Yes, Brits can still buy property in Cyprus.
If you want a detailed answer, read below
Brits can still buy property in Cyprus, despite the UK’s exit from the European Union. This is because Cyprus is not a member of the Schengen area or the Eurozone, and does not require EU citizenship for property purchases. However, there may be some changes in terms of taxes, visas, and residency permits.
According to David Pank, director at overseas mortgage specialists, Worldwide Property Finance: “One of the main considerations for British buyers in Cyprus is the current residency permit rules and how they will affect them after Brexit.”
Here are some interesting facts about property buying in Cyprus:
- According to the Global Property Guide, Cyprus has one of the strongest property markets in Europe, with an average annual price increase of 4.3% between 2015 and 2019.
- The most popular areas for property purchases are Limassol, Paphos, and Larnaca.
- Some Brits choose to invest in buy-to-let properties in Cyprus, which can offer high rental yields in tourist hotspots.
- The process of buying property in Cyprus involves obtaining a purchase permit from the Council of Ministers, as well as a title deed transfer fee and stamp duty.
- Cyprus also offers tax incentives for foreign retirees who purchase property and move to the island, including a flat rate of 5% tax on overseas income and a 50% discount on property tax.
Here is a table summarizing the property buying costs in Cyprus based on a property value of €250,000:
| Cost | € |
|---|---|
| Purchase permit | 3,000 |
| Transfer fee | 8,500 |
| Stamp duty | 1,500 |
| Legal fees | 1,500 – 2,000 |
| Property tax | 1,250 – 1,500 |
| Agency fees | 2,500 – 3,000 |
| Total | 18,250 – 19,500 |
As with any property investment, it’s important to do thorough research and seek professional advice before making a purchase.
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Permission to acquire immovable property in Cyprus Cypriots and EU citizens are entitled to buy immovable property without any restrictions. Non-EU citizens can buy immovable property, however, permission from the Council of Ministers is required.
You can still buy and own a property in Cyprus just as before Brexit. Britain leaving the EU has not affected your right to buy or own property in Cyprus as it doesn’t come under EU contract.
Citizens of the United Kingdom can purchase a property in Cyprus in accordance with the same laws and restrictions as any other non-EU citizen. There are some limits on the size of the piece of property you may buy in Cyprus, as well as the length of time you can spend in your house without becoming a legally recognized resident of the country.
As such UK nationals are now subject to the same rules and regulations as citizens from other non-EU member states. This means that while UK nationals can still move to Cyprus post-Brexit and buy property in Cyprus, it is slightly more challenging to do so. Do you need a visa now if you want to move to Cyprus? Yes.
Brits now have to apply in writing to the Council of Ministers for permission to acquire a property. Although they will be able to enter into sale agreements and deposit their sales contract at the Land Registry office, they will be unable to get the property’s all-important Title Deed until permission is granted.
You will most likely be interested in these things as well
Additionally, Can Brits buy property in Cyprus after Brexit? Answer will be: Buying property in Cyprus after Brexit
To buy property in Cyprus after Brexit, UK nationals must apply to the Council of Ministers for permission. Also, they will need a visa if they stay beyond a specific period (more than 90 days out of 180, see below).
What are the pitfalls in buying property in Cyprus?
Response to this:
- Not getting independent legal advice before putting up an offer/ paying deposit.
- Making an emotional decision or putting up an offer too soon.
- Not budgeting for all expenses involved in the purchase and preparing the documents required for the transfer of funds.
- Not making a proper inspection of the property for sale.
Simply so, Can a British citizen live in Cyprus? If you’re a UK citizen and you’ll be visiting Cyprus for less than 90 days in any 180-day period, for example if you’re a tourist or visiting your holiday home, a visa is not required. However, you will need a visa for Cyprus if you want to live in the country permanently.
Can I get residency in Cyprus if I buy a house?
To qualify for the Cyprus Permanent Residency by Investment program, applicants are required to buy a first-time sale residential property or sets of properties to the minimum value of €300,000 (plus VAT, if applicable). First-time sale stands for new properties and not for resales.
Can UK citizens buy property in Cyprus? EU citizens are able to purchase property in Cyprus with no restrictions. For UK nationals, it’s still possible, but the rules have changed slightly since the UK left the EU. UK nationals may buy one property in Cyprus and are entitled to hold the freehold.
Is Cyprus a good second home for Brits? Answer to this: The allure of Cyprus’ mediterranean climate and golden beaches makes it an attractive second home for Brits – whether you’re looking for a place to spend long summer breaks, or retire to Cyprus. Buying property in Cyprus does require careful planning to make sure it goes smoothly, and any potential pitfalls are avoided.
Can a Greek Cypriot buy a property without permission?
Answer to this: Under the amendment, buying, selling, renting, promoting or mortgaging a property without the permission of the owner (the person whose ownership is registered with the Republic of Cyprus Land Registry, including Greek Cypriots displaced from northern Cyprus in 1974) is a criminal offence. The maximum prison sentence is 7 years.
Herein, Can UK nationals move to Cyprus post-Brexit?
Answer to this: As such UK nationals are now subject to the same rules and regulations as citizens from other non-EU member states. This means that while UK nationals can still move to Cyprus post-Brexit and buy property in Cyprus, it is slightly more challenging to do so. Do you need a visa now if you want to move to Cyprus? Yes.
Keeping this in view, Can UK citizens buy property in Cyprus?
Answer: EU citizens are able to purchase property in Cyprus with no restrictions. For UK nationals, it’s still possible, but the rules have changed slightly since the UK left the EU. UK nationals may buy one property in Cyprus and are entitled to hold the freehold.
Consequently, Is Cyprus a good second home for Brits?
In reply to that: The allure of Cyprus’ mediterranean climate and golden beaches makes it an attractive second home for Brits – whether you’re looking for a place to spend long summer breaks, or retire to Cyprus. Buying property in Cyprus does require careful planning to make sure it goes smoothly, and any potential pitfalls are avoided.
Correspondingly, Can a Greek Cypriot buy a property without permission?
Under the amendment, buying, selling, renting, promoting or mortgaging a property without the permission of the owner (the person whose ownership is registered with the Republic of Cyprus Land Registry, including Greek Cypriots displaced from northern Cyprus in 1974) is a criminal offence. The maximum prison sentence is 7 years.
Can I buy a plot of land in Cyprus? There are certain restrictions regarding the size of the plot of land you want to buy and how long you can stay in your Cyprus home without officially becoming a resident. You can stay in any of the EU member states for 3 months out of every 6 months without a visa. If you want to stay longer, you will have to apply for permission to do so.