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Real Estate

  • Stamp duty. This fee must be paid within 30 days from the date of signing the contract
  • Tax on transfer of ownership (title)
  • Annual tax on immovable property (property tax)
  • VAT on real estate

Если в будущем покупатель захочет продать собственность, Кипрский закон позволяет вывезти за границу полностью всю сумму, которая была уплачена за эту собственность. Прибыль, полученная в результате продажи, облагается налогом 20%, однако первые 17.086 евро налогом не облагаются, если же покупка была совершена на два лица, то налогом не облагаются первые 34.172 евро, а если вы впервые продаете недвижимость и при этом владели ею более 5 лет, то налогом не облагаются 85.430 евро прибыли. При подсчете налога также учитывается расходы на улучшение недвижимости (если вы после покупки затеяли ремонт, то все документы по расходам на это следует сохранить) и инфляция.

In Cyprus, the inheritance tax is not charged.

The procedure for buying a property in Cyprus is very simple and safe, can be completed in a reasonable time after the signing of the contract of sale. EU citizens are allowed to buy property without restrictions and do not require approval from any person.

Citizens of non-EU states need the permission of the Council of Ministers. However, such permission is issued in the prescribed manner without limitations.
Citizens of non-European countries can buy a house, apartments or a plot of land up to 4041 sq.m. In free possession.

In this case it is necessary to know that in Cyprus there are two statuses of real estate: freehold and lis-hold. In the case of a free-store purchase, you become its lifelong owner and have the right to transfer it by inheritance. In the case of a purchase with the status of Liz Hold, you become the owner of real estate, but not the land on which this property is located. You lease the land for the period indicated in the contract.

Once the buyer has chosen a property, he must make a deposit of 1-2% of the total value of the property. If the buyer subsequently refuses to purchase, the deposit is not refundable.
The process of drafting contracts takes several days. When signing contracts, the buyer must pay 30% of the total value of the property. The remaining amount is paid according to the agreement of the two parties.

After the conclusion of the contract, the foreign buyer must submit a written application to the Council of Ministers for approval of the purchase and a copy of the passport, and within a month pay stamp duty in the Department of Internal Taxes.
Documents to the district land commission are submitted no later than two months from the date of signing the contract for entering into the property register. This is necessary for its registration and is carried out in order to protect the interests of the buyer. This procedure takes place in the Land Chamber. Registration confirms the buyer’s property until an individual certificate of ownership of the property is received and guarantees protection from resale, purchase, lease or mortgage of the property without his knowledge. The registration procedure is carried out by the developer.
Payments for the acquisition of real estate are carried out by bank transfers, the basis for payment is a contract. After the buyer pays the seller the full amount under the contract, the final permit of the Cabinet of Ministers for the acquisition of real estate is obtained.
For the final transfer of ownership and the title to the foreigner, the following documents are required: an application submitted to the Regional Land Chamber, receipts for payment of the registration fee and property tax.
A copy of the permit of the Council of Ministers, a certificate received from the Central Bank, accounts confirming the payment of all taxes on the purchase and registration of property and the registration certificate of real estate are attached to the application.
Upon receipt of the title, it is always the personal presence of the buyer and seller. The deal is registered with the Land Commission, it takes about a week. The date of acceptance and transfer of real estate is indicated in the contract. After this date, you can already enter your house.

EU RESIDENCY

Affluent foreign nationals residing in Cyprus can obtain permanent (permanent) residence permit (PZH) of category F. This document does not give the right to work in the country, however the applicant can be the owner of a company operating in Cyprus and receive not an official salary, But dividends that are relied upon by the shareholder.

On August 23, 2012, the Ministry of the Interior of Cyprus decided to prioritize applications for immigration status of category F from non-EU citizens who purchased private housing in Cyprus at a cost of not less than € 300,000 for their own residence. Category F – the only one for which the UWW gets the whole family at once.

1.Passport (copy)
2.A valid residence permit (a copy is required if the applicant already lives in Cyprus)
3.Curriculum Vitae (short biography)
4.A certificate from a Cypriot bank about the presence of at least € 30,000 in the account
5.A declaration of guaranteed income of at least € 30,000 / year from sources other than work in Cyprus (original and affidavit). The minimum annual income is increased by € 5,000 for each dependent family member.
6.Title of ownership or contract for the purchase / sale of Cyprus real estate worth at least € 300,000 (original or certified copy). If the title of ownership has not yet been obtained, then the contract must be certified by the land department stamps and the applicant must show proof of payment of at least € 200,000
7.
Medical insurance
8.
Certificate of criminal records (translated and apostilled)
9.Certificate of marriage and birth certificates of children

Having lived in Cyprus for 7 years, you have the right to apply for Cypriot citizenship.

Passport + copy
Contract of sale and purchase for real estate
3 photos (passport format)
Insurance
Bank account in the local bank (open on arrival):
Bank guarantee for 2 years (original)
IBAN
Statement from the bank (account movement)
Availability of funds on the account (minimum € 15,000)

On a family, in addition:

Marriage certificate with translation and apostille
Passport + spouse’s copy
3 photos for each member of the family
Certificate of birth of children with translation and apostille
Passports (copy and original) of children
Guarantee letter (at least 2 years) for spouse and children under 18 years of age
A letter in English from parents that the children will live in their apartment. Assure in court in Cyprus.
The amount on the account must be € 15,000 + € 10,000 for the spouse + € 5,000 for each child.
Medical insurance for each family member
If children will study in Cyprus, a certificate from the school for each child.

If children over the age of 18:

Passport + copy
Birth certificate with translation and apostille
3 photos
Personal bank account (Cyprus)
Medical insurance (Cyprus)
IBAN
Guarantee letter from the bank (at least 2 years)
€ 15,000 in the account sent from another country
Bank statement
A letter in English from the parents that the children will live in their apartment (assure in court in Cyprus).

The presence of a pink slip gives the right to visa-free entry into the territory of Cyprus for the entire duration of its operation. This permission can be automatically canceled if its owner is absent in Cyprus for more than three months.

INTERESTED IN LIVING IN CYPRUS?

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