Yes, you can. Locals and foreigners can buy property in Cyprus. Moreover, it is an easy and simple procedure compared with other EU countries. Cyprus welcomes foreign nationals.
- EU citizens have no restrictions. EU citizens can register an unlimited amount of properties.
- Non-EU citizens can buy an apartment or a house, or a plot of land (not exceeding 4.014 sq.m). Also, if it is a plot of land, a residence must be built for purpose of owner-occupation.
- In addition, Non-EU citizens may also be able to buy a second home depending on the type and use of it.
Equally important, usually, non-EU citizens receive permission to buy the property of their choice. This procedure is merely a formality.
In Cyprus, all properties acquire title deeds a few years after completion (issued by the Cyprus Land Registry Department).
Therefore, under-construction properties have no title deeds. The buyer will file the contract of sale to the Land Registry. This way the ownership will be safeguarded until a title deed for the individual apartment or house will be issued.
Real estate transfer fees will need to be paid to transfer freehold ownership to the purchaser.
The Immovable Property Acquisition (Aliens) Law and the Directives of the Central Bank of Cyprus regulate the acquisition of property in Cyprus.