Updated: October 22, 2024
Living in Cyprus is low-cost, safe, and easy-going. Our guide provides all the basic information you need to buy a house and get residency.
Contents ˅
Citizens of European Union countries can buy property in Cyprus, work, and stay with no restrictions.
To buy property in Cyprus after Brexit, UK nationals must apply to the Council of Ministers for permission. Also, they will need a visa if they stay beyond a specific period (more than 90 days out of 180; see below). Note that some visas (or residence permits) do not allow you to work (see below).
Third-country nationals need permission from the Council of Ministers to buy property in Cyprus. Normally, the Council of Ministers will not deny permission to any good-faith applicant. Form Comm. 145 is the relevant form for the application to the Council of Ministers, which you can download in PDF from moi.gov.cy.
It is not long, but you must provide information about yourself, your general financial standing, and the property you are buying. Our lawyer can complete the form and apply for you.
Also, foreigners will need a residency permit if they stay beyond a certain time (more than 90 days out of 180). The application needs to be accompanied by several supporting documents, such as a valid passport, a bank account in Cyprus, and sufficient sources of income.
The residency application is made at the immigration unit in your city. Note that a residence permit does not allow you to work; you can work with a specific type of residence permit (see below).
The city of Paphos is quite popular because of its coastline, mountains, and established British expat community. Limassol, one of the island’s most ancient cities, has a large and thriving business sector, a marina, and a cosmopolitan community. The Famagusta region and Larnaca have extensive coastlines, and in the case of Larnaca, the city centre is close to the sea.
The cost of property varies according to location. Limassol, Nicosia, and the properties along the coastline are more expensive. For a fast-track permanent residency in Cyprus, you must buy a house or apartment for at least EUR 300,000 plus VAT (19%).
As of October 2024, the median apartment price in Cyprus is € 505,000, with the median price per square meter around € 4,053. The median house/villa price is € 690,000, with the median price per square meter around € 3,396 (data source - Cyprus property investment guide by DevelopersCyprus).
Sellers may require a deposit. There is no property tax in Cyprus, but municipality taxes apply (cost varies with area and type of property).
Foreign nationals must have permanent resident status to get a mortgage through a Cyprus bank. The mortgage application involves paperwork; you will need to provide proof of income to the bank, for example. The procedure takes three weeks to a month.
Some banks may finance up to 80% of the house’s value. You must pay the rest as a down payment or deposit to the seller.
You will be paying monthly for loan repayment. The amount will vary according to your income and the loan amount. You will also need to create a Cyprus bank account.
The average interest rate for a mortgage in Cyprus is around 4.65% % (as of August 2024; statistics by the Central Bank of Cyprus provide more details).
Note that the maximum age for getting a mortgage in Cyprus is 65. After that age limit, the banks do not grant mortgages. The rule is the same for locals, European Union nationals, and foreigners/ third-country nationals.
This is a fast-track process with certain rules regarding the income required and the holding of real estate in the country. You can apply for permanent residence, and you will qualify if you have:
Permanent residency covers other family members, including the applicant’s spouse and children up to 25. However, the holder of this type of permit is not allowed to work. For the spouse, the applicant needs an additional 15,000 euros in annual income and 10,000 for each dependent child.
Read more about Cyprus permanent residency by investment.
Foreigners can get Cyprus residency by buying property valued at €300,000 or more. After residing in the country for eight years, this residency status allows them to apply for citizenship in Cyprus.
To be eligible for the Cypriot passport, you must stay on the island for at least 2555 days (7 years), then the stay must be continuous for the final year, but brief absences up to 90 days are allowed.
For more information (process and requirements), please read about the Naturalization scheme based on years of residence.
EU nationals face no restrictions and don't need to own property in Cyprus.
If you are a third-country national, proof of frequent visits to Cyprus might give you the right to a Multiple-entry Visa (Category C). Multiple-entry visas are granted for up to 5 years. Each visit should not be over 3 months (90 days) in any half-year, starting from the date of first entry (source Ministry of Foreign Affairs, Cyprus).
Note that you do not get this type of visa automatically. You need to apply to the Cyprus consul or Embassy in your country.
There is no legal right to a visa. Once you get the visa, you cannot enter Cyprus automatically. The entry criteria for entry into the territory of the Republic of Cyprus will be rechecked. For example, you may be asked to present evidence or documents, like a bank guarantee, proof of employment, or financial means.
Holders of Schengen do not need a visa to enter Cyprus.
At all events, third-country nationals cannot buy property in Cyprus without permission from the Council of Ministers.
How do I get permanent residency by buying a house in Cyprus?
You can get permanent residency by investment by buying a house worth at least 300,000 euros plus VAT. You will also need a secure income of at least 50,000 euros from abroad, with an additional 15,000 euros for your spouse and 10,000 for each dependent child.
The Category F permanent residence permit only requires a secure income of 9,568 for yourself and an additional 4,613 euros for each of your dependents. The income must come from abroad. This permanent residence permit does not require buying a house or apartment, but it is advisable.
Can non-residents buy property in Cyprus?
Yes, non-residents can buy property in Cyprus. There are no restrictions for Cypriot citizens residing abroad or for EU citizens. However, third-country nationals need permission from the Council of Ministers, which is easily given to any good-faith applicant.
How much should you invest in property to get residency in Cyprus?
For the permanent residence by investment programme, you must invest at least 300,000 euros plus VAT (19%).
What does buying a property in Cyprus give you?
Investing in a property in Cyprus secures your residency (upon certain conditions) and offers a host of benefits. These include a stable real estate market, a high standard of living, and a strategic location in the European Union.
Property prices and demand to buy or rent land are rising. Therefore, you may profitably sell or rent your property if you wish to relocate from Cyprus. Cyprus is among the safest countries in the world and is excellent for family life or a relaxed lifestyle.
Can I buy an apartment in Cyprus and get citizenship?
The answer is no. Nevertheless, eight years of permanent residence (along with specific other requirements) may result in citizenship.
What are the best areas of Cyprus for buying real estate?
This depends on your lifestyle. The most sought-after are the coastline properties, but these are also the most expensive.
If you like the cosmopolitan bustle of city life, then Limassol and Nicosia are for you. Nicosia is landlocked but, as the capital, it is attractive to business-people and culture-lovers alike.
Larnaca and Paphos are quieter but still give you the advantages of an urban lifestyle. Villages and countryside are laid back and, if you don’t mind commuting, they are a good choice.
There is demand for land, so most areas are a safe investment. It is, however, recommended that you discuss this with a real estate agent.
George K. Konstantinou
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