Are there incentives for property buyers in Cyprus?
Yes, Cyprus offers various incentives and benefits for property buyers to encourage investment and stimulate economic growth. These incentives may include reduced VAT rates on the purchase of new properties, tax exemptions or discounts for first-time homebuyers, and residency or citizenship through investment schemes. Reduced VAT rates are applicable to the purchase of new residential properties for owner-occupation or investment purposes and can result in significant savings for buyers. Tax exemptions or discounts may be available for first-time homebuyers, providing relief from property taxes or other transaction-related expenses. Additionally, residency or citizenship through investment programs offer investors the opportunity to obtain long-term residency permits or citizenship in Cyprus in exchange for making a qualifying investment in the country's economy, such as purchasing property above a certain value or investing in local businesses. These programs provide investors with various benefits, including visa-free travel within the European Union, access to healthcare and education services, and the right to live and work in Cyprus indefinitely. It's essential for buyers to explore the available incentives and programs in Cyprus and consult with legal and financial professionals to determine the most advantageous options for their property purchase.