Frequently Asked Questions

Yes, talk with a bank or a mortgage lender before you start actively looking at homes. This is because getting pre-approved for a mortgage can provide several advantages:

1. Understanding Your Budget: It will give you a clear understanding of how much you can afford to spend on a home. This can save you time and effort by focusing your search on properties within your budget.

2. Competitive Advantage: In a competitive market, sellers prefer working with buyers who are already pre-approved for a mortgage. It shows that you are a serious buyer and that you have the financial means to make the purchase.

3. Avoiding Disappointment: Without pre-approval, you might fall in love with a house only to find out later that it’s out of your budget or it gets sold before you get approved for a mortgage. This can be disappointing and time-consuming.

4. Negotiation Power: Knowing exactly how much you can afford gives you better negotiation power when it comes to making an offer on a property.

5. Faster Closing Process: Once you find a home you want to buy, having a pre-approval can speed up the closing process, as much of the necessary financial documentation has already been reviewed by the lender.

6. Identifying Potential Issues: If any issues with your credit or financial situation might affect your ability to secure a mortgage, a lender can let you know early in the process. This gives you time to address and rectify those issues.

Remember, being pre-approved for a mortgage does not obligate you to take out a loan from that specific lender, and you can still shop around for the best mortgage rates and terms. It’s a crucial first step in the home-buying process that can save you time, money, and potential disappointment in the long run.

Deciding between buying and renting is a significant financial choice that involves various factors. It’s crucial to weigh the pros and cons based on your individual circumstances and long-term goals.

• When considering buying, there are several advantages. Firstly, you’re investing in an asset that may appreciate over time, potentially providing a return on your investment. Additionally, homeownership allows you the freedom to personalize and modify your space to suit your preferences. You also have the potential for tax benefits, such as deducting mortgage interest.
  renting does not build equity, and your monthly payments do not contribute to an investment in real estate. In the long run, this might be less financially advantageous than owning a property.
• Renting does not build equity, and your monthly payments do not contribute to an investment in real estate. In the long run, this might be less financially advantageous than owning a property. If you plan to stay in an area for an extended period and have a stable income, buying might be a wise investment

Ultimately, the decision between buying and renting is a personal one that should be made with careful consideration of your financial situation, lifestyle, and future aspirations.

Enlisting a Real Estate Agent offers numerous benefits. They bring expertise in local real estate, including market trends and property values, aiding in informed decisions. They negotiate on your behalf, potentially saving you money and ensuring your interests are protected. Realtors have extensive industry connections, facilitating a seamless transaction process. They also save you time by pre-screening properties and arranging viewings. Additionally, they provide emotional support, keeping you focused on your goals. While possible without one, a Realtor greatly enhances your chances of finding the ideal property at the right price.

UK nationals are permitted to purchase one Cyprus property and can hold the freehold. UK nationals are permitted to purchase land, villas, houses and apartments not exceeding 4014 m². UK nationals can stay in Cyprus for up 180 days without a visa. To stay longer a visa is required.

The rules on renting differ based on this. Non-residents cannot let their property out short-term to holidaymakers – only to Cypriot residents. This is because, in 99% of cases, the permission you’ll have from the Council of Ministers to have bought your property will contain this as a condition.

Capital gains tax applies on the profit made on the sale of a property at the rate of 20%. There is one, lifetime, allowance of the first €17,086 gains which are exempt for each seller, until this allowance is used up.

VAT in Cyprus is set at the standard rate of 19%. Primary real estate in Cyprus is subject to VAT, whereas Resale Property is VAT‑free. 

Stamp Duties

What kind of taxes and fees will I need to pay?

Τrapped buyers are considered those who, despite having purchased real estate from land developers and have fulfilled in full or to a large extent all their contractual obligations towards the seller and their contract of sale is lodged to the competent District Land Registry Office, have not succeeded in transferring…

You don’t need a tourist visa to visit Cyprus for stays of up to 90 days in a 6-month period. If you plan to stay longer, you must apply for a visa. Applications can be made in-country. If you overstay your visa, officials may charge you with breaching immigration rules.

If you are an EU citizen, for example, you can move to Cyprus without needing to obtain a visa. However, if you are from a visa required country, you must obtain a Cyprus visa to move to the country. Cyprus immigration rules allow certain British citizens to live in the country without a visa.

It is also known as a Cyprus immigration permit or unlimited residency. In 2024, to obtain a Permanent Residency permit in Cyprus with the fast-track option, the applicant must invest at least €300,000 in real estate or other investment options. This residency can cover the whole family and does not expire.

The ‘Pink Slip’ is a special temporary permit issued for Non-EU citizens who come to Cyprus for long-term purposes.

An individual who spends more than “183 days” in a calendar year is considered to be a Cyprus Tax resident and will be taxed in accordance with the provisions of the Cyprus tax Laws. A Cyprus Tax resident is taxed on his local and international income under the Cyprus tax regime.