How Brexit Affecting the Property Market in Cyprus for Expats
If there’s one word on the minds of many British expats either currently living in Cyprus, or planning to relocate – it’s Brexit. This separation from the European Union has been a hot topic for a while now and with the end of 2019 looking to be when the settlement will be finalised (October 31st, to be specific), what do you really need to know about how the event is affecting buying a home on the Island of Aphrodite?
What You Need to Know.
If you currently live in Cyprus as a British expat and you’re worried about being forcibly kicked out of the country when Brexit goes through – don’t be concerned. After a recent publication was released by the Interior Minister of Cyprus, it’s become apparent that any British-born person that’s been in Cyprus for the past 5 years (up to December 2020) will be eligible to register as a resident.
How Much Does it Cost to Buy a House in Cyprus to Become a Citizen?
For those of you planning on relocating here, there are two options. Firstly, you could buy a home with a value of €300,000 or more to be eligible for a PR card (Permanent Residency card). Secondly, you could relocate to Cyprus before December 2020, stay for a period of 5 years and then apply for Cypriot residency. But what about people that won’t be in the country until after this date?
Fortunately, due to the comfortable relationship between Cyprus and the United Kingdom, you’ll still be welcome to travel to the country and apply for permanent residency after the 5 year threshold has passed. So, as a British expat, there really isn’t any need to be concerned about being forced to leave this stunning island – especially if you plan on buying a home here with a value of over €300,000 as mentioned above. It won’t matter if you need a mortgage calculator to help you work out your home loan repayments, or if you plan on selling your British home to relocate; as long as you meet this threshold, you’ll be eligible to apply for permanent residency in Cyprus.
What if Brexit Talks Fail?
As things currently stand, there are two options for Brexit. Those involved will either come to an agreement and part fairly, or a ‘Hard Brexit’ will occur, whereby the UK will leave the EU without a deal. Although this is a concern for many countries in Europe, the reality is that Great Britain and Cyprus share many mutual interests; from security and international affairs, right through to trade, economic matters and much more in between.
As a result, leaders on both sides of the fence have been in talks to secure a future for Cypriot citizens residing in the UK, as well as British expats living in Cyprus. Experts can’t make any guarantees, but what they have done is offer their opinion relating to the matter and it certainly seems like the outcome won’t take a negative toll on English expats.
What About the Property Market in Cyprus?
Scaremongers out there certainly seem to be trying hard to cause concern amongst UK expats living abroad. According to extensive research, British buyers actually purchased more homes in Cyprus between the announcement of Brexit in 2016 and July 2019 than in the 4 years previous. With an increase in purchases of almost 2% toward the end of 2018, as well as property values rising; the market has taken a climb, as opposed to a reduction.
Can Foreigners Buy a House in Cyprus?
Many British holiday makers visit the regions that have seen an increase in sales, including Famagusta (namely Paralimni), Larnaca, Nicosia and Paphos.
If you’re keen to learn more about how to become a permanent resident by buying a house in Cyprus, if you’re looking for cheap village houses for sale in Paphos or for any further information relating to the property market (for home sellers or buyers), simply get in touch with our friendly team today.
Copyright. M.A. Demosthenous Property Services Ltd