What Does Brexit Mean for Your Home Buying Plans in Cyprus?
For anyone keen to enjoy a peaceful way of life in a historic region, Cyprus may well be the destination that you’ve been searching for. In fact, as the years go by more and more people from the United Kingdom are packing up and relocating to this fabled island – and for good reason. The food is great, the traditions are iconic and the homes can be as beautiful as they are affordable.
But with the promise of Brexit on the horizon, what will the event mean for you and your plans to move to Cyprus?
Things to Think About
Although the UK is leaving the European Union, Cyprus is still a part of it. That means that laws relating to customs, tax and immigration still apply. But the more important thing to consider is that when it comes to the UK/Cyprus relationship, things work a little outside of the box. Ministers on both sides understand the importance of maintaining a functional relationship – and this is why plans were drawn up soon after the announcement of Brexit in 2016 between both countries.
These plans helped to ensure that citizens of both locations would still be able to live and travel freely, without any outside concerns imposed by the EU.
What this means for you as a British ex-pat, is that if you are hoping to relocate to Cyprus and you have the means to do so; there’s really no reason why you can’t. To secure your residency, there are several avenues that you can follow. From purchasing a house with a value of €300,000, right through to applying for residency after living here for a period of 5 years.
This means that if you have resided in Cyprus for at least 5 years already, you could simply apply for a residency permit. This is an exclusive arrangement between the UK and Cyprus, and ambassadors on both sides have demonstrated their support for the plan. With tens of thousands of Cypriot-born people living in the UK, as well as many British-born nationals calling Cyprus their home; there really is no need for concern.
There’s no better time than right now than to begin planning your relocation to Cyprus. Paphos in particular has a stunning selection of properties on the market as of 2019, with more expected to become available by 2020 as newer developments are built.