Buy Property in Cyprus
Buy Property in Cyprus
Cyprus is a modern, attractive island, strategically located in between three major continents: Europe, Asia and Africa. It has always been a very popular tourist destination due to its warm climate and approximately 320 days of sunshine every year. The island is also great for conducting international business with its competitive tax system. Cyprus also boasts a rich heritage and diverse culture, and has some of the worlds most beautiful natural habitats.
Browse the CENTURY 21® Cyprus website and find your dream property for sale. We have a large selection of properties for sale in all the major areas of Cyprus.
Buying a home is a significant and exciting decision.
The Internet and real estate professionals are the top two resources most buyers turn to when searching for a home. When it’s not convenient for you to speak directly with a real estate professional, c21cy.com can help improve your overall home buying experience and provide the guidance to reduce stress, save time, and make you a savvy, successful consumer.
A CENTURY 21® Agent is ready to make a full-time commitment to help you capitalize on current market opportunities and assist you in making an informed decision.
To ensure you make the right choice for the long term, CENTURY 21® offers:
The single biggest reason most people buy a home is the simple desire to own a home of their own. At the same time, homeowners accumulate wealth for the future while enjoying the benefits of a residence that they can use, improve and enjoy. What’s different is each individual’s wishlist of essentials; from public transportation to the number of bedrooms, we can help you create a comprehensive list and go from there.
Our agents will help you create a prioritized list of features to narrow your search.
How much home can you afford? Review your income, savings, and debt to figure out how much home you can afford.
Evaluating a neighborhood and surrounding areas thoroughly is essential.
Buying a home while selling an existing home has its own set of considerations; our agents can provide expert buying advice and can help you navigate these challenges successfully.
A CENTURY 21® Agent can help you find a home, compare homes, and compile your unique wishlist to find the perfect home for you.
Buying your new home
Buying a property is a big step involving a substantial long-term financial commitment, so it requires a thorough assessment of what you can afford.
Making an offer
Making an offer to purchase a home has its own set of factors. Rely on a CENTURY 21® Agent’s experience and knowledge to make a successful home buying offer.
How much should you pay for the home? Our agents will help you to determine an appropriate amount to offer to secure a winning bid.
What happens after you close on your house? CENTURY 21® Cyprus continues to provide guidance after the sale is completed.
Home inspection is an important step in the buying process. Our agents can provide helpful information that can help to avoid potential problems after the purchase is complete.
We can help through our network of partners for a home insurance that protects your interests in the event of natural disasters and catastrophic events..
In the home buying process, ownership of the home is officially transferred to you at the closing meeting. Know what to expect when you close on your new home.
For those investors living abroad, we also offer a full range of property management services, ensuring that all property needs are taken care of professionally.
Read more about our property management services.
Property Fees & Taxes in Cyprus
Cyprus Stamp Duty
In the case of a sales contract, the purchaser, are liable for the payment of Stamp Duty at the rate of:
|The first €5.000||0%|
|€5.001 – €170.000||0.15%|
|More than €170.000||0.2%|
Purchase Price: €300.000
€5.000 at 0% = 0
€170.000 at 0,15% = €255
remaining €125.000 at 0,20% = €250
Total Stamp Duty payable is €455
|Property Price||Rate||Fee||Accumulated Fee|
|€85,001 to €170,000||5%||€4,250||€6,800|
Properties subject to VAT are exempt from the above transfer fees.
Properties not subject to VAT are eligible for a 50% exemption from the above transfer fees.
|No transfer fees payable for properties with VAT.|
|Property Price (net of VAT)||€300,000|
|Transfer fee now||€0 (save €17,200)|
|50% transfer fees payable for properties without VAT.|
|Transfer fee now||€8,600|
Cyprus VAT Payable on Property
Since Cyprus became a member of the EU in 2004, a standard VAT rate of 19% is required to be paid when buying a new property. However, in cases where an application for a town permit was filled before the 1st of May 2004, VAT is not charged.
Following a recent VAT Amendment Law, a reduced VAT rate, starting from 5%, is applicable for the acquisition of new residential properties.
For the reduced rate to be in effect, certain terms and conditions must be met:
The reduced VAT rate of 5% is applied on the first 200 square meters (building coefficient) of the property as per the architectural plans submitted to the Authorities. On the remaining square meters, the standard rate of 19% is imposed.
