Buying an apartment in Cyprus in 2026

A new flat from €300,000 opens permanent residence in the European Union, while a passport for property has not been granted since 2020. Prices by city, the purchase permit, 5% or 19% VAT and the pitfalls.

In detail

Cyprus is an EU country where a new flat from a developer priced from €300,000, about $340,000, opens permanent residence. A passport for property is no longer granted: the citizenship by investment programme closed in 2020. A detailed look at the market, property checks and transaction support is on the page property in Cyprus; here are short answers to the main questions.

How much an apartment in Cyprus costs in 2026

In the first half of 2026 the Cyprus resale market saw 3,202 transactions worth €727 million. The square metre is most expensive in Limassol and cheapest in Larnaca and Nicosia. New builds cost noticeably more than resale, especially by the sea.

Limassol costs almost twice as much as Larnaca, and the sea in Larnaca is no shallower for it. Only new housing from a developer qualifies for residence, so the €300,000 threshold is measured against new-build prices.

How a foreigner buys an apartment in Cyprus

Citizens of non-EU countries, including Russia, need a permit from the district administration under the law on acquisition of property by foreigners. No fee is charged, and review takes 2-3 weeks. A foreign family can also get a permit for a plot of up to 4,000 m2 for its own home.

1. Goal and budget: a home, rental or residence.
2. Property checks: the developer's title, encumbrances, the building permit.
3. Contract and its registration with the Land Department: this protects the buyer until the title is issued.
4. District administration permit for the purchase.
5. Payment from abroad with documents on the origin of the money.
6. Residence permit - an application to the Migration Department, if part of the plan.

EU sanctions bar Russian citizens without an EU residence permit from holding deposits over €100,000 in European banks. So the path of the purchase money is planned in advance.

How much the paperwork costs: taxes and fees

• New build - 19% VAT. For your own home a 5% rate can apply to the first 130 m2 if the area and price stay within the legal limits. No transfer fee is then charged.
• Resale - no VAT, but a transfer fee: 3% on the first €85,000, 5% up to €170,000 and 8% above, with the law halving it.
• Stamp duty on contracts was abolished from 1 January 2026.
• A company owner pays 15% corporate tax from 2026 if the flat is rented out through it.

Cyprus residence through buying an apartment

Under regulation 6(2) of the Aliens and Immigration Regulations, an investor from a non-EU country receives a permanent residence permit for new housing from €300,000 plus VAT. Confirmed annual income of at least €50,000, about $57,000, is required, the purchase money must come from abroad, and proof of payment of at least 66% of the price is attached to the application.

The right of residence is permanent, the card is valid for 10 years and then renewed. Visiting Cyprus once every 2 years is enough. More on the page Cyprus residence by investment.

Risks when buying an apartment in Cyprus

• No separate title. For some new builds the flat's title takes years, and without registering the contract the buyer is at risk.
• The property does not qualify for residence: it is not new or is not sold by the developer.
• Money not from abroad or its origin not proven - the residence application is rejected.
• Income below €50,000 a year - the main reason for residence refusals.

How we help

The law does not stop you from filing on your own. But mistakes in the property and the money trail cost more than the taxes. We find a flat for your purpose, check the title and developer, obtain the purchase permit and handle the residence application.

Owner taxes are on the page taxes in Cyprus, and all programmes in the overview Cyprus.

FAQ