Frequently Asked Questions

Yes. EU citizens can buy property freely with no restrictions on number or type. Non-EU citizens can purchase one property — an apartment or a house with land up to 4,014 sqm — subject to approval from the Council of Ministers, which is largely a formality.

Typically 2–4 months from accepted offer to completion. This includes contract preparation, legal checks, and fund transfers. If financing is involved, add 2–4 weeks for mortgage approval. Non-EU buyers need Council of Ministers approval which takes 2–6 months but doesn't delay the purchase.

It is strongly recommended and effectively essential. An independent Cyprus-qualified lawyer will conduct title deed searches, verify planning permissions, review contracts, and protect your interests. Budget €1,500–€3,000 for legal fees. Never rely solely on the developer's or agent's lawyer.

Generally yes with reputable developers, but due diligence is critical. Check the developer's track record and completed projects, ensure your contract includes completion guarantees and penalty clauses, verify the land has clear title, and confirm all planning permissions are in order. Your lawyer should review everything before you sign.

Yes, you will need a Cyprus bank account for the transaction and ongoing payments such as utilities and taxes. Most banks offer accounts to non-residents with valid ID, proof of address, and proof of income.

For new builds: VAT at 19% (or 5% reduced rate for the first 200sqm of a primary residence). Transfer fees are exempt when VAT is paid. For resale properties: transfer fees of 3–8% on a sliding scale (no VAT). Stamp duty was abolished in January 2026 and no longer applies to any transaction.

No. Stamp duty was abolished in January 2026. It no longer applies to any property transaction in Cyprus. If you see older guides mentioning stamp duty, they are outdated.

Cyprus has no annual property tax. Ongoing costs include: communal/maintenance fees (€50–€200/month for apartments), utilities — electricity and water (€100–€250/month typical), and home insurance (€200–€500/year). These are relatively low compared to most European countries.

Capital gains tax is 20% on the profit from property disposal. There is a lifetime allowance of €17,086 that is not taxed. Additional exemptions apply for primary residence sales. The acquisition cost is adjusted for inflation when calculating the gain.

Yes. Cyprus banks offer mortgages to non-residents at 60–70% loan-to-value (LTV). Residents can borrow up to 80% LTV. Interest rates range from 3.5% to 5.5% depending on the bank, product, and whether you choose a fixed or variable rate. Maximum term is 25–30 years.

The main banks are: Bank of Cyprus (largest), Hellenic Bank, Eurobank Cyprus, Alpha Bank Cyprus, Astrobank, and Ancoria Bank. Each offers different products, rates, and terms. Some offer green/energy-efficient property discounts.

Typically: proof of income (payslips, tax returns, or audited accounts), bank statements for the last 6–12 months, property valuation report, signed contract of sale, passport/ID copies, and proof of address. Requirements vary by bank.

Invest a minimum of €300,000 (plus VAT) in new residential property. You must demonstrate annual income of at least €50,000 from abroad (plus €15,000 per dependent, €10,000 per parent), have a clean criminal record, and transfer the funds from abroad. Processing takes approximately 2 months — one of the fastest in Europe.

Permanent right to reside in Cyprus (valid for life as long as the property is maintained), travel rights within the Schengen area, ability to sponsor spouse, children, and parents, and a path to citizenship after 7 years of residence (5 years with sufficient ties to Cyprus).

PRP holders cannot be employed in Cyprus. However, you can be a director or shareholder of a Cyprus company and receive dividends. Many PRP holders run their businesses remotely or through a Cyprus-registered company.

Each city has different strengths. Limassol: business capital, strongest rental market, cosmopolitan, most expensive. Paphos: popular with British retirees, UNESCO sites, relaxed lifestyle, more affordable. Nicosia: the capital, government and business center, inland (no beach). Larnaca: airport city, affordable, growing investment. Famagusta district: tourist resorts (Ayia Napa, Protaras), strong seasonal rentals.

Palatium offers detailed guides for 299 neighborhoods across all 5 cities. Each guide includes price ranges, lifestyle scores, nearby amenities, commute times, and airport distances. Visit https://palatium.io/areas to browse, compare, and find recommendations.