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Comprehensive Guide to Buying Off-Plan Property in Cyprus for Foreign Investors

Buying Property in Cyprus for EU Citizens:

  • If you’re from an EU country, you can easily buy property in Cyprus just like a local person.
  • All you need is your passport.

Buying Property for Non-EU Citizens:

  • If you’re not from an EU country, there are some rules.
  • You can buy one apartment, or one house, or a small piece of land.
  • Sometimes, you might need special permission from the government.

Important Steps Before Buying:

Check Papers: Make sure the person selling the property really owns it and has all the right papers.

Get Legal Help: Talk to a lawyer who knows about property laws in Cyprus.

Sign a First Contract: You’ll sign a simple contract and pay some money to save the property for you.

Sign a Final Contract: After checking everything, you’ll sign the main contract. Register it at the land office within 60 days to make it official.

Extra Costs and Rules:

  • Land Registry: Register your contract at the local land office.
  • Stamp Duty: Pay a small extra cost based on the property’s price.
  • VAT and Taxes: You’ll also have to pay some tax. First-time buyers may pay less.

After Buying:

  • Title Deeds: Once you’ve paid for everything, you get the official papers that say you own the property.
  • Set Up Utilities: You’ll need to get water, electricity, and gas connected.
  • Local Taxes: You’ll have to pay some yearly local taxes for services like garbage collection.

Becoming a Citizen:

  • You can’t become a citizen just by buying property anymore.
  • But, you can live in Cyprus if you buy a property worth €300,000 or more. After five years, you can apply to become a citizen.

Buying More Properties:

  • You’ll have to pay more taxes and duties if you buy more properties.
  • If you’re from an EU country, you can own multiple properties. If not, there might be some limits.
  • Always check all the papers and rules for each new property you buy.