Non-EU nationals are only allowed to buy one acre of land or one house or apartment in Cyprus, but EU citizens can buy real estate without any limits. All expats interested in purchasing property in Cyprus must first obtain approval from the Council of Ministers.
Approval is typically granted, but the process of obtaining it can be lengthy. That’s why it’s a good idea to hire a real estate lawyer in Cyprus to handle the entire process for you.
The following documents must be submitted by all applicants:
- Specifications of the property
- Property contract and current owner information
- Current residence and income statement of the buyer
- It is strongly advised that you first speak with a real estate lawyer in Cyprus to learn about the unique procedures and papers needed for buying property
Rental property in Cyprus
If you want to buy a rental property in Cyprus, you must first obtain a legal contract of sale. It must then be filed with the District Lands Office within two months after both parties’ signatures. A deposit of roughly 12% of the sale price is also required from the buyer. Only after the government has given approval and the funds have been validated can the title deed be lawfully transferred. If you have a Cyprus real estate lawyer on your side, they can register the property in the owner’s name.
Stamp duty and property taxes
You will be charged transfer fees, stamp taxes, and legal levies when buying a property in Cyprus. To pay these different registration fees and legal expenditures, it’s usually recommended to add 17% to the buying price ( if you choose to get a real estate lawyer in Cyprus).
After you sign legal documents to secure your assets in Cyprus, you must pay stamp duty, which is calculated based on the market value of the property.
When buying a property in Cyprus, there are a few things to keep in mind
When looking for a property to invest in in Cyprus, there are many factors to consider. In general, potential buyers are advised to do the following:
- Find a real estate lawyer in Cyprus.
- Make sure the property isn’t in the middle of a legal battle over ownership (common for real estate for sale in Northern Cyprus)
- Inspect the property with a broker or a third-property buyer’s agency for any signs that you’re being oversold.
- Make a list of any property damage, as well as any modifications or construction that is required.
- Check out the availability of utilities and services, especially if you’re looking to buy and rent.
Real estate residency in Cyprus
Real estate residence in Cyprus can be achieved by purchasing a brand new property worth at least €300,000. It’s one of Europe’s quickest and most straightforward investor visa systems, allowing you and your immediate family to get residency in Cyprus within two months after making a real estate investment.
One of the main advantages of making this type of real estate investment in Cyprus is that you and your family will have a second home and will be able to live, work, and study in Cyprus, as well as travel freely within the European Union.
Citizenship in Cyprus can be obtained through a real estate investment
Cyprus has a Citizenship by Investment Program, which allows anyone to become a Cypriot citizen in as little as six months. A €2.2 million real estate investment is necessary to be eligible for the program.
A Cypriot passport practically guarantees you the ability to live, work, and study anywhere in Cyprus and the European Union. Acquiring Cyprus citizenship through a real estate investment is tremendously beneficial. It’s a tremendous opportunity that you may pass along to your children, allowing them to have more independence.
The best part is that most Cyprus houses for sale are available at market-competitive prices, with a high expected return on investment and lucrative rental income potential. Investors interested in obtaining citizenship in Cyprus through real estate investment will be glad to learn that they can purchase many properties at once to meet the required real estate investment value.
Benefits of a Cyprus passport
There are numerous reasons why a real estate investment in Cyprus for citizenship is a good idea. A Cyprus passport entitles you to the following benefits:
The freedom to live, work, and study in Cyprus or elsewhere in the European Union.
EU authorities and the legal system are safeguarded.
Within the EU zone, the ability to freely move products, services, and capital
In terms of worldwide mobility, the Cyprus passport is ranked 13th in the world.
Cyprus real property experts
Why not chat to one of our real estate experts about purchasing property in Cyprus for residency or citizenship?
We are a boutique investment firm with years of experience providing multinational families with unique residence and citizenship-by-investment solutions. We can help with legal advice, tax planning, and more at Macdonaldappraisers, all while providing speedy, personalized, and discreet service.
Frequently Asked Questions about Cyprus Real Estate
What is the cost of real estate in Cyprus?
In comparison to other countries, real estate in Cyprus is quite inexpensive. A three-bedroom villa property, for example, can cost roughly €370,000.
Why should I hire a Cyprus real estate lawyer?
When buying property in another country, you will be charged a variety of registration fees, levies, and stamp duties. Getting a property is a pleasant process, but it’s also a time-consuming one that necessitates extensive documentation and a thorough understanding of the real estate government’s mandatory standards. This is why hiring a Cyprus property lawyer to assist you with the property purchase is highly suggested.
Is it real to rent estate in North Cyprus?
For a variety of reasons, renting property in North Cyprus is not recommended. To begin with, the United Nations does not recognize North Cyprus as a state. Because of a long-standing dispute between the Turks and the Greeks, there is still a conflict over whether or not properties for sale in Northern Cyprus should be recognized. Many people who were forced to escape Northern Cyprus during the 1970s conflict still have legal claims to their properties, thus the possibilities of getting into a legal fight over a property you buy in Northern Cyprus are considerable.
In Cyprus, what constitutes premium real estate?
A prime piece of real estate in Cyprus is usually found in the tourist regions, along the coast, and with a pool in mind. This makes it an ideal property to rent out to tourists or long-term residents.
Where can you buy real estate in Cyprus for city living?
Real estate in the following cities in Cyprus is recommended for city living: Paphos, Larnaca, Limassol, Ayia Napa, and Nicosia.
How do I obtain a Cyprus resident permit through the acquisition of real estate?
To obtain a residency permit in Cyprus through a real estate acquisition, you must apply to the Cyprus Residency by Investment Program and make a real estate investment of at least €370,000.
Is it worthwhile to buy in Cyprus real estate?
If you want to gain residency in Cyprus quickly, buying real estate in Cyprus is a great option. You and your family will receive not just a lovely second house, but also residency permits that will allow you to lawfully live, work, and study in Cyprus for a €370K investment.