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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.

Why you should invest in Cyprus:

  • Competitive Tax Regimes
  • Citizenship and Permanent Residence by Investment
  • Thriving Real Estate Market

Find your Property for Sale in Cyprus

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 Advice For Properties in 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:

  • Extensive knowledge in neighborhoods, schools and market conditions
  • Mortgage specialists who can assist you with your financing
  • The latest technology, along with multiple resources available just for you

A home of your own

Looking for a home

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.

What's the right home for you?

Our agents will help you create a prioritized list of features to narrow your search.

How much can you afford?

How much home can you afford? Review your income, savings, and debt to figure out how much home you can afford.

Know your neighborhood?

Evaluating a neighborhood and surrounding areas thoroughly is essential.

Already have a home?

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.

Find a home

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?

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.

Steps for Buying Property in Cyprus

  1. Collection of information & needs
  2. Variety of Property Options
  3. Property Reservation
  4. Property Purchase
  5. Property Delivery
  6. Acquiring the Title Deed

Beyond closing

What happens after you close on your house? CENTURY 21® Cyprus continues to provide guidance after the sale is completed.

Inspection

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.

Insurance

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..

Timeline and Paperwork

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.

Property Management

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:

Value Rate
The first €5.000 0%
€5.001 – €170.000 0.15%
More than €170.000 0.2%

Example Figures

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

    1. The fees charged by the Department of Land and Surveys for the transfer of immovable property are:
      Property Price Rate Fee Accumulated Fee
      First €85,000 3% €2,550 €2,550
      €85,001 to €170,000 5% €4,250 €6,800
      Over €170.000 8%

      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.

      Example 1
      No transfer fees payable for properties with VAT.
      Property Price (net of VAT) €300,000
      Transfer fee €17,200
      Transfer fee now €0 (save €17,200)
      Example 2
      50% transfer fees payable for properties without VAT.
      Property Price €300,000
      Transfer fee €17,200
      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 property must be used as the primary and permanent residence of the applicant (for the next ten years).
      • The applicant has not acquired any other residence in Cyprus with a reduced VAT rate.
      • The applicant must be an individual, over 18 years old, thus legal entities are excluded.

      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.

    2. Capital Gains Taxes (Seller)The CGT rate is set at 20% of the chargeable gain realized from the sale of a property as adjusted for inflation, certain lifetime exemptions and other allowable expenses.The profit is calculated as the difference between the sale price and the purchase cost less any interest paid on payments (e.g. housing loans) in the course of acquiring the property, the inflation rate as published by the government, services of registered estate agents, the costs of any approved additions to the property and certain personal allowances.For more information in regards to the final payment will be provided by the local tax governmental department.
  1. Immovable Property Ownership Tax
    Immovable Property Tax has been abolished as of the 1st of January 2017.Until the end of 2016, the registered owner of the property, was liable to an annual Immovable Property Ownership tax calculated on the market value of the property as at 1st of January 1980 (paid by the 30th of September in the year). Immovable Property Tax was payable to the Inland Revenue Department of the Republic of Cyprus.
  2. Local Authority Fees
    Depending on the size of your property, local authorities charge between €85 – €500 per annum for regular refuse collection, street lighting, sewerage and similar community services. Communal Services fees are payable to your local municipal authority.
  3. Municipality Tax
    As the registered owner of the property, you are required to pay an annual Municipality Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 1‰ – 2‰. Municipality tax is payable to your local municipal authority.
  4. Sewerage Tax
    As the registered owner of the property, you are required to pay an annual Sewerage Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 3‰ – 7‰. Sewerage taxes are payable annually to your local sewerage board.
  1. Inheritage Tax
    There is no inheritage tax in Cyprus
  2. Tax Benefits
    Corporation tax in Cyprus is currently at 12,5%. There are various Tax Advantages, especially attractive to those looking to invest in Cyprus or foreign citizens retiring to Cyprus.