Buying a house or any other property is always a big deal to most people. It is a big deal because of the amount of money that is involved and the sentimental value derived from the property. More so, buying the wrong property can have serious and significant implications to the buyer. Therefore, caution is always needed when buying any type of property. In this article, we will cover everything you need to know when you want to buy property in Cyprus.
There are many reasons why you might want to buy Cyprus property. In the past few years, we have seen many people from Cyprus and around the world accumulate property in the country. Here are some of the reasons why you might want to buy Cyprus property.
In the past few years, the cost of living in many Western and Asian countries has been increasing. As a result, retirees have been forced to move to less expensive countries. Cyprus is a developed country that is not all that expensive. All this has made it a popular place for retirees to move to.
Demand in the Cyprus property market has made properties in the country to have incredible growth. Indeed, in most cities like Limassol and Nicosia, the average property growth has been above the European Union average.
The number of tourists in Cyprus has been increasing. This has led to an increase in demand for vacation rental properties. As a result, we have seen many international citizens buy vacation rental properties in some cities like Limassol, Nicosia, and Paphos.
Many people are buying residential property Cyprus. Some of those who are buying are native Cyprus citizens or international members of the country. There are those who are buying residential property in cities while others prefer a relaxed village life.
We have also seen a trend where companies are opting to buy office property Cyprus instead of leasing. Companies opting for this approach believe in the viability and growth of the Cypriot economy.
Many international retailers have set up offices in Cyprus. Some of these organizations are preferring to buy retail stores instead of leasing. As with office property buyers, these are retailers who believe in the strength and resilience of the Cyprus economy.
There are many reasons why many Cypriots and foreigners are buying property in Cyprus. Some of the most common reasons for this are:
Cyprus is a beautiful country that is known for its beautiful beaches. Some of its beaches have won international awards as the cleanest beaches in the world. As such, many people are taking advantage of this to buy seaside Cyprus property because of how they appreciate in value.
We all love to hate taxes. Companies and individuals always try to find places where they can pay the least taxes. Cyprus is one of the best-known tax havens. It has a corporate tax rate of 12.5%, which is one of the lowest in the European Union.
Cyprus has been known for its investment passport. This is a passport that gives foreigners citizenship or residency after they make an investment in the country. People must invest at least €2 million to get the passport. In return, they become Cypriot citizens and can travel, live, and do business in the European Union.
The cost of living in Cyprus is not as high as that of other European and American countries. Indeed, this is one of the main reasons why many people from other countries are opting to retire in the country. For example, it is possible to buy a beautify Cyprus seaside apartment for under $200k. This is impossible in cities like London and Paris.
There are other reasons for buying Cyprus property like its beautiful weather, its strategic location, and the developed infrastructure.
There are several steps you need to follow to buy property in Cyprus:
You first need to collect a number of information. For example, you need to have information on the locations you want to buy the property. We recommend that you travel to various locations and see for yourself how they are.
You need to check the various property options and chose the one you want. You have various options to consider. These can be bungalows, townhouses, apartments, and villas among others. At CENTURY21, we have a large database of all types of properties that you might be interested in.
After selecting the Cyprus property that you need, you should now place a reservation amount. This reservation ensures that the property is not sold to another person.
You should now pay money that you agreed with the agent. It is recommended that you wire the amount to the bank and keep the deposit slip. Also, we recommend that you have an attorney to sign the contract.
After all this, our team will help you acquire the title deed of your Cyprus property. You should keep it safe because it will be your proof of ownership.
Getting a title deed is not the end of your Cyprus property acquisition. There are other things you need to do. These are:
You should insure the property to caution against unforeseeable events. At CENTURY21, we can help you find a good insurance partner.
Before you decide to buy the property, our team can help you inspect it. We have a team of certified consultants who have a good understanding of construction.
If you are buying the property for business, we can help you manage it. We will market it, collect the rent, and ensure that its quality is maintained.
The property acquisition process requires a lot of paperwork. We can help you deal with all the paperwork that you need.
Our team of consultants will help you do a credible valuation of your Cyprus property.
The entire process partly depends on the buyer. Buyers who use agents like our company find properties and complete the process faster. In general, it can take less than a month to complete a transaction.
Yes. Foreigners are eligible to buy property in Cyprus. Indeed, foreigners are the fastest-growing segment of the Cypriot property market.
Yes. The Cypriot property market is doing well and investors are seeing outsized returns on their investments. Low interest rates have played a role in this.
In the past, English was not a very popular language in Cyprus. Nonetheless, this has changed in recent years. Many people speak in English. There are also English-speaking schools too.