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:
A home of your own
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 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.
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.