Cyprus & Malta Euro Currency Transition Hailed a Success
EU President José Manuel Barroso praised the economic improvements made by the two countries, after the official adoption of the Euro on 1st January 2008.
Both countries satisfied stringent economic criteria of the EU, making them the newest entrants since 2004. Changes include a significant reduction of budget deficit, public debt, and meeting the inflation and interest rate criteria, thus strengthening the overall economic stability.
President Barroso commented, "The euro is a strong and stable currency. Along with the economic reforms the EU and Member States have undertaken, it is a reason why the European economy is still growing despite some difficult challenges caused by high energy and commodity prices."
The circulation of Euro bank notes began smoothly and by 2nd January, banks reported the withdrawal of €150m worth of notes, with 40% of people in Malta and Cyprus only carrying euro currency with the complete change over to the new currency scheduled by 1st February.
Many islanders showed concerns regarding increases, as a consequence of traders ‘rounding up’ prices for goods and services. However, several preventive measures are in place, including a fair pricing scheme and the monitoring of dual currency prices.
Currency specialists, HiFX believe the introduction of the Euro, along with strong economies in both countries, will continue to make Malta and Cyprus property investment an attractive prospects for British investors.
According to data from HiFX, the number of international enquires about buying property in Malta and Cyprus doubled in 2007 and predicts interest to rise dramatically in 2008.
Mark Bodega, Marketing Director of HiFX comments, ‘We predict the property market on both of the islands is to continue to grow due to a number of reasons, purchasers like the legal system in Cyprus as it is easy to understand, being based on the English one.”
James Gonzalez Market Analyst at Obelisk comments, “Malta boasts far lower taxation than the UK, there are no annual council or property taxes, and inheritance tax was abolished in 1992.”
“Since joining the EU in 2004, both Malta and Cyprus property investment has shifted up a gear. A substantial amount of property investors are purchasing for rental income and the discerning buyers are looking for luxury properties; providing excellent tax rates, especially for those within a higher tax band.”
For more information on Cyprus property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email press@obeliskinternational.com
Both countries satisfied stringent economic criteria of the EU, making them the newest entrants since 2004. Changes include a significant reduction of budget deficit, public debt, and meeting the inflation and interest rate criteria, thus strengthening the overall economic stability.
President Barroso commented, "The euro is a strong and stable currency. Along with the economic reforms the EU and Member States have undertaken, it is a reason why the European economy is still growing despite some difficult challenges caused by high energy and commodity prices."
The circulation of Euro bank notes began smoothly and by 2nd January, banks reported the withdrawal of €150m worth of notes, with 40% of people in Malta and Cyprus only carrying euro currency with the complete change over to the new currency scheduled by 1st February.
Many islanders showed concerns regarding increases, as a consequence of traders ‘rounding up’ prices for goods and services. However, several preventive measures are in place, including a fair pricing scheme and the monitoring of dual currency prices.
Currency specialists, HiFX believe the introduction of the Euro, along with strong economies in both countries, will continue to make Malta and Cyprus property investment an attractive prospects for British investors.
According to data from HiFX, the number of international enquires about buying property in Malta and Cyprus doubled in 2007 and predicts interest to rise dramatically in 2008.
Mark Bodega, Marketing Director of HiFX comments, ‘We predict the property market on both of the islands is to continue to grow due to a number of reasons, purchasers like the legal system in Cyprus as it is easy to understand, being based on the English one.”
James Gonzalez Market Analyst at Obelisk comments, “Malta boasts far lower taxation than the UK, there are no annual council or property taxes, and inheritance tax was abolished in 1992.”
“Since joining the EU in 2004, both Malta and Cyprus property investment has shifted up a gear. A substantial amount of property investors are purchasing for rental income and the discerning buyers are looking for luxury properties; providing excellent tax rates, especially for those within a higher tax band.”
For more information on Cyprus property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email press@obeliskinternational.com
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