Application to the Council of Ministers, do I need to apply?
All non-residents must apply in writing for permission to buy property from the Cypriot Council of Ministers. Your solicitor can assist you with the application as it is more like a routine process for them and permission is granted to all genuine buyers more or less automatically

What properties can a non-Cypriot purchase?
Under Cyprus Law, Cyprus citizens as well as E.U. citizens who have their permanent residence in Cyprus are allowed to acquire any property without any restrictions.
The residential status is ascertained by the district Offices and is obtained when a person resides in Cyprus for a total period of 183 days per year or more.
Foreigners and E.U. citizens who are not permanent residents in Cyprus, wishing to purchase immovable property in Cyprus, are obliged to adhere to special formalities and are restricted by certain regulations.

Restriction as to the size and type of the property. The above individuals are given permission to acquire only one of the following:

   • one apartment

   • one building

   • building plot or land up to 4,014 m2

For foreigners living or working in Cyprus for a long period of time a permit to acquire a second house can be granted.
After the permission has been obtained and the property is registered in the name of the purchaser, there are no other restrictions for the foreigner. The owner of the immovable property can sell or dispose of the property as he wishes, as any bona fide repeat purchaser will be granted a subsequent permit.

Stamp duty, who pays it and when?
The purchaser is liable for the payment of stamp duty at the rate of 1.50 pounds per thousand (or 0.15%) up to the value of 100,000 CY Pounds thereafter the rate is 2.00 pounds per thousand (or 0.20%). This should be paid within 30 days of signing the contract.

For example if the purchase price is CYP 150 000:

% : Rate per thousand

Transfer Fees, who pays them and when?
Real Estate Transfer tax-fees are necessary in order to transfer FREEHOLD ownership to the name of the purchaser. This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been completed. The Transferee is responsible for the tax payment. The rates are on a graduated scale.

For example if the purchase price is CYP 150,000:

PLEASE NOTE: Should the purchase be made in joint names (provided the price is more than Cyp 50,000) the effective value for calculation is halved.
For example if the purchase price is CYP 150,000:

Do I need to make a will in Cyprus?

It is advisable to make a will in any country where you have immovable assets you would like to pass on in a certain way. Inheritance tax has been abolished in Cyprus.

What is the crime level in Cyprus?
Crime in Cyprus is, comparatively, at a very low level. Street criminality is absent in Cyprus. The Police is always ready to assist anyone who needs help. In case of emergency, one may telephone 199 or 112 (in all towns). All policemen speak good English.

What is the cost of living in Cyprus?


Even though the cost of living has raised in the past two years Cyprus still enjoys a very low cost of living in relation to many other EU Countries. At the same time the standard of living in Cyprus is considered very high.

Do EU citizens need a work permit?
Since Cyprus entry into the EU on May 1st 2004, all EU citizens have every right to live and work in Cyprus without restrictions provided that they hold an EU passport. However, non-Cypriot citizens must still follow the formality of registering at the local immigration office in order to obtain a social security number.

What is the Cypriot education system like?
The education system in Cyprus stands at very high levels. There are both Junior and Secondary schools in all cities that cater for European students. The costs of private international schools are much less than in the UK and other EU Countries having an average cost of around 2,500 – 2,800 CYP per annum.

Is there VAT on properties and at what percentage?
As from 1st of May 2004, there is VAT on newly built properties at 15% while a 10% can be refunded to first time buyers that will be using the property as a permanent home and on certain defined criteria for prices, sizes etc. There is no VAT at the purchase of a resale property as well as Land. As from January 2008 there is the possibility of having VAT on the purchase of Land as well

What is the Income and Inheritance Tax rate in Cyprus?

Inheritance tax
There is no Inheritance Tax in Cyprus.

Please note that:
For Foreign Pensions the first CY2, 000 of income is exempt each year while the remaining amount is taxed at 5%. The corporation Tax for companies is 10%.

Does Cyprus have a Land Registry Office? What is the Legal system like?
Cyprus has one of the most reliable and well-organised Land Registry Office in the world which is based on the British equivalent. Purchasing a property in Cyprus can be a very safe procedure. The legal system is also based on the British legal system.

What are the annual property charges and taxes?
The Immovable property Tax in Cyprus is calculated at the market value of the property as at 1st January 1980 and that is why the majority of property owners in Cyprus don’t have to pay any property Tax. The property Tax is calculated according to the following chart:

The annual charges that a property owner can face in Cyprus is the Council Tax that varies from 50 – 200 CYP per year accordingly to the area and size of the property.

Can I secure a mortgage in Cyprus?
Yes, securing a mortgage in Cyprus can be a very simple procedure as long as you are able to contribute around 30% of the selling price and your clean yearly earnings are around two times more from the Bank’s monthly payment. Mortgages can be given in different currencies like Cyprus Pounds, Euro, Dollars, British pounds etc.

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