Quick Answer: What are the rules for buying a 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.

What do I need to know about buying a property in Cyprus?

If you wish to buy property in Cyprus that is for rent, then you must first procure a formal contract of sale. It should then be deposited with the District Lands Office within two months of being signed by both parties. The buyer must also put down a deposit of around 10% of the sale price.

How easy is it to buy a property in Cyprus?

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.

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Can UK citizens buy property in Cyprus after Brexit?

Buying a property in Cyprus after Brexit

UK citizens can buy a property in Cyprus following the same rules and regulations as any other non-EU citizens.

How much deposit do I need to buy in Cyprus?

You will be required to put down a deposit of around 30% which you can check against a Cyprus mortgage calculator.

Can I move to Cyprus after Brexit?

British nationals who want to come to Cyprus post Brexit – after 31 December 2020 and the end of the transition or grace period – have to meet the Cyprus immigration rules. Note that residents who have lived in Cyprus for more than 7 years can apply for citizenship.

Is now a good time to buy property in Cyprus?

Now is the time to buy a property and rent it out since the rental returns are still high. According to reports, the monthly rents for residential properties went up by double-digit figures during the year 2019 according to the Global Property Guide.

What are the costs of buying property in Cyprus?

Other costs for the purchase include independent legal fees of €4,165 (1 percent of purchase price, plus VAT), a stamp duty of €620, and land registration and other disbursements of €120. The total cost of purchasing a €350,000 resale property in Cyprus would be in the region of €365,505.

What is the property tax in Cyprus?

Property owners are required to pay an annual Municipality Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 1% – 2%. Municipality tax is payable to your local municipal authority.

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Where is the best place to buy property in Cyprus?

Top places to buy in Cyprus

  • Nicosia. The capital of the Republic of Cyprus, modern, cosmopolitan Nicosia is a lively city of about 300,000 people situated some 50km from the coast. …
  • Limassol. …
  • Paphos. …
  • Larnaca. …
  • Peyia. …
  • Residential home. …
  • Holiday home. …
  • Buy to let/Investment property.

How long can you stay in Cyprus if you own a property?

Once you purchase a property in Cyprus you automatically have a right for a multi-visa for up to 5 years. This visa will allow you multiple entry for stay up to 180 days per year and up to 90 days within every 6 months period.

Can British citizens buy property in Cyprus?

Yes of course, just as prior to Brexit, UK Nationals are able to purchase property in Cyprus whether for relocation, investment or as a holiday home. How many properties can they purchase? UK Nationals, just as any other Non-EU Citizens, are now entitled to purchase up to two properties in Cyprus per family.

How many properties can you own in Cyprus?

Foreigners can buy one home in Cyprus, and are entitled to hold land freehold, but there is a maximum limit on land ownership of 3 donums (4,014 sq m). A permit to register a property is needed from the government, but can easily be obtained through a lawyer.

How many UK citizens live in Cyprus?

There are at least 50,000 British who reside in Cyprus, with most having their property in Paphos district. Current relations between Cyprus and the United Kingdom are considered excellent with high levels of cooperation on energy, diplomacy and education.

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Is Cyprus a good investment?

Investing in properties such as hotels is considered a great investment property to be obtained or purchased in Cyprus. It is efficient on so many financial levels and if handled properly, there will be very few disadvantages that will come with it causing it to yield a substantial amount of interest.

What is the mortgage rate in Cyprus?

The annual average interest rate on new residential loans in Cyprus declined with fluctuation between 2007 and 2020. By 2020, there was on average 2.1 percent interest on new residential loans in Cyprus.