If you’re considering settling in a warm climate and enjoying the pleasures of life on the Mediterranean coast, it’s worth knowing a few details about Cyprus. There are virtually no industrial enterprises on the island, making it significantly cleaner from an environmental standpoint than mainland Europe. The Mediterranean climate is celebrated for its mild winters and hot summers, and Cyprus is no exception, boasting over 300 days of sunshine each year. In addition to this, Cyprus offers proximity to the warm sea, stunning nature, and many historical landmarks.
Purchasing property in Cyprus is a sufficient basis for obtaining Cypriot citizenship, which grants access to all the benefits of EU residency. A passport of the Republic of Cyprus, which enables its holder to enjoy the rights of an EU citizen, can be obtained if the purchased property costs more than 2 million euros.
It’s important to note that purchasing any real estate in Cyprus entitles you to apply for a temporary residence permit if you have a stable financial situation. By periodically renewing it, you can reside in Cyprus as long as needed. The country’s food and transportation costs are reasonably low.
Foreign nationals can conduct any lawful business in Cyprus. Only minimal statutory documents are required: the company must have a registered address, a director and secretary (who must be residents of Cyprus), and shareholders. You can register a legal entity in about a week. Once you own property, you can rent it out. Rental yields in cities like Nicosia, Larnaca, and Paphos average around 4%. Property taxes are low: stamp duty is 1.5–2 euros per thousand euros of the property’s value, property registration tax ranges from 0–4%, and the annual property tax has been abolished.
High-quality modern real estate prices start at 300,000–400,000 euros, although properties are available for as low as 50,000–100,000 euros. If you’re looking to purchase a desirable apartment or house in Cyprus, consider MySpace real estate agency, which offers a variety of interesting options.
If you plan to move with your family, keep in mind that children need to speak Greek to attend public schools. Alternatively, children on the island can attend private British schools at a fraction of the cost of those in the UK. Electricity costs are high, and air conditioning units run almost continuously – for cooling in the summer and heating at night in winter. However, modern buildings incorporate innovative technologies that help significantly reduce electricity consumption.
Currently, there are numerous housing options available in Cyprus, with about half located in Limassol and a third in Paphos. Houses and villas are the most popular, followed closely by apartments, while townhouses are relatively scarce.
Homes are typically purchased along the coast, offering features such as swimming pools, beach access, large plots with gardens, or even golf courses. Owning a home in Cyprus is prestigious and profitable, but remember that even a small villa may require household staff, and a security alarm system if you don’t plan to reside on the island year-round. A viable option is to buy a villa within a gated complex that offers shared infrastructure and security.
Paphos and Limassol are famous resort areas in Cyprus, where purchasing property offers high investment appeal, as these areas are always in demand. Business professionals often purchase apartments in Cyprus’s capital, Nicosia, and in Limassol. Nicosia is the only landlocked city in Cyprus. For relaxation, you may prefer buying apartments in resort areas.