New guidelines have been issued by the Ministry of Interior concerning the accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intend to invest in the Republic of Cyprus. The relevant parts of the announcement are as follows: 1. According to the provisions of Regulation 6(2) of the Aliens…
The Cyprus Parliament unanimously passed a bill on the 3.11.2011 suspending the payment of property transfer fees on properties subject to VAT for a period of 6 months. The bill also provided that the property transfer fee for purchases not subject to VAT will be reduced by 50% of the current level for the same…
On the 26 August 2011 the House of Representatives approved legislation aimed at stimulating the local property market. The legislation passed provides that eligible persons will be subject to a lower VAT rate of 5% on the purchase or construction of a first residence. The rate will apply for the first 200 square meters of…
The Ministry of Interior issued the following bulletin regarding the Town Planning Amnesty legislation which came into force on April 8 2011. The legislation aims at simplifying and modernising the procedures and legal provisions that eventually lead to the securing of updated title deeds by respective property owners. PLANNING AMNESTY BULLETIN LEGISLATION FOR THE MODERNISATION…
The following press release was issued on the 06.04.2011 by the European Commission. The full text of the press release can be found here. The European Commission has today asked Cyprus to respect EU rules that give nationals from the EU, as well as from Iceland, Norway and Liechtenstein, the right to buy a second…
Any additional expense to the price of property can make a considerable difference as to its affordability. Buyers must therefore take special care to confirm whether the property they are considering purchasing is subject to Value Added Tax (VAT) and if so, whether the purchase price quoted includes the VAT. What type of Immovable Property…
Property Transfer fees are imposed by the Department of Land and Surveys in order to transfer ownership of preoperty to the name of the purchaser. The transfer fees are due for payment when the transfer of the title deed in the name of the purchaser takes place. The Purchaser is solely responsible for the payment…
As of the 01.05.2009 the restrictions placed on the acquisition of property by EU citizens have been lifted. Since Cyprus’ accession to the European Union on 1st May 2004, property laws have been revised to conform to the provisions of the acquis communitaire. However, in order to protect the property market, Cyprus negotiated a 5 year…