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.
- 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.