Cyprus Rent is EXPLODING (DO THIS!)

[@Molenka]

Thank you for such useful content! It's also really great that you are happy to help other people who don't know much about the situation :) Keep up the good work! Well done!

[@HenrikSkoglund-b5l]

I live in Cyprus since 2015 and I work remote. The rentals will not increase much more, in fact they will lower a bit. There are many empty apartments and houses in Cyprus. Before the recession in 08/09 many Europeans and Cypriot bought properties in Cyprus, developers built properties to keep up the demand. During the recession investments almost stopped, develops went bankrupt and banks seized the properties. Drive around Cyprus and you will see many empty properties. Todays investors can, and will, buy these properties from banks and rent them out. Supply will increase massively. Secondly, the rental increase is largely driven by remote workers from Northern Europe. Many of them moved to Cyprus when rents were half than it is today. If the rents keeps going up much they will save less than if they lived in their own countries, even though tax is much less in Cyprus. Many of these remote workers have kids and they don't want to sent them to government schools were teaching is done in Greek. Instead they pay 500-600 EUR per kid and month for private schools. For these people, which represent a large portion of remote workers, would save more by moving back to their own countries and take out a mortgage and send their kids to public schools. Similar scenario is happening in Malta, were Northern Europeans are moving back to their own countries. Sure, singles or couples, without kids, can afford increased rents. But eventually these people will also have families.

[@MyAItherapist]

I'll actually take you on that offer! I'm moving to Cyprus on the third week of July, can i stay at your couch for a few weeks while i find a car to buy and an apartement to rent??

[@ousak]

Many are holidaying now, hence increase use of AirBnBs for temporary accommodation. Lots of money saved up in recent Covid years abroad, which are being spent on catch-up holidays now.

[@cscs9192]

Yes, the idiocracy of the world in "combating" the COVID "ghost" damaged the world for years to come. I believe those who "catch-up" holidays will find themselves spending the money they badly need in difficult time ahead.

[@abdou-co9kb]

What are the top 3 developers in cyprus?

[@moldar81]

This reminds me when I lived in Seattle for 16 years. I used to pay $600 for a studio in 2005. In 2023, a studio costs $1,300 for a 400 sq foot which is tiny. I did the same. I would ask my friend who is a real estate broker. I think it helps. Though I was very lucky to find a friend who is renting in her house. I got a very good deal. So, point of the story. Like you mentioned, you have to know people to network with. I'm sure Cyprus is different. Just moved here and learning about the market. Thanks for the video.

[@Rico]

Thanks for the comment. Always good to have connections, especially in Cyprus. :) Hope you're having a good time here so far!

[@moldar81]

@@Rico yes. I like it so far.

[@NasserAlazzawiTV]

Spot on.

[@obayedpranta7946]

Can you provide any information about the accession of Cyprus to the Schengen area of ​​Europe?

[@Rico]

Yes, will create and upload a video about all residency permits & visa options soon.

[@tumenteinquieta]

Thanks for share your experience in Cyprus

[@gdaaps]

Hi Rico, a friend of a friend told me that financial activities abroad are not taxed in Cyprus, so there is no worldwide income taxation principle, de facto. So it's not just a matter of not paying the SDC. What do you know about that?

[@Rico]

Hey, what kind of financial activities are you referring to? There is a relatively new scheme in Cyprus where you can be exempt of income tax with a foreign employer, yes, however this does not work in all instances. It's depends on every individual case.

[@gdaaps]

@@Rico all kinds: as long as you keep them out of Cyprus, no taxes to be paid. Like in Malta. You pay only on the money you bring in cyprus (i.e. remittance-based taxation) if they are more than 20k a year. The problem is that I am not sure; this is one of the few things that keeps me from moving there.

[@Rico]

@@gdaaps You mean if you keep the money in offshore accounts? If you are a tax resident of Cyprus, you need to list all your assets in your statements, and then also your foreign income/profits will be taxed accordingly to your tax setup. We may need to discuss elsewhere what you mean exactly, because maybe I misunderstand your point. But if this would be true, I would definitely know about it. :)

[@gdaaps]

@@Rico I mean just anything you keep outside of Cyprus, like an ETF on InteractiveBrokers or DeGiro (so 0 on dividends, capital gains, so on and so forth). That's what I have been told. This guy who told this went to Nicosia to talk with the guys there. I personally am not so sure so I'll have to investigate more.

