Buying Real Estate with Crypto currency may sound intimidating to some but it is not something completely new and unknown. The very first deal concerning property purchase with Crypto currency (Bitcoin) happened 5 years ago. On September 18th 2017 the brokerage firm Kuper Sotheby's International Realty announced it had successfully completed a transaction using only Bitcoin. Since then, with the diffusion of cryptocurrencies, more and more people feel comfortable being involved in the operations of this kind. The existing relationship between the cryptocurrency and the real estate market is very interesting and many wonder how to buy a house with bitcoins.
Is buying with cryptocurrency legal in Cyprus?
Cryptocurrencies are legal across the European Union with each member-state having its own regulations. In Cyprus the capital gains tax on profit from trading in cryptocurrency is not taxed (rate – 0%). In 2015, the Court of Justice of the European Union ruled that exchanges between traditional currency and crypto or virtual currencies should be exempt from VAT (value-added tax) as cryptocurrencies constitute services rather than goods.
Why should I invest crypto in real estate?
The rule number 1 of every savvy investor 'Don't put all your eggs in one basket'. Especially if the basket is shaky. And real estate proved to be the best investment during turbulent economy. Investing in real estate in Cyprus is not only a good solution for safekeeping your assets, it can also generate stable income. Rental prices in Cyprus are currently rocketing due to the high demand and low supply. Property sale prices are also expected to continue growing due to the impact of the building materials cost increase and general inflation.