Updated: April 03, 2024
Living in Cyprus is low-cost, safe and easy-going. In our guide, you will find all the basic information you need on how to buy a house there and get residency.
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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 also need permission from the Council of Ministers to buy property in Cyprus. The rules are the same as with British nationals.
Normally, the Council of Ministers will not deny permission to any good-faith applicant.
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 high on the list of popularity because of the coastline, mountains and the 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%).
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 can get a mortgage through a Cyprus bank. The mortgage application involves paperwork; you will need, for example, to provide proof of your income to the bank. The procedure takes from 3 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 interest rate for a mortgage in Cyprus is around 3.85% (as of December 2023; for more details, you can look at theglobaleconomy.com).
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.
Form Comm. 145 is the relevant form, 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. Your lawyer can complete the form and apply for you.
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:
The permanent residency covers other family members; a spouse, and children up to the age of 25. However, the holder of this type of permit is not allowed to work.
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 five years, this residency status allows them to apply for Cyprus citizenship.
To be eligible for the Cypriot passport, you must stay on the island for at least 1825 days (5 years). The stay must be continuous for the final year, but brief absences 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 what is called 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 will be rechecked on entry into the territory of the Republic of Cyprus. 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.
George K. Konstantinou
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