We are pleased to announce that Arc & Co. has joined forces with MyElysium—providers of comprehensive services to clients wishing to buy property and relocate to Cyprus, buy a holiday home, or move a business from the UK to Cyprus.
Arc & Co.’s extensive experience working with non-dom clients and those wishing to invest internationally makes us the perfect specialist broker partner for those considering property investment in Cyprus.
We are experts in navigating the intricacies of lending across multiple jurisdictions, ensuring you can secure the best solutions whether your assets are based in the UK or abroad. We are familiar with the various structures often required, from holding companies to trusts, and can guide you through the most suitable lending options tailored to your needs.
Who are MyElysium?
MyElysium are estate agents in that they sell property in Cyprus, but they are so much more than that. From initial enquiry they will take a personal interest in your hopes and aspirations and will guide and support you to acquire a holiday home, main residence, or even to relocate a business and its employees to the beautiful Mediterranean island of Cyprus.
The team – Ian Davies, Stephen Parsons and Grahame Clist – have been connected professionally for around 40 years and have many decades’ experience in International and UK property sales. They set up MyElysium in 2023 to add value to the significant number of UK investors, retirees, second home and business owners currently moving to the country in light of the taxation and lifestyle benefits.
MyElysium offers a bespoke personal service not only assisting with property searches but also introductions to hand-picked professionals such as trusted solicitors, surveyors and accountants, as well as support with all matters relating to immigration and relocation.
Why is Cyprus such a popular destination for UK buyers?
Cyprus and UK have strong ties, making adapting to life there very easy
GDP is expected to reach 3.5% for 2024, house prices increase at around 14%, and inflation is at approximately 2%
60-day Rule – you can become a Cyprus Tax Resident by spending just 60 days a year in Cyprus
Residency by investment – purchasing property can qualify you for permanent residency, offering access to healthcare and education
No Capital Gains Tax – no capital gains tax, except on the sale of immovable property located in Cyprus
5% flat tax rate on pensions – retirees benefit from a flat tax rate of 5% on pension income
Extensive double taxation treaties – Cyprus has established double taxation treaties with over 60 countries
Favourable personal tax regime – enjoy a tax-free personal income up to €19,500, with no wealth, inheritance, or gift taxes
Tax-Free dividends and interest – dividend, interest, and rental income are exempt from SDC tax
Legal system is based on UK principles, ensuring a smooth transition from a conveyancing and/or business perspective
Business-friendly environment – low operating costs, a skilled workforce, and modern infrastructure make Cyprus attractive for business
Excellent healthcare providers – numerous specialist new hospitals, clinics and surgeries await, often with same/next day services
Through the Arc & Co. and MyElysium partnership, you can tap into a combined wealth of guidance and advice relating to property investment abroad, including:
Local laws and regulations – property laws, taxation, residency requirements and mortgage regulations
Foreign exchange risk associated with fluctuations if the mortgage or payments are in a foreign currency
Legal and tax implications - local property taxes, stamp duty, capital gains tax, and inheritance tax
Local market dynamics - property market conditions, including typical property values, growth trends, and risks in the local real estate market
Market-specific fees - notary fees, legal fees, and surveyor costs
Financing terms and eligibility criteria - compare the terms and interest rates offered by international lenders, considering fixed vs. variable rates and early repayment conditions, and differences in lending practices for non-residents
LTVs and deposit requirements - deposit requirements can be significantly higher for foreign buyers.
International credit considerations - using a credit score or financial history from one country in another; some international lenders who recognize global credit histories
Exit strategies - implications of selling the property, including costs, taxes, and repaying the mortgage early, as well as contingency plans
Political and economic stability - the stability of the country and its potential impact on property prices, exchange rates, and mortgage terms
Whether you’re considering a move, seeking rental income, or looking to invest, we’re here to help you maximise your opportunities in Cyprus and here in the UK.
Angeline McGeary
Specialist Mortgage Advisor
07702 745 522
Stephen Parsons
International Sales Director
07740 735 144