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Buying Property in Cyprus as a Foreigner

A practical guide for buyers from the UK, Europe, the Middle East, Asia and beyond: what the process looks like, what it costs, and what to check before you pay a deposit.

Can foreigners buy property in Cyprus?

Yes. You do not need to live in Cyprus to buy a home here, and the purchase is made in euros. EU citizens can generally buy freely. Buyers from outside the EU typically need a permit from the Council of Ministers, which is arranged through your lawyer, and are usually limited to one residential property (an apartment or house) for personal use.

Buying through a company is also possible, but the tax and permit position is different, so decide this with your lawyer and accountant before you sign anything.

The purchase process, step by step

  1. Appoint an independent Cyprus lawyer. They act for you, not for the seller or the agent.
  2. Choose a property and agree the price. Your agent can arrange viewings, including video viewings if you are abroad.
  3. Your lawyer runs due diligence: title, mortgages or encumbrances on the property, planning and building permits, and (for new builds) the developer's position.
  4. Sign a reservation agreement and pay the reservation deposit to take the property off the market.
  5. Sign the sales contract and pay the agreed deposit. Your lawyer has it stamped and deposited at the Land Registry within the legal deadline, which protects your rights as buyer.
  6. Pay the balance, then the transfer of title is completed and the title deeds are issued in your name.

Taxes and costs to budget for

  • VAT: new properties are normally sold with VAT at 19%. A reduced 5% rate can apply to the first part of a main residence that meets the conditions. Resale properties carry no VAT.
  • Transfer fees: charged on resale purchases in bands (3%, 5% and 8% as the price rises) and reduced in some cases. New builds sold with VAT do not normally pay transfer fees on top.
  • Stamp duty on the sales contract: a small percentage of the price, with a legal cap.
  • Legal fees, and the agent's commission as agreed with you.
  • There is no inheritance tax in Cyprus, and the annual immovable property tax was abolished in 2017. Municipal charges and communal fees for apartments still apply.
  • Selling later: capital gains tax is charged on the gain at a flat 20%, with allowances for some cases.

New build or resale?

New builds suit buyers who want modern specifications, energy efficiency and warranty from the developer, and they come with VAT rather than transfer fees. Resales are typically ready to move in and show you the real condition and neighbourhood. In both cases, ask your lawyer to confirm that separate title deeds exist or have a clear timeline, because delays in issuing title deeds are the most common problem in Cyprus purchases.

Financing and paying from abroad

Many international buyers pay cash, but Cyprus banks also lend to non-residents, usually at a lower loan-to-value than for residents and with full documentation of income and source of funds. Expect your bank, and your lawyer, to ask where the money comes from. Transfers are made in euros, so plan the currency exchange in advance.

Buying remotely

Many of our clients buy without being in Cyprus for every step. Viewings can be done by video, documents can be signed with your lawyer, and a power of attorney can allow your lawyer to complete the formalities if you cannot attend. Talk to us about how this would work for your timeline.

Listings

Frequently asked questions

Do I need to live in Cyprus to buy a property?

No. Non-residents can buy, and many international buyers use their Cyprus home as a holiday home, a rental investment or a base for later relocation.

How long does buying a property in Cyprus take?

A resale with clean title deeds can complete within weeks to a few months. New builds follow the developer's construction and title deed timeline, so ask for it in writing.

Can I get residency in Cyprus by buying a property?

Buying a qualifying new property can be one route to permanent residency, subject to conditions and current thresholds. It does not give citizenship. See our residency guide for the typical requirements.

Are there annual property taxes in Cyprus?

The annual immovable property tax was abolished in 2017. You may still pay municipal charges and communal or management fees, especially for apartments in a complex.

Which currency do I pay in?

Euros. Plan the exchange from your home currency early, and keep records of the source of funds for your bank and lawyer.

Related guides

This page is general information for international and resident buyers, not legal, tax or immigration advice. Rules, thresholds and fees change, so confirm current details with an independent Cyprus lawyer before you commit.