Property in Cyprus
The Island of Cyprus is the third largest island in the Mediterranean for centuries has been a crossroads of European civilisations. The rich legacies and colourful cultures were left by colonisers, travellers and traders who have all been attracted to its shores. Cyprus has beautiful landscapes where a traveller can find prehistoric settlements, Greek temples, traces of Ancient Rome and middle-age Venetian empire. Not withstanding influences from the past, today’s Cyprus is a modern country which is a magnet for visitors as well as discerning buyers seeking a home in the sun.
Cyprus - Basic Information
• Location: South eastern part of Mediterranean sea, 71km south of Turkey, 105km west of Syria, and some 800km southeast of mainland Greece
• Capital: Nicosia (Leftkosia)
• Other main cities: Limassol, Paphos, Larnaca
• Currency: Euro €
• Population: 838,000
• EU Membership: Since 1st May 2004
Cyprus is blessed with a warm, sunny climate and enjoys as many as 340 days of the sunshine a year. The island’s hot dry summers and mild winters mean that sunshine is abundant all year round, with average temperatures of 12 °C in winter and 33 °C in summer.
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Buying Property in Cyprus
The logistics for non-Cypriots buying a property in Cyprus are relatively simple compared to many countries.
Citizens of EU Members States
Citizens of EU member states who are permanent residents of the Republic of Cyprus are permitted to acquire any amount of immovable property in Cyprus without receiving any permit and without submitting the application form COMM.145 to the Council of Ministers, as they are not aliens in terms of the law. The only requirement is for such persons to submit a Certificate of Permanent Residence. To obtain this certificate you need to apply to the Migration Office of the Republic of Cyprus.Citizens of EU member states who are not permanent residents of the Republic of Cyprus are permitted to acquire any amount of fields and plots of land without acquiring permission from the District Officer whereas they must obtain a permit for the acquisition of a secondary residence.
Citizens of Non-EU Member States
Citizens of non-EU member states who are residents of the Republic of Cyprus are allowed to acquire only one property and have to apply for permission via the District Office in which the property is located. The acquisition of one residence is permitted per married couple. However, according to the practice followed, in exceptional circumstances they may be permitted to acquire a second property. Reasons must be given as to why a second property is requested e.g. a holiday home.
Citizens of non-EU member states who are NOT residents in the Republic of Cyprus, the same as the above applies with the exception that they are not allowed to acquire a second property.
What kind of property can I buy?
For more information on the range of properties available at Aphrodite Hills, view our listings pages.
People, Culture & Lifestyle
Economy, Healthcare & Airport
Cyprus Residency and Property Market in Cyprus
The people of Cyprus are highly educated and multilingual and friendly. The official languages of Cyprus are Greek and Turkish, however English is widely spoken and written and is the language of international business on the island. German, French and Russian speakers are commonly found due to the high number of Cypriot graduates from overseas university and the island’s commercial ties with the global business community. With the one of the youngest population in Europe, the government has made education a major priority and the island has an overall literacy rate of almost 98%.
The cost of living is roughly 25% lower then in the most Western European countries. The food is inexpensive and the cost of utilities low. For comparison, the cost of a meal in a restaurant ranges from 15 – 25 euros per person. The crime rate is very low, making Cyprus one of the safest countries to live in Europe.
The tourism and leisure infrastructure is well established with an international airport and it is set to develop even further with plans for 11 golf courses, four marinas, theme parks and an international conference centre.
Cyprus has an open, free-market economy characterised by light manufacturing and services, inclulding business, financial and banking services as well as maritime, shipping, tourism and real estate. The banks offer full services to their customers, including expatriate banking, financing and wealth management. Cyprus is also attractive from the taxation point of view, offering a low tax and has a double taxation agreements with over 45 countries worldwide.
Healthcare in Cyprus is of the highest standard and has well-equipped and modern hospitals with many doctors educated and trained in either Europe or USA. A private consultation fee is around €50 Cyprus making healthcare affordable and medical insurance policies are also avaliable.
Cyprus offers some of the most favourable tax regulations in Europe, ensuring that buying a property in Cyprus is a sound financial and lifestyle investment. Both, EU and Non-EU citizens may become Cypriot residents and the government is encouraging property investment. Check our Buyer’s Guide section for more information on buying properties and property finances.
Driving in Cyprus
Driving is on the left as in the United Kingdom and all roadsigns are displayed in both, Greek and English. Short distances between towns and a well-developed network of roads and motorways make traveling on the island convenient and safe. For driving a valid driver’s license from visitor’s home country or an international driver’s license permits is required.
Potential Development Designs
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For more information on the property available in Cyprus, please fill out the form below.
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