Register Number: 1005
License Number: 382/E
+357 24 655766
Register Number: 1005
License Number: 382/E
+357 24 655766


Why choose George Pafitis Real Estate Agent?

At George Pafitis Real Estates we aspire to fulfil even the most ambitious property requirements of our global clients, offering tailored services that extend far beyond asset purchase.

We advise clients on the suitability of their desired properties, inform them of the nuances of local property law, introduce them to solicitors to assist in all required legal documentation, conduct sales negotiations to secure attractive pricing, and guide clients to an overall favourable outcome, acting always in their best interests.

With a vast network of highly professional associates across the island, we provide a rich portfolio of properties suitable for all budgets.

What properties can foreign nationals (non-Cypriot) purchase?

Buying a property in Cyprus is straight forward. As a non-Cypriot individual you are entitled to purchase the following property types FREEHOLD for your personal use:

  • An apartment or a house
  • A villa or building site not exceeding 4.000 sq.m.
  • A piece of land not exceeding 4000 sq.m. for the purpose of erecting a house within a reasonable time period.
  • Offshore Business Units with unlimited office/work space.
  • A second home may be permitted depending on the type (e.g., a holiday home in addition to a permanent home in the city).
  • Acquisition of Leases having a term in excess of 33 years duration are treated similarly in Real Estate as a freehold in relation to the limitations

Note that acquisition in shares other than between husband and wife is not permitted.

Do all properties have title deeds?

Properties have title deeds. Title deeds are issued by the Cyprus Land Registry Department, a few years after completion of a new development project. Individual houses follow the same procedure. Upon approval of the application by the Council of Ministers, and confirmation by the Central Bank that the purchase was made with foreign funds, the transfer of deeds can take place within a few hours.

Can a loan be obtained locally?

All the main banks in Cyprus offer loans for the purchase of property in foreign currency.

Normally a deposit of 30% can facilitate a loan on the balance -70%.

Interest rates vary, however as a guideline you can expect the base rate -libor- +2.0%. The repayment period can be up to 15 years.

What is required for the transfer of a property and what are the fees payables?

The following documents are required to be submitted in order for property to be transferred to your name as a purchaser:

  • Written confirmation by the Central Bank that the purchase was made with foreign funds, which was transfered into Cyprus
  • The sale contract.
  • The Ministerial Council's permission for the purchased property.
  • The property's title deeds, if available.
  • Confirmation that all taxes for the purchased property (sewerage, immovable property, town taxes etc.) have been paid

Transfer fees are paid on Open Market Value determined by the Land Registry department, on the day of the original transaction/sales contract.

Transfer rates are as follows:

Property Transfer Accumulated

Value € Fees - % Transfer fee €
Up to 50.000 3% €1500
50.000-100.000 5% €4000
100.000 and over 8% -------

A Power of Attorney can be issued to a third party to attend and conclude the transfer on the buyer's behalf.

There is a transfer fee advantage if the property is registered in the name of the two spouses (husband + wife) as the total purchase price is divided by two, thus lowering the rate of the transfer fee.

Do I need to employ a solicitor?

Although we recommend seeing a solicitor, you may find that is not necessarily required. If you buy through a reputable developer there are printed ready contracts. Should you wish to use a solicitor to check the contract and examine the property's date, any impediments etc., an average applicable fee is €400-€600.

Do I need a valuation/survey?

We suggest that you get a survey and valuation report especially for resales and for units of a greater age. The cost of a valuation report is, on average, €150, plus approximately €200 for a survey.

Are residential permits easily available for those who have purchased property in Cyprus?

The requirements for residential permits are as follows:

Temporary Permit: The requirement for this permit is the production of a sales agreement and a Cypriot Bank Account. The residential permit can be from 1 year to 4 years.

Permanent Permit: In addition to be above, the applicant must establish proof of an annual income of €10.000 per annum for a couple.

Are after sales services available?

