In recent years, property demand has been steadily rising in Cyprus, with a significant portion of purchases by foreigners, including EU citizens and third country nationals such as UK. Foreigners are allowed to buy one home freehold, or a piece of land up to 4,000 sqm (just under an acre).
Unless you are an EU citizen or resident of Cyprus, it is against the law to buy property with the intention of renting it commercially. This is the biggest change for Brits now that the UK has third country national status in Europe. The second change is in the process is permission, which now has to be sought from the Council of Ministers before deeds can be transferred. Your lawyer and agent will help. For those who qualify, rental returns of 5-7% gross are not unusual.
Unless you are an EU citizen or resident of Cyprus, it is against the law to buy property with the intention of renting it commercially. This is the biggest change for Brits now that the UK has third country national status in Europe. The second change is in the process is permission, which now has to be sought from the Council of Ministers before deeds can be transferred. Your lawyer and agent will help. For those who qualify, rental returns of 5-7% gross are not unusual.