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What property can a non-Cypriot purchase?
Do properties have title deeds?
Can a loan be obtained locally?
What is required for the transfer of property and what are the fees payable?
Do I need to employ a solicitor?
Do I need a valuation/survey?
For people who have purchased property, is residential permit easily available?
What taxes are payable on property [Depositing of the Sales Contract]?
What are the communal charges?
Estate duties.
Is tax paid on pensions?
What are the benefits of choosing Group of companies Vs going directly to the developers?
What are the benefits of buying or selling with Group of companies?
I cannot find any homes in a specific area.
Why Group of companies?
What does MLS mean?
Who we are?

What property can a non-Cypriot purchase?

Buying property in Cyprus is quite easy. As a non-Cypriot you are entitled to purchase freehold for your personal use:

  1. An apartment or a house
  2. A villa on a building site not exceeding 4.000 sq.m.
  3. A piece of land not exceeding 4000 sq.m. for the purpose of erecting a house within a reasonable time period.
  4. Offshore Business Units can buy/built unlimited office/work space.
  5. A second home maybe permitted depending on the type. [eg., a holiday home in addition to a permanent home in the city.]
  6. Acquisition of Leases having a term in excess of 33 years duration, are treated similarly in Real Estate as a freehold in relation to the limitations.

Acquisition in shares other than between husband and wife is not permitted.

Do properties have title deeds?

Properties have title deeds. Title deeds are issued by the Land registry department, of the Cyprus Government, a few years after completion of the project. Individual houses follow the same procedure. Upon approval by the Council of Ministers of the application and confirmation by the Central Bank that the purchase was with foreign funds, then the transfer of deeds can take place within a few hours.

Can a loan be obtained locally?

All the main banks in Cyprus offer loans for the purchase of property in foreign currency. If you acquire through a Developer he usually has prearranged loan facilities, which can be explained to you when interest is shown for the purchase of property.

Normally a deposit of 30% can facilitate a loan on the balance -70%-.

Interest rates vary but as a guideline you can expect, the base rate -libor- +2.0%. Repayment period can be up to 15 years.

What is required for the transfer of property and what are the fees payable?

The following documents are required to be submitted in order for property to be transferred to your name as a purchaser:

  1. Written confirmation by the Central Bank that the purchase was with foreign funds, which was imported into Cyprus .
  2. The sale contract.
  3. The Ministerial Council's permission for the purchased property.
  4. The property's title deeds, if available.
  5. Confirmation that all taxes for the purchased property [sewerage, immovable property, town taxes etc] have been paid.

Transfer fees are paid on the value that the Land Registry department determines that it is the Open Market Value of the property on the day of the original transaction /sales contract.

Transfer rates are as follows:

Property Transfer Accumulated

Value £
Fees -- %
transfer fee £
Up to 50.000
£ 4000
100.000 and over

A Power of Attorney can be issued to a third party to attend and conclude the transfer on the buyer's behalf.

There is a transfer fee advantage if the property is registered in the name of the two spouses [husband +wife] as the total purchase price is divided by two, thus lowering the rate of the transfer fee.

Do I need to employ a solicitor?

Although we recommend seeing a solicitor, you may find that is not necessarily required. If you buy through a reputable developer there are printed ready contracts. Should you wish to use a solicitor to check the contract and examine the property's date, any impediments etc an average fee is £400-£600.

Do I need a valuation/survey?

We suggest that you get a survey and valuation report especially for resales and for units of some age. The cost of a valuation report is, on average, £150, plus approximately £200 for a survey. 

For people who have purchased property, is residential permit easily available?

Temporary Permit: The requirements for this permit is the production of a sales agreement and a Cypriot Bank Account. The residential permit can be from 1 year to 4 years.

Permanent Permit: In addition to the above the applicant must establish proof of an annual income of CY£10.000 per annum for a couple.

After April 2004, as Cyprus becomes a member of the EU, the procedural restrictions on the property purchase on EU members will be lifted. All restrictions on property on EU members will be lifted after April 2009.

What taxes are payable on property [Depositing of the Sales Contract]? 

•  Transfer fees: see transfer of property [one-off payment].

