How Brexit Is Affecting Purchasing A Property In Cyprus - Part 1

In this four (4) part series we will explore how Brexit has affected the Cyprus property market immediatly after the Referendum, what effect will a Deal or No Deal have and what is the current situation. In this article some general discussion about the Brexit and the ties of Cyprus with UK will be discussed.

How Brexit Is Affecting Purchasing A Property In Cyprus

Right before the financial crash that occurred about a decade ago, the Brits happen to be the dominant buyers of properties in Cyprus. Interestingly, most of the Brits travel to this country for recreational purposes each year. The current Brexit talks have made people question how a deal will affect their ability to buy properties in Cyprus.

If you have had the opportunity to live or work in the UK, you will definitely agree that the Brexit is something that you would want to be reversed. With the Brexit talks still in motion, most of the British nationals including those with Cypriot origin as well are currently applying for a Cyprus passport to ensure that they are able to bypass the restrictions they may face as regards the acquisition of properties in the country. Some have applied for this passport to enable them to handle tax situations. While this entire process may be quite straightforward for Brits with Cypriot origin, it could get complicated for those who are not of Cypriot origin.

Cyprus And Its Relations With The UK

Before we dive into how Brexit will affect and is currently affecting those seeking to buy properties in Cyprus, we'll take a look at a brief history of this country and how it has managed to relate with other nations, the UK being one of them.

After about 82 years of British control of this country, they were finally granted independence in 1960 and since then have continued to have this warm relationship that has benefitted each of them. Currently, the UK holds control of two military islands in Cyprus, and in the period of ten years, these two countries have had multiple faced relations that have to do with politics, commercial, economic, educational, and cultural links. Interestingly, the relations these two nations had were strengthened when Cyprus became part of the European Union (EU). Currently, over 250,000 Cypriots study in the UK, while thousands of British nationals live as permanent residents in Cyprus. In addition to these, over a million UK nationals visit this country each year for recreational purposes. Interestingly, Cyprus is one of the most visited countries by UK citizens.

Stay tuned for Part 2

Copyright. C.N. Property Canvas Ltd.

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “How Brexit Is Affecting Purchasing A Property In Cyprus - Part 1” and is a certified advance negotiator.