Vilanos Properties in Cyprus
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  Obtain a European (Cypriot) Passport (Fast Track) For Third Country Nationals
  Obtain a Permanent Residence Permit in European Cyprus (Fast-Track) For Third Country Nationals
  Obtain a Permanent Residence Permit in European Cyprus (Usual Procedure-Category F) For Third Country Nationals
  Application For Cyprus VISA in China
 
Obtaining European Passport - English

SCHEME FOR NATURALIZATION BY EXCEPTION OF INVESTORS IN CYPRUS (FOR THIRD COUNTRY NATIONALS)(FAST TRACK)

PROGRAMME No 1                                  PASSPORT (Fast Track)                   13th  September  2016

OBTAINING THE EUROPEAN-CYPRUS PASSPORT FOR YOUR WHOLE FAMILY (FAST TRACK)

  • CRITERIA AND REQUIREMENTS Α-Β (pages 1-2)
  • REQUIRED DOCUMENTS AND PROCEDURES (FOR OBTAINING THE PASSPORT) C (pages 3-5)
  • PROGRAMME BENEFITS (pages 6-7)
  • OTHER EXPENSES (FOR THE PURCHASE OF PROPERTY AND OBTAINING THE PASSPORT (pages 8-9)
  • ANNUAL EXPENSES-PROPERTY TAXES IN CYPRUS  (page 10)
  • INFORMATION ABOUT •CYPRUS •LIMASSOL •VILANOS  (pages 11-12)                                     

CRITERIA AND REQUIREMENTS Α- Β

One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus. Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.

Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised a ‘Scheme for Naturalization of non-Cypriot investors by exception’ on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2015, with specific incentives, terms and conditions and control procedures in order to prevent abuse.

On the basis of the Scheme, a non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/companies in which he/she participates as a shareholder- in proportion to his holding percentage, or through investments done by his/her spouse or jointly with the spouse or even as a high-ranking senior manager of a company/companies that meets one of the economic criteria (A) , may apply for the acquisition of the Cypriot citizenship through naturalization by exception.

The applicant should have made the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years as from the date of the naturalization.

In addition, the applicant must fulfil the Terms and Conditions set out in Part B.

In the case where, following a periodic inspection, it has been established that a criterion, term or condition of the Scheme has been breached, the granted naturalization may be revoked.

  Α.    FINANCIAL CRITERIA

A.1 Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or the construction of other land developments (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.

It is noted that investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. It is understood that investment in land that is situated in a building zone of zero development, is excluded.

B.    TERMS AND CONDITIONS

1.  Clean Criminal Record: the application must have a clean criminal record. Furthermore, his name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.

2.  Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must possess a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000 plus VAT.

It is noted that members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500.000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500.000, plus VAT, provided that the applicant retains the possession of the residence for life.

3. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.

If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship, in accordance with the provisions of this Scheme, there are no other conditions than those stated in both Part A and Part B of this Scheme.

It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.

In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately. 

C .SUBMISSION OF DOCUMENTS

For the evaluation of the applications the form (M127) as well as the following documents must be submitted:

1.Clean Criminal Record:

Certificate of Clean Criminal Record from the country of origin and the country of residence (if different).

2.Residence in the Republic of Cyprus:

  1. Contract of Sale.
  2. Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
  3. Proof of payment of the agreed purchase price.
  4. Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
  5. An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior of the Ministry of Finance.

3. Criteria regarding the investment (when applicable):

  1. Investment in real estate, land development and infrastructure projects.

 

  1. Contract of sale.
  2. Title Deeds or Proof of Registration of the contract with the Lands and Surveys Department.
  3. Proofs of payment of the agreed purchase price.
  4. Copy of the wire transfer to a Cypriot commercial banking institution in the name of the seller or the seller’s company.
  5. An evaluation certificate from an independent registered land surveyor, if required by the Ministry of Interior or the Ministry of Finance.
  6. Investment Plan for the development of the purchased land, if the investment involves the purchase of land under development.

Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.

None of the above affects the absolute discretion of the Cabinet of Ministers on taking a decision.

Submission of an Investor’s Application:

The list of the necessary documents is as follows:

Necessary Documents

  • Letter by the applicant or by the representative of the applicant, in which the investment and criterion, under which the application is submitted, are briefly explained.
  • Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer
  • Birth Certificate
  • Copy of passport
  • Certificate of clean criminal record from the country of origin, as well as the country of residence (if it differs) of the applicant
  • Marriage Certificate
  • Copies of advertisements in a daily newspaper two consecutive posts
  • Two passport size photographs
  • Curriculum Vitae
  • Documents concerning the permanent privately-owned residence of the applicant in Cyprus:
  • Contract of Sale
  • Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department
  • Receipts for paying the agreed purchase price
  • Copy of the wire transfer in a Cypriot commercial banking institution in the name of the seller or the seller’s company

Submission of an Application Investor’s Spouse

The list of the necessary documents is as follows:

·         Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer

·         Copy of Naturalization Certificate of Investor (If the application is not submitted simultaneously with the investor)

·         Copy of  Cypriot passport of investor (If the application is not submitted simultaneously with the investor)

·         Birth Certificate

·         Certificate of clean criminal record from the country of origin, as well as the country of residence (if it differs) of the applicant

·         Marriage Certificate

·         Copy of  passport

·         Copies of advertisements in a daily newspaper two consecutive posts

·         Two passport size photographs

·         Curriculum Vitae

Adult Children of investor

The list of the necessary documents is as follows:

·         Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer

·         Copy of Naturalization Certificate of Investor

·         Copy of  Cypriot passport of investor

·         Birth Certificate

·         Certificate of clean criminal record from the country of origin, as well as the country of residence (if it differs) of the applicant

·         Marriage Certificate (if applicable)

·         Copy of  passport of applicant

·         Copies of advertisements in a daily newspaper two consecutive posts

·         Two passport size photographs

·         Certificate of studying in a higher education institution (original)

·         Curriculum Vitae

·         Copy of degree (in the case that the applicant is doing a postgraduate degree)

·         Medical certificate which confirms disability (original)

Minor children (under the age of 18) of investor

The list of the necessary documents is as follows:

·         Application Form M126 fully completed and signed by the Cypriot parent before a Registrar of a Cypriot court or a consular officer

·         Copy of the Cypriot parent’s Certificate of Naturalization

·         Child's Birth Certificate

·         Parents’ marriage certificate

·         Copies of the child's and parents' passports

·         Written Consent of the non-Cypriot parent

PROGRAMME BENEFITS

  • Passports  issued within three months
  • Passports issued to the investor, their spouse and dependent children up to age 28, provided they are in full-time education or they are dependent for any other reason, proof must be provided.
  • Cyprus allows dual citizenship
  • Unrestricted right to live, work, travel and study anywhere in the EU.
  • VISA-free travel to 157 countries (See list on page 6)
  • Free trade within EU, business access to 500 million EU citizens
  • All nationalities eligible
  • No language requirement, medical test or interview
  • Exit strategy after 3 years
  • Citizenship is passed on by descent
  • Cyprus has no inheritance tax, has a highly favourable corporate tax structure and a comprehensive double tax treaty network
  • No tax consequences, unless you opt to become tax resident in Cyprus
  • Cyprus offers a great place to visit/live, it enjoys a strategic position, offers excellent worldwide connections, has excellent infrastructure, a pleasant climate and is highly stable
  • Cypriot passport holders can quickly and cost effectively obtain visas for other countries, such as the USA
  • European Citizens have the right to attend schools/universities within any EU country for free or with reduced tuition rates, as applicable
  • European citizens have the right to protection by the diplomatic or consular authorities of any EU country in a third country (country outside the EU) where your home EU country is not represented by a consulate
  • European citizens can access the established first-class EU health care systems