[@lmurphy6333]

@@gdaaps If you do not want to become a tax resident in Cyprus, i.e. you do not stay longer than 183 days (and you do not elect for tax residency if you stay more than 90 days, i.e. the 90 day rule) then nothing is due in Cyprus (just the country you are tax resident - if any). If you become a tax resident in Cyprus then you can apply for the non-dom program which means you will not be taxed on things like foreign dividends (well a small health care contribution but this is very low and capped) or interest income. There is no capital gains tax in Cyprus except if you make a gain selling property in Cyprus (20%). Cyprus does not have a remittance based tax system like Malta. If you have foreign employment income and are tax resident in Cyprus this is more tricky as it can be highly taxable, although there are nuances if you earn the income for more than 90 days outside of Cyprus. I'm going through all this at the moment so I've done lots of research. Hope this helps

[@Axel-1111]

Very good content Rico. The tip of asking as much local people as possible and to travel around to find an affordable flat or house is absolutely helpful. When I was in Berlin looking for an appartment I did the same and just walked around in an area where I wanted to live and went from building to building and to find out the agency renting the appartment. Despite a long waiting list I got finally a wonderful cheap appartment by actively contacting them. Connections are indeed another possibilty to get a cheap appartment. Last year I got an offer for a town house close to Coral Bay nearly first line for just 1050 Euros. (2021 I stayed three month in Paphos and wanted to move to Paphos.) By connections I got that offer. Finally I did not take it due to familarity reasons. However a good connection helps to get a good deal. Therefore from my experience your tip of finding something without searching Bazeraki or facebook is right. A personal relationship and activity is the key for getting an affordable appartment.

[@Rico]

Amazing. People that do a little extra work always get what they want. I definitely agree with you and first row in sea caves for 1.050€ is an amazing offer for sure.

[@alpha2470]

Hi Rico we are in Australia and own 3 parcels of land in paphos, let me know if you can help to of load them...$$$

[@savvina9390]

Hello there 🤞 I’m planning to move in paphos with my boyfriend and looking for a house. Could you suggest me your partner? Great videos 🎉

[@Rico]

Hi, please send me an email, speak soon

[@nothingtool]

Don't do the mistake of moving to cyprus very expensive island with everything is of poor quality including apartments and food there are very few beaches worth while you will regret it big time

[@armandaslapinskas3722]

Atleast paphos seems to be declining

[@Rico]

Statistics show that Paphos is among one of the fastest growing cities, including rental prices. What makes you think it's declining?

[@armandaslapinskas3722]

@@Rico the prices that i look after, many apartments have decreased by a few hundred in the past months, makes me concern that the market is a bit falling but the season started fairly late maybe thats why

[@Daniel-fe6ch]

@@armandaslapinskas3722 I have seen the same, they are asking less for house than previous, so I think it less people willing to pay what they are asking, so they have start lowering the price to get a tenant.

[@gdaaps]

As I told you, let's buy a plot of terrain and construct our own villas. We can call turkish guys to build it at a good price.

[@99CaNdYfLiP99]

Are you German? You're on a Greek island here. And you want to bring outside workers? That's dispicable.

[@gdaaps]

@@99CaNdYfLiP99 I want to bring people that does the job good and for less money. As long as it's legal, what's the problem?

[@99CaNdYfLiP99]

@@gdaaps it's just disgusting. Go to the north and live there!

[@gdaaps]

@@99CaNdYfLiP99 we're all just human beings. Greek, turkish or italian does not matter.

[@99CaNdYfLiP99]

@@gdaaps that's wrong. You came to Cyprus to benefit from the country. And your still not satisfied? Ahh wait. You talk about humans but want the cheapest workers?

[@MartinZanichelli]

Or simply search another place with low taxes.............

[@ShivanshTalwar]

As always informational yet lovely video , let's hangout sometime

[@Rico]

Thank you very much. Appreciate it a lot! :)

[@vadimdenisov857]

"Paphos cheapest city on island" 😂 Got u boy