Guides on Buying New Builds in Cyprus
Frequently asked questions on new buildings in Cyprus
What documents do foreigners need to buy a new home in Cyprus?
Foreigners from EU countries need only a passport. Buyers from other countries in addition need to provide permission to buy a home in new construction in Cyprus. The document is issued by the Council of Ministers.
What taxes and commissions are required to pay when buying an apartment in a new development in Cyprus?
Foreigners pay VAT - 19% of the cadastral price of the property. The tax can be reduced to 5% if you apply to the Ministry of Finance for an exemption. Foreigners also pay stamp duty - 0.15/0.2% of the apartment price.
Is a residence permit issued for the purchase of a new Cypriot home?
You can get a residence permit if you buy an apartment in Cyprus from a developer or owner for 300,000 euros. The document is valid for one year, then it can be extended.
What areas are in high demand among buyers of Cyprus' new construction projects?
For the summer holidays, a new build property in Cyprus is more often bought in Larnaca and Paphos. Foreigners who move to the country for work or study, more buy property in the capital - Nicosia.