Cyprus is becoming a popular place for foreigners to either retire or acquire their holiday home in the sun. Demand is mainly forthcoming from European countries (especially from the UK). This trend has grown following the accession of Cyprus to the European Union in May 2004. Cyprus has adopted the Euro as its official currency on 1 January 2008. The high quality of lifestyle and the relatively low cost of living in conjunction with the exceptional hospitality of the locals, are some of the unique characteristics of the island. In addition, the warm climate and the attractive sandy beaches, as well as the low level of crime offer residents a safe and secure place to live. top

Buying property in Cyprus is a relatively straightforward procedure. If you are a national of an EU member state and are resident in Cyprus, you are allowed to own as much immovable property as you wish.

If you are a non-resident national of an EU member state, you are restricted to one house or one apartment, but you are permitted to own as much land as you wish.
 
For non-resident EU citizens, the purchase of any type of immovable property in Cyprus is subject to the permission of the Council of Ministers.
 
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Transfer of ownership from the vendor to the purchaser is undertaken by a simple procedure through the Cyprus Land and Surveys Department. This can be done either by the buyer in person or by appointing a third party with a Power of Attorney.

All properties have title deeds that are issued by the Cyprus Land Registry Department, a few years after the project is completed. For properties that are under construction there is no title deed and therefore, in this case, the buyer will deposit the contract of sale to the Land Registry to safeguard ownership.

Real estate transfer fees must be paid in order to transfer freehold ownership to the purchaser. See the section below for general information on property taxation.

Information on property taxation is being updated and will be available soon.