Cyprus is well known as an ideal place to own a holiday home and for permanent living due to its home from home feel, all year round warm sunny climate which makes owning a Cyprus property a popular choice for many. There is plenty of Cyprus properties to choose from low cost studio apartments to luxury villas in a wide choice of locations, from quiet traditional rural villages to lively tourist resorts Cyprus property has something for everyone.
Today Cyprus enjoys full membership of EU which makes owning a property in Cyprus about as straightforward and safe as it can be, the Cyprus legal system is based on UK law and customs which gives Cyprus a very familiar feel to aspects of daily life.
Cyprus is steeped in 1100 years of history, enjoys a diverse landscape, a stable and growing economy with low inflation of 2.8%, a well planned infrastructure, excellent health care facilities and English is widely spoken.
Cyprus is the third largest and easternmost island in the Mediterranean, its 9251 square kilometres encompass citrus and olive groves, pine forested mountains and some Europe’s finest and cleanest beaches. Cyrus is approximately 105 km west of Syria, 75 km south of Turkey and 300 km north of Egypt. The nearest Greek island is Rhodes which is about 200 km to the west.
Prominent geographical features include the Troudos massif which occupies the southwest part of the island and the Pentadaktylos mountain range in the north. Between them are Kyrenia and Messauria plains in which the capitial Nicosia is located. The latitude of Cyprus is 34 33 35 34 North and its longitude is 23 16 34 37 East. The population of Cyprus is 850,000 (2006) of which 110,000 (12.9%) are foreign residents
Guides to locations in Cyprus Cyprus tourist board
Paphos has a rich history and culture; it is at Paphos that the legend of Aphrodite goddess of love, walked in from the sea to found a thousand love cults across the Hellenic world. Limassol is on the south coast of Cyprus and is the largest seaside resort. Limassol is the second largest city in Cyprus and is the centre for wine making on the island. Larnaca is a bustling town with its own international airport. Larnaca has plenty of historical sightseeing, being one of the oldest continuously inhabited cities in the world.
Paphos and Coral bay regional property and location guide
Limassol Cyprus regional property and location guide
Larnaca Cyprus regional property and location guide
Sports and Activities in Cyprus
Property for sale in Cyprus by Region
Districts of Cyprus Famagusta Cities Ayia Napa Famagusta Paralimni Larnaca Cities Larnaca Limassol Cities Limassol Pissouri Nicosia Cities Nicosia North Cyprus Paphos Cities Paphos Locations Kato-Pafos Peyia Polis Resorts Polis-Latchi
If Golf is your thing Cyprus may be a newcomer in the golf market but it is fast becoming a favourite with many travellers due to an improvement in facilities and, of course, its superb all-year round climate. The island now boasts three courses following the opening of Aphrodite Hills, without doubt the jewel in the Cyprus golfing crown. Golf properties in Cyprus
Property for sale in Pathos Property for sale in Larnaca Property for sale in Limassol Property for sale in Ayia Nappa
Property ownership in Cyprus
If you are thinking about owning a property in Cyprus and the lifestyle Cyprus has to offer both as a permanent choice for somewhere to live or as holiday home, the main thing to be aware of in comparison to many other countries the is process of purchasing property in Cyprus by foreigners is very simple. All non Europeans are entitled to a freehold ownership in Cyprus of 1 villa,1 apartment, or 1 piece of land, which can be no larger than 4014 sq.m. These restrictions will hopefully be abolished soon due to Cyprus entering into the EU paving the way for multiple property ownership, this could bode well for the investor in Cyprus property and as demand may increase further and push property prices higher.
With regard to the ownership of plots of land Europeans can already purchase as many as much as they would like as this was one of the changes that took place when Cyprus joined the EU.
Foreign companies are allowed to acquire premises for their business or for holiday homes for Directors, Europeans who acquire either permanent or temporary residential permits can register their name against as many properties as they want provided that they sign a confirmation that they will stay in Cyprus for at least five years.
Viewing property for sale in Cyprus starts £99 per personMore details
Permits
Residential permits are easliy obtained by persons who have purchased a property in Cyprus
Temporary permits can be granted and will require the applicant to have bank account in Cyprus and a sales agreement for the purchase of a Cyprus property, this will allow residence of up to four years.
