Cyprus – hot investment opportunity but get expert advice to avoid getting burnt

Cyprus is one of the most popular places for Britons seeking a place in the sun, with more than 60,000 owning property on the island.

Despite stiff competition from other emerging markets around the world, it would seem that Cyprus is still winning the hearts of property investors, holiday home buyers, those looking for an overseas retirement property and people looking to relocate abroad.

The island, which is the third largest in the Mediterranean, has proven popular with holidaymakers for years thanks to its favourable climate, friendly locals, beautiful scenery, sun drenched beaches and year-round appeal as a holiday destination which caters for singles, couples and families alike, right across the age ranges.

"Cyprus’ appeal as a holiday destination makes it a popular choice with buy-to-let investors as well as with those looking to buy a holiday retreat," explains Andreas Koumenides, the managing director of Profel Ltd., a Cyprus-based legal and financial advisory firm.

"However, whatever the reason for purchasing property, buyers should always seek sound financial and legal advice to ensure their purchase goes as smoothly as possible. At Profel Ltd., we do our utmost to provide such advice and to help make the whole purchasing process as enjoyable and stress-free as it should be."

Profel Ltd. is comprised of a team of UK and US trained solicitors and accountants based in Nicosia, Cyprus, licensed to practise in their respective professions in Cyprus, the UK and the US. The company specialises in the provision of services to international clients in the areas of legal advice, tax optimisation, and asset protection.

"We pride ourselves on providing excellent professional services," says Mr. Koumenides. "Our main objective is to provide a high level of service to all of our clients, whether they are private individuals, established companies, or new businesses. In this way, we work hard to help them meet their goals and achieve any business objectives they may have."

Profel Ltd. offers a wide range of services to anyone thinking of purchasing Cypriot property, including assistance with obtaining a mortgage from a local bank for up to 70% of the value of the property; help with opening a Cypriot bank account and obtaining credit cards; dealing with all of the legalities relating to the purchase and the arrangement of a property valuation to ensure buyers are purchasing at the right price.

"We appreciate the fact that one of the main financial concerns of those looking to purchase property overseas, is to do with the issue of tax. That’s why we offer assistance with tax optimisation, to ensure that when the time comes for buyers to sell their Cypriot property, we can work together to minimise the capital gains tax they have to pay," explains Mr. Koumenides.

"The great news is that this service is applicable to the purchase of property, not only in Cyprus, but in any other country with which Cyprus has a double tax treaty agreement, such as the UK, France, Bulgaria, Italy, Greece, Germany, Romania, Egypt, Mauritius and Thailand, to name but a handful."

As a way towards ensuring asset protection, Profel Ltd. offers trustee services. Trusts have been used for centuries for a wide range of purposes, including estate planning and the tax-efficient holding of assets.

"Establishing a trust has many potential benefits for private individuals and families, including the protection of assets from appropriation in politically unstable countries; avoidance of forced heir-ship provisions; the consolidation of widely-dispersed assets; legitimate tax mitigation; and taxation deferral," says Mr. Koumenides.

"Our trustee services are in place to assist anyone thinking of purchasing property in Cyprus because we want to offer our clients all the assistance we can in order to help them make sound, well-informed financial and legal decisions in relation to their property purchase."

Profel Ltd. is a legal and financial advisory firm based in Nicosia, Cyprus, specialising in the provision of services to international clients in the areas of legal advice, tax optimisation, and asset protection.

Click here to read more about the business.

Click here to contact Profel Ltd.

© PropertyIndex.com 2007 | Last Updated: 28 November 2007