The after-sales service department of George Pafitis Property Estates provides assistance to clients for the following services:

  • Water-Electricity-Telephone
  • Purchase of household appliances and furniture
  • Insurance policies for the house and its contents
  • Medical Insurance
  • Property Management
  • Cleaning, gardening and pool maintenance.

You can contact our support department including sending an e-mail to for further information.

What are the communal charges?

In case of mult- ownership projects whereby a series of common use services are provided, charges vary from apartment to villa according to the quantity/quality of services available and the covered area of the property.

Changes are allocated according the covered area of the property. Charges vary, for apartments from €150-€250 p.a. and houses with common use facilities from €250-€350 p.a.

What taxes are payable on property (Depositing of the Sales Contract)?

  1. Transfer fees: see transfer of property ( one-off payment)
  2. Immovable property tax. This is an annual tax which is paid on the value of the property, (on the market value as at 1/1/1980) and is a fixed percentage per thousand:
    [a] Up to €100.000 Nil
    [b] €100.001-€250.000 2.5
    [c] €250.001-€500.000 3.5
    [d] €500.001 and over 4.0
  3. Fees for the deposit of a sales contract in the Land registry: The deposit of the sales contract is advisable in order for the purchaser to exercise the defence of specific performance against the developer/seller. The purchaser has the right to deposit the sales contract within 60 days after signing of the contract. However the sales contract must be deposited and stamped within 30 days after signing. After this period a penalty is imposed. The fees are 1.5/thousand for values there after.
  4. Capital gains tax: The difference between the purchase price, and other costs incurred, such as inflation, interest costs, improvements etc., and the sales price is liable to the capital gains tax of 20%. The first €10.000 of the difference is exempt. In case of a permanent resident the amount is increased of €50.000 per year.
  5. Other small annual taxes are the sewerage fees and garbage collection fees, paid on a yearly basis. These range from €60-€80 p.a.

Is there medical care system in Cyprus?

The medical industry in Cyprus is of an extremely high standard, and the majority of the island’s doctors having been trained in Europe (including in the UK) and the USA. Medical care is inexpensive. A visit to the doctor costs between €15-€25 and X-rays are charged at €20-€25.

Medical care through private insurance is available starting from €142 p.a.

What are the relevant estate duties?

Inheritance tax has been abolished since 1/1/2000. Permanent residents domiciled in Cyprus are exempt from Estate duty on worldwide assets. People with worldwide assets and or tax inheritance problems can find that Cyprus, most attractive on this benefit alone.

What is the cost of living in Cyprus?

The cost of living is much lower than other European countries, as indicated below:

Comparable food prices-2002

E.U - 15 Members 100
Iceland 155
France 116
U.K 108
Italy 105
Belgium 105
Cyprus 91
Slovenia 89
Portugal 87
Greece 87
Spain 86
Hungary 62
Poland 61
Turkey 58
Slovakia 54

What are the price indicators for a property?

George Pafitis Real Estates have properties for sale from as low as £16.000 depending on location, size, type of property etc. Through our connections in all of the island’s towns including the mountain resorts, properties of all nature, age, quality are available. Custom-built properties can be arranged upon request. Projects under construction in all areas of Cyprus including beach properties are available. A large amount of resales are also available.

Is tax paid on pensions?

Pensioners who become residents in Cyprus are taxed on their pensions from abroad at the rate of 5% for amounts exceeding £2,000 annually. No tax is paid in the country of origin if a double taxation treated exists.

What double taxation treaties are available?

A vast network of double taxation treaties are in place in Cyprus, to protect investors from paying tax in two countries. This allows investors to take advantage of the low rate of tax in Cyprus, including 12.5% corporate tax.

Among the double tax treaties of Cyprus are the following:

United Kingdom - United States - Austria - Bulgaria - Canada - China - Czech Republic - Denmark - Egypt - France - Germany - Greece- Hungary - India - Kuwait - Malta - Norway - Poland - Romania - Russia - (including Armenia, Belarus, Kurdistan, Moldova, Tajikistan, Turkmenistan and Ukraine) - Slovakia - South Africa - Sweden - Syria - Yugoslavia (Serbia - Montenegro).