Permanent permits can be obtained in addition to the above requirements, the applicant must establish evidence of an annual income of not less than CYP 5,600 plus CYP 2,700 for each dependant person. It is possible that for Europeans this law and the citizens charter may change soon, for further information contact the Cyprus Ministry of Interior or visit their web site
Legal Processes
The Title deed is the main document in the transfer of Cyprus property ownership between the seller and the buyer and is undertaken by way of a simple procedure though the Cyprus Land Registry by the buyers solicitor. The transfer of ownership requires a permit from the Council of Ministers.
Property Transfer fees are required to be paid to enable the transfer of the freehold ownership to the buyer, this fee is paid when the transfer of the Title Deed takes place and buyer is responsible for the payment of this tax which are applied on a sliding scale as follows
Value of property, percentage fee rate applied
Up to CYP 50,000 – 3%
50,000 to CYP 100,000 – 5%
Over CYP 100,000 – 8%
If the property is in two joint names then the purchase value is divided into 2 parts which results in lower transfer fees, compare the following examples
1. Cyprus property purchased in one name, purchase price CYP 70,000
Tax up to CYP 50,000 at 3% = CYP 1,500
Tax on balance of CYP 20,000 at 5% = CYP 1000
Total Property Transfer Tax payable = CYP 2,500
2. Cyprus property purchased in two names, purchase price CYP 70,000
First CYP 35,000 at 3% = CYP 1,050 (share 1)
Second CYP 35,000 at 3% = CYP 1,050 (share 2)
Total Property Transfer Tax payable = CYP 2,100
Immovable Property Tax
The annual immovable property tax is calculated on the market value of the property as at the 1st January 1980 as follows
Up to CYP 100,000 = 0
CYP 100,001 to CYP 250,000 = 0.25%
CYP 250,0001 to 500,000 = 0.35%
Above CYP 500,001 = 0.4%
Stamp Duty
The buyer is liable for stamp duty which has to be paid within 30 days of signing the contact and is calculated as follows
Up to CYP 100,000 or part thereof at 0.15%
For the next CYP 50,000 or part thereof at 0.2%
Inheritance Tax was abolished on the 1st January 1980
Local Authority taxes and rates
The amount payable depends on the size of your Cyprus property, for most owners this between CYP 50 and CYP 150 per annum
Living costs in Cyprus
The cost of living in Cyprus is low when compared to other European countries, in the a survey recently produced by the Union Bank of Switzerland on prices and earnings around the world which compared Cyprus with thirteen other European countries, Cyprus ranked in the top three least expensive countries to live in. More importantly although the cost of living is reasonably cheap, living standards are not compromised with Cyprus ranking fifth in recent standard of living survey of all European countries.
Tax Advantages
For people who are thinking of buying a property in Cyprus as a permanent home Income Tax is quite low in Cyprus when compared to other European States, the basic rates are;
0 – CYP 10,000 = exempt
CYP 10,001 to CYP 15,000 = 20%
CYP 15,001 to CYP 20,000 = 25%
CYP 20,001 and over = 30%
Retirees who become residents in Cyprus are taxed on their pensions from abroad at 5% with the first CYP 2000 exempt.
Banking in Cyprus
Banking hours are a lot shorter in the summer months. From May until September the hours are generally are from 08.15 until 13.30 , the banks do sometimes offer an extra half day opening.
So it is worth checking with your nearest branch once you have arrived at your holiday destination.
Some examples of property for sale in Cyprus, Villas and apartments
3 Bedroom detached villa in Laso Village Choose your own individual design
2 Bedroom Apartment in Paphos Central, quiet, high rental potential
Sunset development Pervolia, Larnaca Sweeping views, village location
5 Bedroom detatched Villa, front line, Limassol Location and quality a one off
3 Bedroom Bungalows, Latchi Village Large plots, near beach and marina
What do similar properties rent for? Holiday Rentals in Cyprus
At Overseas Property Centres you can find a wide range of property for sale in Cyprus including holiday homes, apartments, studios, townhouses, villas, retirement property and investment property.
There are many sources out the for more information on buying property in Cyprus. Our knowlegde base articles on Cyprus will provide a helpful insight into the world of owning overseas property. Read our guide about the key points for property ownership in Cyprus
Fincancial information
Cyprus mortgages Taxation in Cyprus
