Buying property in Cyprus
From golden beaches to peaceful village life, Cyprus is a dream destination for UK property buyers. Our property buying guide covers everything you need to know, including:
- Important considerations when buying a property in the USA
- Information on navigating local taxes, visas and other regulations
- A handy checklist for ensuring you’re on track
- Lots of other little tips to support your dream move
Why buy property in Cyprus?
Cyprus offers the ideal blend of ancient history, stunning landscapes, and a laid-back Mediterranean lifestyle. With its golden beaches, charming villages, and vibrant cities, tradition meets modernity on its island shores. Buy a home here and embrace sun-drenched days, delicious meze, and the warmth of a welcoming community.
Stunning weather
There’s no shortage of sunshine in Cyprus, with even December and January seeing an average of six hours a day – rising to nearly 12 a day over the country’s six ‘summer’ months.
Construction boom
As demand rises for apartments, modern high-rises are reshaping city skylines. So, if sleek designs, luxurious amenities and stunning views are on your property must-have list, you’re in the right place.
Accessibility
With two international airports serving the island in Larnaca and Paphos, you’re never far from a low-cost flight to or from the UK all year round.
Can UK residents buy property in Cyprus?
Few restrictions for non-residents: UK citizens can buy property in Cyprus even if they’re not residents.
Buying property after Brexit: Post-Brexit, there are some additional requirements for UK citizens when it comes to buying. However, if you want to stay for more than 90 days in any 180-day period, you’ll need to apply for a visa.
Legal and financial checks: To keep things smooth and hassle-free, it’s a good idea to work with a local lawyer and a currency specialist, helping you avoid surprises and get the best value from your transfer.
What kind of VISA will I need?
UK citizens can stay in Cyprus for up to 90 days on a tourist visa, but if you’re planning to stay longer, whether to live, work, or retire, you’ll need the appropriate visa.
Long-Stay Visa: For visits that last longer than 90 days, you’ll need to get a Long-Stay Visa while still in the UK. This lets you stay in Cyprus for up to one year.
Temporary Residence Permit: Once you arrive and have your visa, you should apply for a Temporary Residence Permit, also called a pink slip. This is valid for a year but can be renewed annually. There are different categories, including working, studying, joining family, or longer-term visits.
Golden Visa: One of the most popular routes to gaining permanent residency in Cyprus is the Golden Visa – a type of investment visa. To qualify, you must invest at least €300,000 in real estate or a Cyprus-based company, with some other eligibility criteria applying too.
The information provided is for general information purposes and does not constitute legal, tax or other professional advice from Lumon, and it is not intended as a substitute for obtaining advice. it is recommended you seek professional advice from a financial advisor or any other professional.
Where to buy property in Cyprus
Paphos
A perennial favourite with British buyers, the island’s fifth-largest city has an established expat community and is home to one of the Med’s most stunning harbours.
Limassol
A true tale of two cities, its historic centre exudes culture and charm, while the rest of the city’s state-of-the-art developments provide a stunningly contemporary contrast.
Larnaca
Further adrift from Cyprus’ larger expat communities, this quaint port town offers a quieter, more affordable option for buyers.
Ayia Naya
Outgrowing its former party capital reputation, Ayia Napa has matured into a more sophisticated destination, boasting a new multi-million euro marina. Its calling card, Nissi Beach, is widely regarded as one of Cyprus’ prettiest coastal stretches.
Troödos Mountains
The traquil Troödos Mountains, peppered with quaint villages, offer an escape from the coastal crowds. For fans of snow sports, there’s even possibilities for skiing in the winter.
Currency exchange considerations for UK buyers
At Lumon, we’re here to simplify the currency side of your property purchase, helping you transfer funds overseas with ease.
Get more from your property budget
The exchange rate changes constantly and even small fluctuations in the rate can have a big impact on your budget. You can visit our live exchange rate page to track the live interbank rates.
Smooth, hassle-free property payments
From your first deposit to your final transfer, we make it simple to send money to Cyprus with confidence, in a way that works for you. Learn more about your options for sending money to Cyprus.
How can I plan for costs when buying a property in Cyprus?
Our buying guide for Cyprus goes into depth about how to buy property there and what to factor in, including:
Set a realistic budget: Work out what you can comfortably spend. Don’t forget to factor in Cypriot fees, taxes, legal costs, and currency exchange.
Understand local costs: Buying costs in Cyprus can vary depending on the region and whether you’re using a mortgage. Knowing what rules apply to you will help avoid surprises later.
Have your deposit ready: Once you find the right place, you’ll often need to pay a reservation deposit quickly. Having funds ready, in euros, puts you in a strong position.
Frequently asked questions
Is buying property in Cyprus a good investment?
It can be, especially in sought-after areas like Limassol and Nicosia, where there’s strong potential for long-term value growth and rental income. But as with any investment, it’s important to research the local market, property regulations, and tax considerations before making a decision.
Can I buy property in Cyprus as a non resident?
Yes, UK citizens can buy property in Cyprus without needing to be residents. The steps and regulations behind your property buying journey will differ to buying in the UK however. Plus, if you plan to stay long-term, you’ll need to explore visa options post-Brexit.
Do you pay UK stamp duty on Cyprus property?
No, UK stamp duty only applies to properties in the UK. However, Cyprus has its own buying costs, including its own version of stamp duty, transfer fees, and legal charges. Be sure to budget extra funds on top of the purchase price.
Do I have to declare a Cypriot property to HMRC?
You don’t need to declare the property itself, but you do need to report any rental income or gains if you sell it. These may be taxed in both Cyprus and the UK, so speaking with a tax adviser can help ensure you’re covered under any double taxation agreements.
How can I reduce UK tax on my Cyprus property?
If you’re a UK tax resident, you’ll still pay tax on overseas income or profits. That said, you may be able to reduce your liability through allowances or the UK-Cyprus double tax treaty. A qualified tax adviser can help you navigate the rules.
Can I get a mortgage to buy property in Cyprus?
Yes, either through a UK-based specialist or a Cypriot bank. Cypriot lenders may offer rates tailored to the local market, but you’ll need to meet their criteria. Just keep in mind that if your income is in pounds and your mortgage is in euros, currency shifts can affect your repayments.
The step-by-step process of buying property in Cyprus
1. Set your budget
Include the property price plus extra for taxes, legal fees, and currency exchange. Planning ahead gives you clarity from the start, so talk to your team of specialists early to work out overall costs.
2. Pick your location
Coast, city, or countryside? Think about lifestyle, climate, amenities, and how often you’ll visit or stay.
3. Get your paperwork ready
You’ll need to obtain a tax identification number (TIN) to move forward with a purchase.
4. Make an offer and appoint a lawyer
Once you’ve found the right place, your lawyer will help with contracts, legal checks, and guiding the process.
5. Transfer your funds and complete the purchase
A Lumon specialist can help you secure a strong rate and avoid hidden fees. Once payment is made and contracts are signed, the keys are yours.
Working with Lumon – your trusted currency partner
Our team of currency specialists have the local market knowledge to help you navigate the process of buying a property in Cyprus. With over 25 years of international property experience, we’re here to help make the process hassle-free.
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Your property buying guide
Our property buying guide is packed with information and resources to support you on your property journey, including:
- Important considerations when buying a property in Cyprus
- Information on navigating local taxes, visas and other regulations
- A handy checklist for ensuring you’re on track
- Lots of other little tips to support your dream move
