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EU boost for Malta and Cyprus
There's good news for British investors looking at property and Malta and Cyprus, with the announcement that both nations will adopt the Euro in January 2008.
After satisfying strict EU economic criteria, both islands have been accepted for membership of the eurozone, becoming the second and third nations to have adopted the euro since joining the EU in 2004.
According to currency specialists HiFX, the impending adoptions are set to create huge interest in the property markets of both islands.
Mark Bodega, marketing director of HiFX, said: "We predict the property market on both islands to continue to grow due thanks to a number of reasons. British purchasers like the legal system in Cyprus as it is easy to understand-being based on the English one.
"Malta boasts far lower taxation than the UK and there are no annual council or property taxes and inheritance tax was abolished in 1992."
He added: "Since joining the EU in 2004, the Maltese property market has shifted up a gear. As a result we are getting a substantial amount of enquiries from property investors seeking to purchase property to rent, and more discerning buyers looking for luxury properties and the excellent tax rates available to the higher tax payer."
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