How to Buy Property in Cyprus as a Non-EU Citizen: A Step-by-Step Guide

19 hours ago

Cyprus is a highly sought-after destination for property investment, thanks to its stunning Mediterranean landscapes, robust real estate market, and appealing lifestyle. If you’re a non-EU citizen interested in purchasing property on this idyllic island, it’s important to understand the legal requirements and procedures involved. While the process is straightforward, careful planning and adherence to regulations are essential to ensure a smooth transaction.

Here’s a comprehensive guide on how non-EU citizens can buy property in Cyprus.

Step 1: Understand the Restrictions

As a non-EU citizen, you are allowed to purchase property in Cyprus, but there are certain limitations:

You can only acquire one residential property (e.g., an apartment, house, or villa) or a plot of land not exceeding 4,014 square meters (approximately one acre).
For commercial properties or additional real estate, special permission is required from the Council of Ministers or the relevant District Office.

Step 2: Find the Right Property

Start by exploring properties that match your needs, whether it’s a holiday home, investment property, or permanent residence. Limassol, Paphos, and Larnaca are popular among international buyers, while villages like Kellaki offer serene rural settings.

Work with a reputable real estate agency, such as The Property House, to access verified listings and expert advice on locations, market trends, and legalities.

Step 3: Engage a Lawyer

Hiring a qualified Cypriot lawyer is essential for navigating the property purchase process. Your lawyer will:

Conduct due diligence to ensure the property has no encumbrances or legal disputes.
Verify ownership and title deeds.
Draft and review contracts.
Assist with the application for government approvals required for non-EU buyers.

Step 4: Secure an Agreement

Once you’ve chosen a property, your lawyer will help negotiate and draft a sales agreement. This contract outlines:

The agreed purchase price.
Payment terms and conditions.
Any agreed timelines for transfer of ownership.

You will typically be required to pay a reservation deposit to secure the property.

Step 5: Apply for Government Approval

As a non-EU citizen, you must obtain permission to purchase property in Cyprus. This involves submitting an application to the Council of Ministers or the District Office in the area where the property is located.

The application includes:

Your personal information and passport copies.
Property details (location, size, and purpose).
Confirmation of financial means to complete the purchase.

Approval usually takes 1-3 months and is rarely denied for bona fide buyers.

Step 6: Pay Transfer Fees and Taxes

To complete the transaction, you must pay certain fees and taxes, such as:

Stamp Duty: Approximately 0.15%-0.20% of the property price.
Transfer Fees: Calculated based on the property value (reduced rates apply for first-time buyers).
VAT (if applicable): New properties are subject to a 19% VAT, though reduced rates may apply for primary residences.

Step 7: Register the Property

Once all payments are made and government approval is granted, the property is officially transferred into your name. Your lawyer will handle the registration process, and you will receive the title deed as proof of ownership.

Step 8: Explore Residency Options

Buying property in Cyprus can also open doors to residency opportunities:

Permanent Residency: Non-EU citizens who purchase property worth at least €300,000 can apply for permanent residency under the Fast-Track Residency Program. This status allows you and your family to reside in Cyprus year-round.
Long-Term Residency: If you live in Cyprus for five consecutive years, you may qualify for long-term residency.

Why Invest in Cyprus?

Strategic Location: Positioned at the crossroads of Europe, Asia, and Africa, Cyprus is ideal for global connectivity.
High ROI: The island’s booming tourism sector and stable economy make it a lucrative investment destination.
Lifestyle: Cyprus offers a relaxed Mediterranean lifestyle, excellent healthcare, and a safe environment for families.

Final Thoughts

Buying property in Cyprus as a non-EU citizen is a secure and rewarding process when handled correctly. With the right guidance and preparation, you can enjoy a seamless property purchase and take full advantage of what this beautiful island has to offer.

At The Property House, we specialize in helping non-EU buyers navigate the Cypriot property market. From finding the perfect home to managing legal formalities, our team is here to assist you every step of the way.