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Investment Property in Cyprus

Buying Guide

Buying Process

Permits to stay

EU citizens don’t need permits or visas to enter Cyprus and, since 2004, there are no restrictions on them buying property.

However, most can only stay for three months at a time; to stay longer you need to apply for a permit from the Migration Department of the Ministry of the Interior in Nicosia.

Retiring here

If you’re planning to retire to Cyprus, the same rule applies, and you must prove that you have sufficient income or funds to support yourself.

Retiring here has significant tax benefits and the UK has an agreement with Cyprus which allows state pensions to remain index-linked when pensioners are resident on the island.

Purchasing advice

On the legal front, it is strongly advised that you use the services of an independent local lawyer - i.e. one who is not working in partnership with any developer or agent.

The lawyer will do the necessary searches on the property, check the contracts (and draw them up in some cases), and complete the ‘Specific Performance’ and Council Of Ministers application.

Under Cypriot law, all registered estate agents must do searches on their properties and must inform clients on any legal encumbrances or problems related to the property.

Legal fees are likely to be in the region of 600-1000 CYP (650-1,150 GBP) for a straightforward transaction.

Permits to buy

Don’t forget that non-Cypriot citizens require permission from the Council of Ministers to purchase property in Cyprus.

This normally takes eight to 14 months.

In the meantime the purchaser can buy the property and live in it while waiting for the approval.

Key facts

• UK state pensions remain index-linked for pensioners resident on the island
• A permit from the Interior Ministry is required to stay longer than 3 months
• A Council of Ministers Permit is required by non-Cypriots to purchase property
• The law requires all registered estate agents to make searches on their properties and inform clients of all relevant legal encumbrances and problems
• Your lawyer should check and even draw up the contracts as well as complete the ‘Specific Performance’ and Council Of Ministers application
• Typical legal fees are 600 to 1000 CYP for a straightforward transaction

Downloadable Reports and Documents

		Cyprus property investment report (373Kb) A concise but thorough analysis. A must for all potential investors in Cyprus' real estate.
		Cyprus country guide (766Kb) General information about the country, its people, history, economy, politics and much more.
		Cyprus property buying guide (979Kb) This property buying guide provides essential information about property purchasing in Cyprus.

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