Regular readers will be familiar with the attractions of Cyprus for investment.

Well, you''ll be glad to hear that we are not alone in a liking for this island. For instance a special supplement in The Times forecast 15% growth for Cyprus and 20% in hotspots for next year.

The other major piece of news from the island is that all residential buildings that received planning AFTER 1st May 2004 are expected to incur VAT when they are sold.

Our sources tell us that this new legislation is currently going through the Cypriot legal system and whilst it is subject to minor change, developers are already charging an extra 15% as it is the developers who will have to pay the expected increased VAT costs.

Hence, bargain hunters will want to snap up any 'pre-vat' developments that received their planning stamp prior to 1st May, whilst the remaining stocks last.