Question 1

Can a foreigner buy property in Cyprus?

Accepted Answer

Yes. EU citizens buy on the same terms as Cypriots. Non-EU nationals are limited to one residential property per buyer (or married couple) and need approval from the Council of Ministers. It is a formal procedure — with clean due diligence, approval is granted in 95%+ of cases.

Question 2

How long does the deal take from reservation to keys?

Accepted Answer

On average 3–6 months. Reservation and title check take 2–3 weeks, contract signing and Land Registry filing another month, and Council of Ministers approval for non-EU buyers runs 2–6 months in parallel. For resale, keys are handed over once the transfer fee is paid; for new builds, on the developer's schedule.

Question 3

Can I buy remotely without flying to Cyprus?

Accepted Answer

Yes. You can grant a Cyprus lawyer a limited power of attorney (POA) to sign the reservation, SPA and transfer documents on your behalf. Bank account opening and property viewings can also be arranged remotely via video.

Question 4

What is the standard reservation deposit?

Accepted Answer

A reservation fee of €5,000–€20,000 takes the property off the market for 3–4 weeks while contracts are prepared. It is deducted from the purchase price and is normally refundable if the lawyer's due diligence fails.

Question 5

What additional costs apply beyond the property price?

Accepted Answer

Budget 8–12% on top. This covers: VAT 5% or 19% (new build), transfer fee 1.5–4% (resale), stamp duty 0.15–0.2%, notary and lawyer 1–1.5%, and Land Registry filing. We provide a full itemised cost sheet for each unit upfront — no hidden charges.

Question 6

How much do lawyers charge for a property purchase?

Accepted Answer

Legal fees for a standard residential purchase are typically 1% of the price plus VAT, with a minimum around €1,500. This covers due diligence, contract negotiation, filing at the Land Registry and holding client funds in escrow.

Question 7

What VAT rate applies to new-build property?

Accepted Answer

Standard rate is 19%. The reduced 5% rate applies to a first primary residence up to 130 m² and €350,000 in value (total property up to €475,000 and 190 m²). Investment property and second homes are taxed at 19%.

Question 8

Is there an annual property tax in Cyprus?

Accepted Answer

The national immovable property tax was abolished in 2017. Owners only pay municipal property tax and community fees, typically €100–€500/year depending on the property and location.

Question 9

How is capital gains tax calculated when I sell?

Accepted Answer

CGT is 20% on the gain from immovable property in Cyprus. Individuals get a lifetime exemption of €17,086; if the property was your main residence for at least 5 years, this rises to €85,430.

Question 10

Does buying property grant Cyprus residency?

Accepted Answer

Yes, under the Fast-Track programme (Regulation 6(2)). Minimum investment is €300,000 + VAT into new residential or commercial property purchased from a developer, plus verified annual foreign income of €50,000 (+€15,000 spouse, +€10,000 per child). Decision in about two months. The permit is permanent and covers the family.

Question 11

Is there a fast-track Cyprus citizenship for IT and other highly skilled professionals?

Accepted Answer

Yes. Under the Civil Registry (Amendment) Law 149(I)/2023, in force since 19 December 2023, highly skilled foreign employees of companies registered with Cyprus's Business Facilitation Unit (typically IT, tech, shipping, biotech, R&D, pharma) can apply for naturalization after just 3 years of legal residence and employment in Cyprus (instead of the standard 7 out of 10 years), or after 4 years if they hold a recognised Greek language certificate at level A2, and after 3 years if they hold level B1 or higher.

Main requirements:
• Employment with an eligible "foreign interest" / innovative company approved by the Council of Ministers.
• Gross monthly salary of at least €2,500.
• University degree, diploma or equivalent, plus at least 2 years of relevant professional experience.
• Continuous legal residence in Cyprus for the qualifying period (short absences allowed).
• Clean criminal record and good character.
• Pass a Greek language exam (minimum A2, B1 for the fastest 3-year route) and a basic test on Cypriot history, geography, culture and political system.

Family members (spouse and minor children) can be naturalized together with the main applicant under the same accelerated timeline. Applications are submitted to the Civil Registry and Migration Department on form M127.

Question 12

Can I obtain Cypriot citizenship through investment?

Accepted Answer

The citizenship-by-investment programme was closed in 2020. Only permanent residency is available today. Citizenship is possible through naturalisation after 7 years of legal residence (5 under certain conditions), with genuine physical presence in the country.

