Home The property Purchasing commercial and residential real estate in Cyprus: advantages and conditions

Purchasing commercial and residential real estate in Cyprus: advantages and conditions

by buma888

Cyprus is well known for its wonderful climate, excellent beaches, beautiful nature. There are also favorable tax conditions and opportunities for running a successful business. It is suggested to choose properties for sale in Cyprus from a reliable real estate company.

Features of choice

There are no restrictions on the purchase of commercial or residential real estate in the country. However, for citizens from countries outside the European Union, permission from the Council of Ministers will be required. The application is checked to ensure that the applicant has no criminal record and does not own other properties on the island.

A family is allowed to own two residential or commercial properties. Only husband and wife are taken into account. If a second premises or land plot is purchased, it must be registered as the property of the spouse, who is not officially the owner of the first property. The total area of the property must be no more than 4014 square meters. This applies to a house, apartment, commercial building, or plot of land. Therefore, when choosing, this parameter must be taken into account.

Experienced specialists from MySpace real estate agency, who have a wide variety of properties in their database, will help you with the selection. It is worth considering that there is currently no property tax in Cyprus, including for foreign citizens.


After choosing the desired object, you must have a bank account. Payment for any real estate is carried out only by non-cash method. It is best to open an account with a credit institution on the island; such a transaction will be carried out quickly and without problems.

If the property is selected, then it must be reserved, for which the owner is given a deposit and a preliminary agreement is drawn up, which indicates the amount paid. When drawing up an agreement and signing it, you need the presence of a lawyer who will represent the interests of the buyer. He will also check the property to ensure there are no debts or encumbrances, and will take the appropriate certificate.

After this, the main purchase and sale agreement is signed. This can be done by the buyer himself, or by his authorized person, for example a lawyer completing the transaction. As payment, you can give the entire amount, or 30%, then repay the purchase in installments. The buyer also pays state duty.

The agreement is registered with the Land Department, after which the remaining amount can be repaid as payment for the property.

You may also like

Leave a Comment