real estate

Real Estate Cyprus

We have extensive experience in real estate transactions in Cyprus. Our property lawyers and planning consultants can provide consulting on residential, commercial, mixed-use and industrial property acquisition, sale and lease; consulting on residential, tourism and industrial real estate development; government permits and procedures. Nasos A. Kyriakides & Partners LLC advises on all legal aspects of buying, renting or developing property in Cyprus. We also work closely with banks, architects and involved parties to ensure smooth property transactions. We are also able to coordinates our in-house project management service for conversion or refurbishment projects of residential and commercial property where appropriate.

Our Property & Development Team also provides a full service in connection with the drafting, review and negotiation of preliminary agreements and deeds of sale/purchase of property in Cyprus.

Investment property in Cyprus offers good potential for investors and home buyers in the well-established South. EU inclusion has Cyprus potential as a strong market in which to invest.  Southern Cyprus dominates the property market on the island as the north, with its political uncertainly, is still commonly regarded as too risky for many investors.  The International Property Investment Network has selected Cyprus as one of its chosen locations to offer solid investment opportunities to its members.

Why invest in Cyprus

A number of economic and natural factors combine to make Cyprus the ideal property investment location.  An average 340 days of sunshine a year make Cyprus an agreeable place to visit or live and holiday in outdoor activities are rich.  Cyprus is a great holiday location with varied appeal which offers an interesting mix of cultures, with strong UK, Greek, Middle Eastern and Turkish influences. In addition, most of the local people speak English are welcoming and hospitable towards visitors.  Proximity to the European mainland means that Cyprus benefits from regular budget direct flights, making access to the island very easy.

Economic Factors

Competitive prices and a low cost of living compared with other Mediterranean destinations make for an ideal investment climate.  The growth rate for real estate investors grow higher every year in carefully selected locations.  Cyprus EU inclusion since May 2004 means EU financial assistance and several other economic benefits.  The Strategic Plan for Tourism 2010 is upgrading facilities and resorts in line with 21st century tourism trends. This is set to boost an already thriving tourism industry on the island.  A successful and growing economy indicates strong potential for property investment growth in the future a low tax regime makes investors’ money go even further.

We can assist you in the setting up joint venture opportunities in Cyprus and the implementation of investment strategies to best suit your needs. We maintain valuable contacts with large-scale individual investors and investment groups, all wishing to take advantage of the current profitable investment opportunities in Cyprus.

Permanent Residency in Cyprus

According to the new procedure, established by the Minister of Interior, any non EU Citizen who purchase property in Cyprus of a value exceeding €300,000 with the intention of using this property as their main residence, will qualify for ‘favourable treatment’ when applying for a Permanent Residence Permit. Provided that certain minimum requirements for the Immigration Authorities i.e. sufficient income generated from sources outside Cyprus is satisfied.

Our Government is simplifying the procedure as the holders of these Permanent Residence Permits are exempt from the lengthy immigration procedures which apply in the case of other categories of Third Country such as re-entry visas, etc.

According to the new regulations, the purchase of a property valued over €300,000 euro will facilitate acquiring the Green Card (5 year Residency Permit). The Minister of Interior mentioned that there has already been a step forward regarding Russian visitors, as the Embassy of Cyprus was instructed to issue 3 year multi-visas which allow to visit Cyprus unlimited amount of times.

The Minister of Interior has pointed out that every owner of property in Cyprus has a legal right to apply for a Pink Slip, which is renewed annually. It is intended to issue Russian citizens with a prolonged Residency Permit as long as the purchased property is used as permanent residence.

Summary

EU membership and the adoption of the Euro is encouraging Cyprus still onwards. The International Monetary Fund and the European Commission endorse the Cyprus economy as a stable one in which to invest, and property prices in prime locations of the south east have risen by as much as 20% per annum over recent years.

Under the Cyprus ‘Immovable Property Tax’ laws all property owners, regardless of whether they’re resident in Cyprus or not, are liable to pay an annual tax based on the total value of all the immovable property registered in their name.

Cyprus’ property tax is calculated on the market value of the property as at 1st January 1980 and is paid annually the Inland Revenue Department.

Individual owners are exempt from this tax if the 1980 value of their property is less than €170,860. As a result, you are extremely unlikely to pay (unless you have bought property valued in millions at today’s prices). The tax is payable on the 30th of September of each year. Natural and Legal persons are both liable to this tax.

 

Calculating your Immovable Property Tax liability

Every registered owner whose immovable property exceeds € 170,860 is required to submit a Declaration of Immovable Property (IR 301 and IR 302) and pay the respective tax every year before 30 September. The tax rates are as follows:

It should be noted that the nil rate IPT on property valued up to € 170,861 only applies to natural persons (individuals). If you have set up a company (a legal entity) to own a number of properties, the nil rates does not apply.

Market Value of Property (1/1/1980) (€)

Annual Property Tax (‰)

up to € 170.860,14

0%

from € 170.860,15 to € 427.150,36

2.5%

from € 427.150,37 to € 854.300,72

3.5%

over € 854.300,73

4%

Nasos A. Kyriakides & Partners LLC, can provide advice on Cyprus property law. Our legal advisors have a long experience in providing the necessary legal services for the purchase, sale or rental of land and these services are always provided in an efficient and expedient manner.

Services:

  • Draft/Review of Sale or Rental agreement
  • Search of the Land Registry
  • Settlement of stamp duty
  • Filing of sale agreement with the Lands Office
  • Negotiation\Settlement of capital gains tax
  • Completion and submission of necessary documentation for the completion of the transfer and registration of the title deed
  • Execution of agreement by Power of Attorney
  • Application to the Council of Ministers for the issue of the permit to acquire property in Cyprus (if necessary)
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