Question 13

What is the minimum investment for the Cyprus permanent residency programme?

Accepted Answer

The fast-track permanent residency (Category 6.2) requires a minimum investment of €300,000 + VAT in Cyprus real estate, plus proof of secured annual income from abroad of at least €50,000 for the main applicant.

Question 14

How long does the PR application take?

Accepted Answer

Under the fast-track route, the Civil Registry typically issues a decision within 2–4 months of a complete submission. Biometrics and card issuance follow shortly after approval.

Question 15

Does PR extend to my family?

Accepted Answer

Yes. Spouse and financially dependent children under 18 are included in the main application. Dependent adult children up to 25 in higher education, and parents/in-laws of the applicant or spouse, can be added under specific income conditions.

Question 16

What rental yield can I expect?

Accepted Answer

Long-term rentals deliver 4–6% net annually; short-term (Airbnb-style) in Limassol and Paphos reaches 6–9% with proper management. We offer full property management — tenant sourcing, tax filing and on-site maintenance included.

Question 17

Can foreigners rent out property short-term on Airbnb?

Accepted Answer

Yes, but the unit must be registered with the Deputy Ministry of Tourism and receive a registration number, which must appear in every listing. Short-term rental income is taxable and subject to a 5% VAT rate.

Question 18

How is rental income taxed in Cyprus?

Accepted Answer

Rental income is added to your personal income and taxed at progressive rates (0–35%), with the first €19,500/year tax-free. There is also a 3% Special Defence Contribution on 75% of gross rent for Cyprus tax residents (non-doms are exempt).

Question 19

Can a non-resident finance a Cyprus property with a mortgage?

Accepted Answer

Yes. Cypriot banks lend up to 60–70% of property value to foreign buyers with a 30%+ down payment. Rates run 4.5–6% per annum, terms up to 25 years, approval in 4–8 weeks. Required: proof of income, bank statements and source-of-funds documentation.

Question 20

Do developers offer payment plans on off-plan properties?

Accepted Answer

Yes. A typical structure is 30% on signing and the remaining 70% split into roughly seven staged payments tied to construction milestones and delivery. On select projects developers offer more buyer-friendly schedules (for example, back-loaded plans with a larger balance on completion).

Question 21

What documents do banks ask for when opening an account?

Accepted Answer

Passport, proof of address (utility bill under 3 months), CV, source-of-funds evidence, last 6 months of bank statements and, for business owners, company documents. Compliance review typically takes 2–6 weeks.

Question 22

How is the legal cleanliness of the deal verified?

Accepted Answer

An independent lawyer (not the developer's) runs due diligence: title certificate, absence of liens and encumbrances, building and planning permits, land-plot status. The contract is deposited with the Land Registry within 6 months — this protects the buyer until a separate title deed is issued.

Question 23

Is my deposit protected before I receive the title deed?

Accepted Answer

Yes. Your lawyer files the Sale & Purchase Agreement with the Land Registry (Specific Performance) within 6 months. This protects your rights over the property regardless of any dispute with the developer and prevents the property being resold.

Question 24

Can I own the property in my personal name?

Accepted Answer

Yes. Non-Cypriots can own real estate in their personal name, subject to a Council of Ministers permit which is a formality for EU citizens and standard for most other buyers. Cyprus/EU companies and trusts are also common ownership structures.

Question 25

What are the annual ownership costs?

Accepted Answer

National property tax was abolished in 2017. Owners pay municipal tax €85–500/year, utilities, complex maintenance (€1,500–4,000/year for premium residences with pools and security) and insurance. Rental income is taxed on a progressive scale with a €19,500 tax-free threshold.

Question 26

When and how do I receive the title deed?

Accepted Answer

For a ready property, the title is transferred at the Land Registry within a few weeks of closing. For off-plan, the developer issues individual titles after building completion and final approvals — usually 12–24 months after handover.

Question 27

Do you offer property management after handover?

Accepted Answer

Yes. MetaPolis and partner operators handle rentals (long or short-term), tenant vetting, maintenance, utilities and accounting. Fees typically range from 8% of long-term rent to 20% for fully managed short-term lets.

Question 28

What warranty do I get on a new build?

Accepted Answer

By law developers provide a structural warranty of 10 years on load-bearing elements. Waterproofing, systems (electrical, plumbing, HVAC) and finishes typically carry 1–3 year warranties, with appliance warranties from the manufacturer.

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