Acquiring Property in Cyprus

Many of our clients are coming to us to advice, or for assistance in buying property in Cyprus, either for personal use (e.g. holiday houses), for business or investing purposes.

Since our policy is to establish partnerships based on friendship, while providing to our clients a total quality service, we offer them the following additional services at the minimum cost:

  • Professional and confidential client representation

  • Advice an property purchase

  • financial & Legal advice

  • Property management / Project management  

We are proud to say that today, all our clients who have acquired property in Cyprus,  are enjoying a great increment on the value of their investment.

Advantages of buying property in Cyprus

  • Prices in Cyprus are still low compared with other EU countries

  • The Cyprus accession to the EU on May 1st 2004, has increased the demand for land. This demand is expected to increase steadily in the next few years.

  • Historically, land prices in Cyprus are on a continuous growth mainly due to the limited availability of building plots and to the inelasticity of supply (the land belong to many small individuals)

  • Rich history

  • Healthy climate

  • Security

  • Hospitality of the local population.

  • Low cost of living compared to that of other European countries.

Restrictions

Aliens are permitted to buy for personal use one of the following:

  • An apartment

  • A house or a site not exceeding 2 donums (2675 sq. meters)

  • A piece of land not exceeding 2 donums (2675 sq meters)

International Business entities may also acquire premises for their business and for the residence of their foreign employees provided they maintain a fully fledged office.  In certain cases, non-Cypriots may be granted permission to own a property that exceeds these dimensions.  This may apply for tourist development (e.g. Hotel or Hotel complex), for industrial use, or other investment purposes.

Cost associated with the acquisition of property

Transfer Fees

Property transfer fees are payable only once by the purchaser and are due when the title deeds are transferred to his name.

Property

Value (CY )

Transfer

Fees (%)

Transfer

Fees (CY )

Total Transfer

Fees (CY)

Up to 50.000

3

1500

1500

50,000-100,000

5

2500

4000

Over 100.000

8

     -

     -

Immovable property tax

The registered owner in liable to this annual tax, which is based on the value of his property

Property

Value (CY)

Annual Tax

      (%)

CY per

CY 1000

Total Annual

Tax (CY)

Up to 100.000

0

0

0

100.000-250.000

0.25

2.5

375

250.000-500.000

0.35

3.5

1.250

Over 500.0000

0.4

4

     -

 
 
       

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