Buying Property in Cyprus

Non-Cypriots have certain restrictions while buying property in terms of how much can they buy, an approval from council of ministers and consideration having been paid by foreign exchange brought into Cyprus through a recognized bank.

Expatriates can buy only one apartment or one house or land upto 2 donums(2670sq mtrs).

Transfer fee varies from 3% to 8%

Real Estate property valued below CYP100,000 is exempted from property tax and in case of sale of property, there is a capital gains tax.

However, above is only some very basic information so please do consult a lawyer about latest provisions.

This link at Cyprus Government Web portal has some useful information about acquiring Immovable property in Cyprus

More detailed information is available at Department of Lands and Surveys, Government of Cyprus

Most real estate developers in Cyprus also have relevant information on their websites and in their publicity brochures.