Real Estate in Cyprus
Real estate in Cyprus is viewed by many renounced investors and progressive business minds as one of the best jurisdictions for investment. The recent discovery of natural gas and oil in proximity of the coastal area of the Island is expected to bring upon a complete transformation to the economy of the Island. New real estate development projects have already began and are constantly expanding, soon enough the Island is said to become one of most financially stable environments in which to invest, and do business.
After the global financial recession, properties in the Republic of Cyprus have suffered a decrease in their value, a status however that is not expected to last for a long time due to the constant development of real estate in Cyprus is a result of the Republic’s natural wealth, climate and strategic geographical position in the eastern Mediterranean at the crossroads of Europe, Asia, the Middle East and Africa. The Republic is proud of its transparent legal system and excellent infrastructure as well as its European Union membership.
There are many non-Cypriot nationals that are interested in investing in real estate in Cyprus, many fall within categories such as;
- Retired residents;
- Economically active residents;
- Holiday makers and speculators; and
- Business investors.
Information on each category can be provided through our immigration section.
A strong incentive for investing in real estate in Cyprus is the fact that the Republic has signed double taxation treaties with more than forty (40) countries and is currently in ongoing negotiations with additional jurisdictions. Last but not least the Republic of Cyprus imposes no succession taxes.
The frequent direct air connection of the Republic with jurisdictions of the EU as well as the Middle East and Russia make the Island a favorable destination for holidays as well as business trips. Today the Republic of Cyprus is one of the most desired locations to either go for holiday do business or invest in real property.
Despite to the Island’s transparent government system, and as in every jurisdiction, the legislation concerning immovable property and all the formalities that must be considered render the collaboration and receipt of advice on such matters by a reliable and efficient lawyer, a necessity.
We offer you full legal guidance and support in choosing the best property based on your needs with regards to location, construction and price. Our legal associates will negotiate on your behalf and act in your full assistance up to the point you receive the title deeds to your property.
Our Services range from:
- Drafting contracts on behalf of buyers and/or sellers;
- Aspects of acquisition and charge of immovable property by non-Cypriots (including but not limited to applications for residence permits, expatriation of funds and similar matters);
- Property management for non-residents;
- Estate planning and wills; and
- Administration of estates, probate and re-sealings.
Read more about Charges over a property (MEMO) by clicking the link here.