Cyprus Property Forum for Buyers, Sellers & Investors

Hi
Thank you for letting me join the forum.
We are considering buying in Cyprus & have a couple of questions that i don’t seem to be able to find the answers too. I would appreciate your advice. Firstly we are British citizens, so Non EU.
Our intention is to buy an apartment & use it as a base in Cyprus, whilst we sell our home in the UK. Then move to Cyprus to look for a permanent home & start (pink slip) residency.
1. As non EU citizens are we allowed to buy two properties, as there would be an overlap between the apartment & a permanent home.
2. If we buy a second home are we liable for increased buying costs (transfer tax, stamp duty, registration of property) as we would already own a property.
3. Once we moved to a permanent home, would we be allowed to rent out the apartment. As non EU citizens.
We much appreciate any information you may feel relevant.

Hi pacmjc and welcome to the forum

Following Brexit, British nationals are treated in the same way as other non-EU citizens when it comes to buying property in Cyprus.

I published an article in January 2021, which explains the situation. See Buying property in Cyprus and visiting post Brexit.

"A second home may be allowed depending on the type and use of it (i.e. a holiday home in addition to a permanent home.)"

As you are buying a holiday home initially and then buying a permanent home, I doubt you'd be granted permission.

But if you were permitted to buy a second home - transfer tax, stamp duty, and 'registration of property' (property transfer fees) will not be increased.

A non-resident British friend rents out his holiday apartment without any problems after he got a licence.

The simplest way to overcome any potential problems with buying and renting property is by forming a limited company to purchase any size and any number of properties. (When I wrote the article in 2021, the cost of forming a limited company was in the region of €1,250 – €1,300. In addition there will be annual fees of around €850 for the preparation and submission of annual accounts and payment of annual company tax.

If you wish to go down this route, it is absolutely essential that you seek independent legal advice. The UK Foreign, Commonwealth and Development Office publishes a list of English-speaking lawyers that may be able to assist in this respect.

Regards,

Hi Nigel
Very much appreciate the reply. We will give this some more thought. The purpose for us taking this route is that we are bringing two pets & its very difficult to find rentals long term that we take them & us. Hence buying an apartment first.
Regards
Pacmjc