing to start a new life and run a business.

Read the full version, with detailed property information, in the September issue of Homes Overseas, widely available in shops.