Cyprus "popular" with Brits

Cyprus is an ideal location for retired UK emigrants due to its lower taxes, according to industry experts.

Financial Advisor Shelter Offshore recently explained that the island is ideal for investors planning to make international payments to fund their overseas businesses.

According to the company, expats setting up companies on the island will pay less tax than they would in other countries.

In addition, lower rates are also likely to appeal to retired UK expats whose money transfers to savings accounts may stretch further as a result.

"The business and physical infrastructure, transportation links and levels of banking secrecy balance well with the island's status as an EU member state," said the advisor.

"These factors also combine with a legal system based predominantly on English law and make the island a popular offshore jurisdiction for company formation."

According to a study by the department of economic development of Abu Dhabi, Brits living in the region currently enjoy significant levels of disposable incomes, the Khaleej Times reports.

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By Linsey Summers.