BUYING PROPERTY IN CYPRUS

Compared to many countries, the mechanics of property purchase in Cyprus by foreigners are relatively simple. Non-Cypriots are permitted to buy, for their personal use, either: 

• a) an apartment, or
• b) a house on a site not exceeding 2 donums (2,675 sq. metres) or
• c) a piece of land not exceeding 2 donums 

Permission to do so must be sought from the Council of Ministers. However this is granted more or less as a matter of course to all bonafide purchasers. And in certain circumstances a non-Cypriot may be given permission to own a property that exceeds these dimensions. 

ACQUIRING THE TITLE DEED

Transfer of ownership from vendor to purchaser is undertaken by a simple procedure through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with a Power of Attorney. In the case of the non-Cypriot, a prerequisite of registration is evidence that the property has been paid for with foreign exchange. 

TAX ADVANTAGES

Retirees drawing a pension are exempt from all withholding taxes at source, and may be taxed at the nominal rate of about 4% or less depending on income. Additionally, Cyprus has Double Taxation treaties with many European and other countries, safeguarding its residents from paying tax in both countries.