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Buying Property in Cyprus
A non-Cypriot may acquire property in Cyprus only with the authorization of the Council of Ministers.
Such authorization is however given as a matter of course to all bona-fide purchasers.
Non Cypriots are allowed to buy one flat, or one building plot, or one house on a piece of land not exceeding 4013 m2 (four thousand thirteen square meters). However permission may be given to acquire more if there are special reasons.
Transfer of ownership takes place by a simple process of registration at the Land Registry Office and the issuing of a title deed after completion and delivery. This can be done either by the buyer personally, or by Power of Attorney to any third party.
A prerequisite of registration, in the case of non-Cypriots, is evidence that the property has been paid for, with foreign exchange. If the purchaser wishes to sell the property he acquires with foreign exchange we can do so without any restriction, and can take out the proceeds of sales as follows:
a) Immediately a sum equal to the purchase price and
b) Subsequently CYŁ 5000 per year, beginning with the year immediately following the sale plus interest earned during the year.
Title Deeds
As soon as the title deed is issued by the relevant Government authority and your account with the vendor is settled, the title deed can be transferred on your name. Transfer fees which are payable to the Land Registry Office once are as follows:
Value of Property
CY Pounds |
Transfer fee rate
% |
| UP TO 50,000 |
3.0 |
| 50,001 - 100,000 |
5.0 |
| OVER 100,000 |
8.0 |
Property Taxes
Local authority taxes (rates) are payable in the range of CYŁ 50-150 annually depending on the size of your property.
Immovable property for registered owners are payable as follows:
Market Value
CY Pounds |
Annual Tax per Thousand
% |
| UP TO 100,000 |
Excempt |
| 100,001 - 250,000 |
2.0 |
| 250,001 - 500,000 |
3.0 |
| OVER 500,000 |
3.5 |
Property owned by registered individuals up to a value of CYŁ 100,000 is tax exempt. Property acquired with the importation of foreign exchange earned while residing outside Cyprus is not taxable as far as Estate duty is concerned.
Residential Permits
Residence permits are granted to purchasers of property provided that an application is filled with the Ministry of the interior and that financial standing of the applicant is satisfactory.
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