Luxury real estate in Cyprus

Benefits of living in Cyprus

The island of Cyprus is located in the eastern part of the Mediterranean Sea. The capital of the island is Nicosia. The climate is subtropical Mediterranean, with hot summers with a temperature of about +30-35°C and warm winters with an average temperature of +16°C. Thanks to the natural conditions and the beauty of the place, thousands of tourists from all over the world come to Cyprus every year. The official language is Greek, but in the north of the island you can find Turkish with a specific dialect.

Locations to buy real estate

1. Pathos. A city in the southwestern part of the island. It is famous for its beautiful bays, amazing beaches, luxurious restaurants and cafes, famous hotels. Many of the city's historical sites are included in the UNESCO World Heritage List. One of the two airports of the Republic is located in Paphos.
2. Limassol. The city is comfortably located on the sea coast in the south of the island. Recognized as the largest economic, cultural and financial center of the state. Thanks to the developed infrastructure, the city has earned a reputation as a "universal place" for recreation. Large Russian-speaking community.
3. Larnaca. The third largest city in Cyprus, with the greatest potential for growth in property values. The city is experiencing a building boom. Here is the second airport of Cyprus.

Investment potential of real estate

In 2021, the island began a program to restore the construction industry, which has improved investment opportunities. The rental yield on the island averages 6-8%.

Is it possible for Russians to buy real estate?

In Cyprus, it is possible to purchase real estate by foreign individuals and legal entities. It is permissible to purchase no more than two objects with an area of ​​up to 4014 sq. m.

Property taxes

The purchase of a new property is subject to VAT, while the purchase on the secondary market - the title fee. In addition to any option, you must pay a stamp duty of 0.15% of the amount up to 170,860 euros. 0.2% - from the amount above 170,860 euros. The title fee depends on the amount of the transaction. Up to 85 thousand euros - 3%, from 85 to 170 thousand euros - 5%, above 170 thousand euros - 8%. VAT is 19%, but a reduction of up to 5% is acceptable, provided that the property is purchased as the main residence in Cyprus. In this case, preferential taxation is applied. An agreement on the avoidance of double taxation has been signed between Cyprus and Russia.

Residence permit

One of the popular solutions for obtaining a residence permit on the island of Cyprus is the purchase of a property worth at least 300,000 euros. An important condition: only new real estate purchased from the developer allows you to get a residence permit. A secondary property or a new apartment bought "‎from hand" ‎does not qualify for the program.