Why buy property in Cyprus

The short answer

• An EU country since 2004, using the euro since 2008.
• Property law based on English common law, with contracts, banks and lawyers working in English.
• No annual property tax since 2017: only small local fees and the building's shared costs.
• Low tax for new residents: no tax on the first €22,000 of income from 2026, and non-domiciled residents generally pay no defence contribution on dividends and interest for 17 years.

An EU country with English-based law

Cyprus joined the European Union on 1 May 2004 and adopted the euro on 1 January 2008. Its legal system grew from English common law, so property contracts, company law and court procedure will feel familiar to buyers from the UK and many other countries.

Every sale goes through the Department of Lands and Surveys, the Land Registry. Depositing your contract there protects your right to the home from the day you sign: see title deeds in Cyprus.

English spoken everywhere

Greek and Turkish are the official languages, but English is used throughout business, banking, law and daily life. Contracts can be drafted in English, banks correspond in English, and international schools teach in English.

Low costs of owning

• No national property tax. The immovable property tax was abolished from 1 January 2017.
• No stamp duty on contracts signed from 1 January 2026.
• New homes carry VAT at 19%, or 5% on part or all of a main residence: see VAT: 5% or 19%.
• Resales carry Land Registry transfer fees instead, halved by a standing 50% reduction: see the cost of buying property.

Tax for people who move here

Cyprus reformed personal tax from 1 January 2026. For an individual who becomes tax resident:

• No income tax on the first €22,000 a year, then 20%, 25%, 30% and 35% above €72,000.
• Residents who are not domiciled in Cyprus are generally exempt from the special defence contribution on dividends and interest for 17 years.
• You can become tax resident by spending more than 183 days here, or 60 days under the 60-day rule if you meet its other conditions.

Buyers from outside the EU can also get permanent residence by buying a new home of at least €300,000 plus VAT: see permanent residency by property. Take tax advice for your own case.

Limassol

Limassol is the island's business city: international companies, international schools, a marina, a long seafront, and the airports of Larnaca and Paphos each within about an hour. For what homes there earn in rent, see rental yield in Limassol.

Oniro builds in Limassol: Aegea Views in Agios Athanasios and Infinite Blue in Mouttagiaka.