•  Immovable property tax. This is an annual tax which is paid on the value of the property, [on the market value as at 1/1/1980 ] and is a fixed percentage per thousand:

[a] Upto £100.000 Nil

[b] £100.001 -£250.000 2.5

[c] £250.001 -£500.000 3.5

[d] £500.001 and over 4.0

•  Fees for the deposit of a sales contract in the Land registry: The deposit of the sales contract is advisable in order for the purchaser to exercise the defense of Specific performance against the developer/seller. The purchaser has the right to deposit the sales contract within 60 days after signing of the contract. However the sales contract must be deposited and stamped within 30 days after signing. After this period a penalty is imposed. The fees are 1.5/thousand for values up to £100.000 and 2.0/thousand for values there after.

•  Capital gains tax: The difference between the purchase price, and other costs incurred, such as inflation, interest costs, improvements etc., and the sales price is liable to the capital gains tax of 20%. The first £10.000 of the difference is exempt. In case of a permanent resident the amount is increased to £50.000 per year. 

Other small annual taxes are the sewerage fees and garbage collection fees, paid on a yearly basis. These range from CY£60-CY£80 p.a.

What are the communal charges?

In case of Multi ownership projects whereby a series of common use services are provided, charges vary from apartment to villa according to the quantity/quality of services available and the covered area of the property. Charges are allocated according to the covered area of the property. Charges vary, for apartments from CY£150-CY£250 p.a. and houses with common use facilities from CY£250-CY£350 p.a. 

Estate duties

Inheritance tax has been abolished since 1/1/2000 . Permanent residents domiciled in Cyprus are exempt from Estate duty on worldwide assets. People with worldwide assets and or tax inheritance problems can find that Cyprus , most attractive on this benefit alone. 

Is tax paid on pensions?

Pensioners who become residents in Cyprus are taxed on their pensions from abroad at the rate of 5% for amounts exceeding £2.000 annually. No tax is paid in the country of origin if a double taxation treated exists. As for all Cypriot residents' annual income up to £9.000 for 2003 and £10.000 for 2004 is tax exempt. 

What are the benefits of choosing group of companies Vs going directly to the developers?

With selected developers in Cyprus and private sellers as members of group of companies, property seekers can search for their dream home in the sun in our online listing from the comfort of their own living room before going out to view them.

Sun Villas brings buyers and sellers together in the most effective and efficient way enabling its customers to save time and money. No need to search from developer to developer or from door to door to find the right property any more.

In addition, group of companies can give you independent and honest advice on all questions regarding buying property in Cyprus and moving to the island.

Group of companies does NOT charge commissions.  

What are the benefits of buying or selling with group of companies

Group of companies operate an internet-based system that allows its customers to search for properties in Cyprus built or under construction by most of the island's active developers and selected private sellers.

Group of companies work by introducing the buyer to the seller or vice versa and enabling them to find the best deal on the property of their choice.

I cannot find any homes in a specific area.

Make sure that you are following the correct procedure for searching of property. Make sure that you select an area and most important select the price range of the property you are looking for. You can also generate more listings if you use the Advanced Search Criteria or broaden your price range. We work diligently to empower our customers with the tools they need to find homes. Contact us to answer any further questions you may have.  

Why Group of companies?

Our success depends on how well we are able to inform you, look after you, find you the right properties that meet your requirements and help you close the deal at the best possible price that will make you happy.
. A big selection of properties in Cyprus . Most of the active developers in Cyprus and private seller can now be found in one place
. Professional and expert consultants to advise you on everything about buying property in Cyprus
. Access to the best expert advice (properties, legal, financial, construction finishes and even on furnishings)  

What does MLS mean?

MLS stands for Multiple Listing System, which is the property database of group of companies. Each MLS code is a unique number that represents a single property, which is listed in our database. You can have direct access to the data of a particular property by searching using the MLS Code. In some cases, you might also see a DEV number. A DEV number is in cases where the listing concerns a Development Project, instead of just a single property. 

Who we are?

We are a huge property portal, covering all areas in Cyprus . We have an online, full-service property listing and information system. Group of companies are an online property shop, and a marketing company specialized in property promotions. By utilizing technology and the Internet, group of companies enable you to search through a unique database to find the property that suits your needs.

We can provide all the necessary expertise to assist in the smooth running of the purchase process, through our ability to recommend local professionals and by understanding the specific nature of the Cypriot property buying procedures.

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