How to Buy Property in Cyprus as a Foreigner: A Step-by-Step Guide
Buying property in Cyprus is a straightforward process, even for non-EU nationals. Here’s a simplified step-by-step guide to help you navigate the system
Choose the Right Property
Start by identifying your needs: residential or investment, city or coast, apartment or villa. Work with a licensed local agent who understands your goals and the market.
Reserve the Property
Once you’ve found the right property, a reservation deposit (usually €5,000–€10,000) will secure it and take it off the market.
Hire a Lawyer
Legal representation is essential. Your lawyer will conduct due diligence, ensure the property has a clean title, and guide you through the process.
Sign the Sales Agreement
A contract of sale is drafted and signed. This outlines terms, payment plan, and timelines. It is usually registered with the Land Registry to secure your rights.
Apply for Permission (Non-EU Buyers)
Non-EU buyers must apply for permission to buy property from the Council of Ministers. This is usually a formality for standard residential purchases.
Pay all applicable fees and taxes, and the title deed is transferred to your name. If the title is not yet available, your contract is registered instead.
Costs to Expect:
- Transfer Fees: 3–8%
- VAT (if new build): 5–19%
- Legal Fees: ~1% of purchase price
- Stamp Duty: 0.15–0.20%
Tips:
- EU citizens face fewer restrictions
- Always verify that the developer or seller is licensed and reputable
- Check if the property qualifies for the reduced 5% VAT rate (for primary residence)
Conclusion
Buying real estate in Cyprus as a foreigner is easier than in many EU countries. With the right guidance and legal support, you can own a property in Limassol in just a few months.
See Also
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