The Cyprus Digital Nomad Visa Scheme allows non-EU nationals and who either work for an employer registered abroad, outside of the Republic of Cyprus or are self-employed and can use digital technology to provide services for companies or clients located abroad, to reside temporarily in Cyprus.
The Ministry of Finance announced the permanent reduction of transfer fees. The reduction was implemented by the enactment of the Land and Surveys Department (Fees and Rights) (Amendment) (No 2) Law of the 14.07.2016. Consequently the temporary arrangement which provided a reduction of 50 per cent of transfer fees until 31.12.2016 is now made permanent. According to…
In order to provide a simplified legal framework for people who have private and financial interests in at least two countries, both within and outside the European Union, EU Regulation 650/2012 (or “Brussels IV”) was adopted on 4 July 2012 (the “Regulation”). The Regulation entered into force on August 17th, 2015 and is applicable to…
The Wills and Succession Law determine who will inherit a person’s estate when they pass away. Cyprus succession law provides for “forced heirship”. The rules of forced heirship in Cyprus are fairly complex and inheritance depends upon which family members survive the deceased. The significance is that law determines who will inherit a person’s estate…
The Cyprus Tax Department announced that the immovable property tax for the year 2014 must be paid until the 30th of November of 2014. If the tax is paid fully by the 31.10.2014, then the tax payer will receive a discount of 15% on the tax payable. Conversely, if the immovable property tax is paid…
The legal doctrine of “Lex rei sitae” provides that the law of the country where immovable property (house or land) is situated governs the transfer of title to property. With regards to immovable property registered in the name of diseased persons, irrespective of the country where the death has occurred, Cyprus law applies to such…
Under amendments to the Immovable Property Tax law, owners of immoveable property property in Cyprus are now liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January 2013, on the basis of the assessed valuation as at 1 January 1980. For subsequent tax years,…
Following the amendment to Contract Law, Cap 149 by Law 99(I)/2013, a penalty fee is now imposed on purchasers of immovable property in the event that they delay filing their contract of sale at the District Land Registry Office. Under the provisions of the amending legislation published on the 09.09.2013, purchasers of immovable property who…
Following the amendment of the Immovable Property Tax Law, all owners of immoveable property property in Cyprus are liable to pay an annual tax to the Inland Revenue on their aggregate property holdings as of the 1st of January each year, on the basis of the assessed valuation as at 1 January 1980. The legislation…
Following the amendment of the Immovable Property Tax Law (No. 24/1980) on the 30.04.2013 by Law 33/2013 , all owners of property in Cyprus are now liable to pay an annual tax to the Inland Revenue based on their aggregate property holdings as of the 1st of January each year, on the basis of the…