Yes, non-Cypriots are permitted to buy a holiday home in Cyprus subject to certain restrictions and requirements.
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Yes, non-Cypriots are allowed to purchase holiday homes in Cyprus, however, there are some criteria that must be met.
According to Cyprus law, non-Cypriot buyers must apply to the Council of Ministers for permission to buy a holiday home in Cyprus. The application process is straightforward and usually takes 2-3 months to process if all the necessary documents are provided.
One of the requirements is the minimum purchase price of €300,000. However, this does not apply to the following groups:
EU citizens who have been legally residing in Cyprus for at least five years
Non-EU citizens who already hold a Permanent Residence Permit in Cyprus
Non-EU citizens who are married to EU citizens and have a joint residence in Cyprus
Additionally, non-Cypriots may only own one property in their name and it must be used for personal holiday purposes only.
In terms of taxes, the buyer should consider the following:
Transfer fees: These range from 1.5% to 8% of the purchase price depending on the property value.
Stamp duty: This is payable by the buyer and is charged at 0.15% of the purchase price.
Capital gains tax: If the property is sold at a profit, non-residents are subject to a 20% capital gains tax.
Property tax: Non-residents are subject to an annual property tax which is calculated based on the value of the property.
In the words of Property Guides, “Cyprus has always been a popular holiday destination for Europeans, Americans and Russians – and it’s not hard to see why. With crystal clear waters, stunning scenery and year-round sunshine, the island offers a great quality of life and potential for profit.”
Here is a table summarizing the criteria and taxes for non-Cypriot buyers.
Criteria for Non-Cypriot Buyers
Taxes
Apply to Council of Ministers
Transfer fees: 1.5% to 8%
Minimum purchase price of €300,000
Stamp duty: 0.15%
Use property for personal holiday only
Capital gains tax: 20%
Own only one property
Property tax: annual, calculated based on property value
In the video “Process of buying property in Cyprus, Europe,” the speaker outlines the three steps involved in purchasing a house in Cyprus. Firstly, a 10% deposit secures the investment and starts the process. Next, legal advisors must ensure all paperwork and legal issues, including title deeds, are cleared. Finally, the buyer receives the keys and deeds, which is a quick and stress-free process. The speaker offers support throughout and guarantees an enjoyable experience.
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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.
For now, here is a simplified overview of the buyer’s journey on How to Buy a HolidayHome in Cyprus. Cypriots and EU citizens can buy as much property or land as they like, without requiring any permission, and without restriction.
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.
Foreign nationals can purchase property in southern Cyprus without any restrictions; however, you have to apply to the Council of Ministers for permission to purchase a property. As a rule, most applications get approved, but the paperwork can take a long time.
Stunning scenery, beautiful beaches and ancient ruins – Cyprus is an island paradise in the Mediterranean Sea. With plenty of villas, houses and apartments for sale, you can find your dream holiday property in Cyprus on Rightmoveoverseas.co.uk because Rightmoveoverseas.co.uk is the best place to find the latest property in Cyprus.
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