Yes, foreigners can buy real estate in Cyprus.
So let us take a closer look at the inquiry
Yes, foreigners can buy real estate in Cyprus. Non-Cypriots are permitted to purchase any type of property, including houses, apartments, and land. In fact, real estate in Cyprus has become increasingly popular among foreign buyers due to the country’s attractive tax system and affordable property prices.
According to Property Guides, “Cyprus is one of the friendliest nations in the world to foreign property buyers” and “the government has made the process of buying property in Cyprus as easy as possible for foreigners.”
Here are some interesting facts about real estate in Cyprus:
- Cyprus has been named the ‘Best European Country for Small and Medium-Sized Enterprises’ by the European Union.
- The country offers citizenship to foreign buyers who invest over €2 million in real estate.
- According to recent statistics, 41% of foreign buyers of real estate in Cyprus are from the UK.
- Property prices in Cyprus are generally lower than other Mediterranean countries such as Spain and Italy.
- Cyprus is widely recognized for its high standard of living, excellent healthcare system, and outstanding educational opportunities.
In order to assist potential buyers, we have created a table of the process and taxes involved in purchasing real estate in Cyprus:
Process/Tax Description
Property transfer fee A government fee paid by both the buyer and seller upon the transfer of the property. The fee is calculated based on the property’s purchase price.
Stamp duty A one-time tax paid by the buyer upon signing the purchase agreement. The rate depends on the property’s purchase price and ranges from 0.15% to 0.20%.
VAT Applies to the purchase of new properties only. The rate is currently 19%, but reduced rates may apply in certain circumstances.
Legal fees Range from 1% to 2% of the property’s purchase price. Paid to the buyer’s chosen lawyer.
Title deed registration fee A fee paid by the buyer upon registering the title deed in their name. The fee is 1% of the property’s purchase price, but capped at €2,500.
There are other opinions on the Internet
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.
Foreigners, including non-Europeans, are allowed to buy property in Cyprus without restrictions as long as they don’t have a criminal record and the requirements are met. 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. Any foreigner who wants to buy a house or property in Cyprus has to identify and apply with the Council of Ministers.
A foreigner – non European is allowed to buy property in Cyprus without restrictions as long as the buyer doesn’t have a criminal record and the requirements are met. Any foreigner who wants to buy a house or who is seeking to buy a property in Cyprus has to identify and apply with the Council of Ministers.
In short – yes, foreigners are able to purchase property in Cyprus. What’s more, it’s easier to do so here when compared with many European countries. 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.
Associated video
The video provides a comprehensive guide to buying real estate in Cyprus, emphasizing the high demand for properties and discussing the risks and benefits of owning versus renting. The speaker also delves into different styles of properties and investment opportunities in Limassol. The video stresses the importance of independent research and working with an unbiased consultant to avoid making a mistake when buying real estate in Cyprus. Hidden costs of maintaining a property, strict mortgage requirements, and the risks of buying without official title deeds are also discussed. The process of buying real estate in Cyprus as a European or non-European citizen is outlined in detail, with due diligence, reserving the property, initiating a sale purchase agreement, registering the contract, and transferring title deeds covered.
I’m sure you will be interested
Regarding this, Can I live in Cyprus if I buy a property?
Answer: It is also possible to buy a house in Cyprus and get citizenship. A residency by property investment permit gives the holder the right to apply for citizenship after 5 years of actual stay in Cyprus, out of a total number of 7 years. The holder must stay a full number of 1825 days on the island (5 x 365).
Then, 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.
Beside above, How easy is it to buy a property in Cyprus? If you wish to buy property in Cyprus for renting purposes, then you must first procure a formal contract of sale. It should then be deposited at the District Lands Office within two months of being signed by both parties. You must also put down a deposit of around 10% of the sale price.
Moreover, Is buying property in Cyprus a good investment? If you purchase a Cypriot property, you’ll be able to enjoy reduced income tax rates, as well as exemptions on capital gains and inheritance taxes. These benefits make Cyprus an appealing destination for investment opportunities through a property purchases.
In this manner, Can foreigners buy property in Cyprus?
In reply to that: In short – yes, foreigners are able to purchase property in Cyprus. What’s more, it’s easier to do so here when compared with many European countries. 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.
Can I buy a second property in Cyprus after Brexit? Answer to this: In some instances, the purchase of a second property (such as a holiday home) may be allowed. UK nationals looking to buy property in Cyprus also need to be aware that following Brexit, they can only stay for a total of 90 days in any 180-day period. If you wish to stay for longer, then you’ll need to apply for a visa.⁴
Considering this, How do I register a property in Cyprus?
Response will be: A permit to register a property is needed from the government, but can easily be obtained through a lawyer. However since Cyprus´ accession into the EU on 01 May 2004, there have been plans to ´de-restrict the housing/property sector.
Likewise, How much tax do I need to buy a property in North Cyprus?
The transaction is officially complete. Make sure to budget 3% for stamp duty and a minimum of £1,000 for your solicitor’s fees. The tax on a property purchase in North Cyprus is 5%. If you have any questions about living in North Cyprus or buying property there, please, refer to our North Cyprus FAQs page.
Regarding this, Can foreigners buy property in Cyprus?
Response will be: In short – yes, foreigners are able to purchase property in Cyprus. What’s more, it’s easier to do so here when compared with many European countries. 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.
Accordingly, Can I buy a second property in Cyprus after Brexit?
Response will be: In some instances, the purchase of a second property (such as a holiday home) may be allowed. UK nationals looking to buy property in Cyprus also need to be aware that following Brexit, they can only stay for a total of 90 days in any 180-day period. If you wish to stay for longer, then you’ll need to apply for a visa.⁴
How do I register a property in Cyprus?
In reply to that: A permit to register a property is needed from the government, but can easily be obtained through a lawyer. However since Cyprus´ accession into the EU on 01 May 2004, there have been plans to ´de-restrict the housing/property sector.
Consequently, How much tax do I need to buy a property in North Cyprus?
In reply to that: The transaction is officially complete. Make sure to budget 3% for stamp duty and a minimum of £1,000 for your solicitor’s fees. The tax on a property purchase in North Cyprus is 5%. If you have any questions about living in North Cyprus or buying property there, please, refer to our North Cyprus FAQs page.