It is enough to optimize business taxes and obtain a residence permit through real estate to open a shop in Cyprus. This is good if you want to start your own business and manage the store or get a stable rental income by renting your store to another person.
So what kind of business to open in Cyprus? Personal running a retail outlet or renting it out? For the last few years, the island has been actively developing and transforming, economic growth is anticipated, and real estate prices are increasing yearly. Buying property in Cyprus now is liquid because, in a few years, it will rise in price even more, allowing it to sell at a profit. Therefore, owning a business on the island seems more attractive than renting it for a long time.
Buying a shop in Cyprus is a property investment with a high rate of return. However, the success of any business depends on many factors, including the location, the target audience, and the products offered, which must be of interest to those customers who circulate in the area of the business.
Why it is worth starting a business in Cyprus and buying a shop, a retail outlet, a chain, or a mall:
All these conditions are attractive for conducting and optimizing business, so foreign investors prefer to buy commercial real estate in Cyprus because of the mild tax climate.
Every year about 4 million tourists fly to Cyprus, one of the world's highest per capita tourist numbers. When arriving on vacation, each traveler wants quality and comprehensive service, food, traditional Cypriot curiosities, and souvenirs for relatives in other countries. Therefore, the store demand is relatively high throughout the year and significantly increases during the beach season, which lasts from May to October.
Also, more and more foreign companies are relocating to the island yearly, foreign investors are opening businesses, taking employees, and many wealthy people are buying homes and moving their entire families to the sunny island. All this flow increases the need for the availability of stores and a variety of goods.
What kind of shop can I open in Cyprus?
Which stores in Cyprus are popular with tourists:
Every city in Cyprus is suitable for opening your store. Of course, the demand will be higher in regions with many locals and tourists — the capital Nicosia, the business center of Limassol, the fashionable resort of Paphos, the touristy Larnaca, and the Cypriot «Ibiza» Ayia Napa. In villages and small regions such as Troodos, Polis, Protaras, and Pissouri, large stores and supermarkets will not be profitable enough due to the lack of population. Still, small grocery stores here will also be in demand by residents of the surrounding area.
The best location is usually in the city center or on the waterfront.
Buy Distress Property or buy a new property in Cyprus for a store? It does not matter for future profitability, but purchasing a property needing renovation does not mean savings because you will have to renovate it to run a retail business, and renovation work can require substantial investments.
In addition, almost every new residential complex, be it townhouses, villas, or multi-story buildings with apartments, can be equipped with an on-site store, offering a comfortable infrastructure to its residents.
Thus, buying a store in Cyprus has many advantages and profits. However, success depends on initial conditions and fundamental approaches — market analysis, competitors' products, risk calculation, and the most realistic situations. SPM Real Estate specialists can conduct full-scale research and create a customized business model for you.
As with any real estate, the price of stores in Cyprus depends on many factors. For example, any commercial property in Limassol and Nicosia will cost more than in Paphos, Larnaca, or Ayia Napa resorts.
Also, buying a store at the planning stage, after construction at the location of a ready-made business, or on the secondary market in a distressed condition are pretty different prices.
Let's name the main factors that affect the price of commercial real estate, including restaurants:
You can see the prices of real estate in our catalog.
There are several reasons to buy property in Cyprus, including a restaurant:
Many investors open businesses on the island and buy stores to optimize taxation and save money.
You can get preferential corporate rate terms in the following cases:
Also, some goods and services are exempt from VAT:
When buying a store in Cyprus, you will have to open a corporate account for your business in a local bank, later through which all financial transactions and payment of bills will be carried out.
To open a corporate bank account, you must submit documents: a set of registration documents and a license, a copy of your ID card, proof of head office address, a tax number, and more.
Our experts have lived and worked on the island for over ten years. They can help you find the best place to locate your business and build a customized business model, as well as help you gather all the necessary documents for registration.
In addition to the above, buying a property offers you several other benefits:
In addition to restaurants and cafes, you can buy an effective commercial property in Cyprus:
You can also buy residential real estate in Cyprus, which can be used for residence and rent, which pays off well during the beach season and all year round for a long-term lease. The following properties represent residential real estate:
Contact SPM Real Estate and buy Cyprus real estate to make your dream of a beautiful life come true!
Your most valuable contact in Cyprus — SPM Real Estate.
We, SPM Real Estate team, provide our users with reliable and comprehensive information concerning buying and renting residential and commercial real estate, as well as covering variety of domestic and legal issues.Read more
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