For many that seek to buy property overseas, it’s the thought of almost endless summers, beaches, the outdoor lifestyle and a slower pace of life that most appeals. While Cyprus certainly offers these draws in abundance, so too do other property hotspots such as France, Spain, Portugal and Italy; so why is Cyprus a good choice compared to these countries?

The answer is simply monetary. As property has boomed, these other destinations have witnessed an inflation in other costs, yet in Cyprus you’ll still see change from CY£20 for a meal for two at a local restaurant and a litre of unleaded petrol will set you back just CY£0.50. Inexpensive when compared with not just northern Europe but other popular property hubs too.

It’s often stated that Cyprus is around 30% cheaper than its Mediterranean counterparts but when you compare it to the areas that are most popular with foreign investors – the Costa del Sol or the Algarve, for example – the difference is even greater.

A deluxe off-plan apartment in a popular resort can be picked up for as little as CY£80,000. Annual bills for that property would rarely exceed CY£200 and many properties have no tax and stamp duty of just CY£70.

If you become resident in Cyprus, then you’ll also profit from the island’s favourable tax regime. Corporate profits are taxed at 4.25% while there’s a flat rate of 5% on all pension and investment income.

Cyprus may well share the same appeal as countries like France, Spain and Portugal – albeit with a few extra days’ sunshine every year – however, when it comes to finances and getting the most out of your investment, this eastern-Mediterranean island is miles ahead.