th-18102010The Republic of Cyprus is the third largest island in the Mediterranean, a member of the European Union (EU) since 2004 and the EMU since 2008; with a per capita GDP well above the EU average and the lowest corporate tax (10%) within the EU. The discovery of oil and natural gas between Cyprus and Egypt and Cyprus and Lebanon in the seabed areas is likely to give further boost to the Cyprus economy which already enjoys strong tourism, education, health and construction industries. As such, Cyprus real estate is likely to see better times despite the poor performance of the past two years.

Although the island has been somewhat shielded from the global financial crisis, largely because of its low reliance on exports, prudent fiscal policies, resilient financial sector, and limited exposure to subprime mortgages, the crisis has not left Cyprus unaffected…

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