BY OBTAINING THE CYPRUS / EUROPEAN PASSPORT

FREEDOM TO LIVE, WORK, AND TRAVEL ANYWHERE IN THE EU                             

EU MEMBER COUNTRIES

• AUSTRIA                      • DENMARK               • HUNGARY                 • MALTA                         • SLOVENIA

• BELGIUM                      • ESTONIA                  • IRELAND                   • NETHERLANDS           • SPAIN

• BULGARIA                   • FINLAND                 • ITALY                          • POLAND                       • SWEDEN

• CROATIA                     • FRANCE                   • LATVIA                       • PORTUGAL                  • UNITED KINGDOM

• CYPRUS                        • GERMANY               • LITHUANIA               • ROMANIA

• CZECH REPUBLIC     • GREECE                      • LUXEMBOURG          • SLOVAKIA

 

TRAVEL WITH THE CYPRUS / EUROPEAN PASSPORT IN 157 COUNTRIES WITHOUT VISA. (THE CYPRUS PASSPORT IS IN THE 14TH RANK IN THE WORLD).

AFGHANISTAN REPUBLIC OF CONGO IRAN MONGOLIA
ALBANIA COSTA RICA IRAG MONTENEGRO
ALGERIA IVORY COAST IRELAND MOROCCO
ANDORRA CROATIA ISRAEL MOZAMBIQUE
ANGOLA CUBA ITALY MYANMAR
ANTIGUA AND BARBUDA CHECH REPUBLIC JAMAICA NAMIBIA
ARGENTINA DENMARK JAPAN NAURU
ARMENIA DJIBOUTI JORDAN NEPAL
AUSTRALIA DOMINICA DOMINICA NETHERLANDS KAZAKHSTAN
AUSTRIA DOMINICAN REPUBLIC KENYA NEW ZEALAND
AZERBAIJAN ECUADOR KIRIBATI NIKARAGUA
BAHAMAS EGYPT NOTH KOREA NIGER
BAHRAIN EL SALVATOR SOUTH KOREA NIGERIA
BANGLADESH EQUATORIAL GUINEA KUWAIT NORWAY
BARBADOS ERITREA OMAN KYRGYZSTAN
BELARUS ESTONIA LAOS PAKISTAN
BELGIUM ETHIOPIA LATVIA PALAU
BELIZE FIJI LEBANON PANAMA
BENIN FINLAND LESOTHO PAPUA NEW GUINEA
BHUTAN FRANCE LIBERIA PARAGUAY
BOLIVIA GABON LIBYA PERU
BOSNIA AND HERZEGOVINA GAMBIA LIECHTENSTEIN PHILIPPINES
BOTSWANA GEORGIA LITHUANIA POLAND
BRAZIL GERMANY LUXEMBOURG PORTUGAL
BRUNEI GHANA MACEDONIA QATAR
BULGARIA GREECE MADAGASCAR ROMANIA
BURKINA FASO GRENADA MALAWI RUSSIA
BURUNDI GUATEMALA MALAYSIA RWANDA
CAMBODIA GUINEA MALDIVES SAINT CHRISTOPHER AND NEVIS
CAMEROON GUINEA-BISSAU MALI ST LUCIA
CANADA GUYANA MARSHALL ISLANDS SAINT VINCENT AND THE GRENADINES
CAPE VERDE HAITI MAURITANIA SAMOA
CENTRAL AFRICAN REPUBLIC HONDOURAS MEXICO SAN MARINO
CHAD HUNGARY MICRONESIA SAO TOME AND PRINCIPE
CHLE ICELAND MOLDOVA UNITED STATES
INDIA CHINA MONACO TURKMENISTAN
COLOMBIA INDONESIA EAST TIMOR TOGO
COMOROS SOUTHER SUDAN VIETNAM TURKEY
SINGAPORE SWEDEN SPAIN UZBEKISTAN
SLOVAKIA SAUDI ARABIA SWAZILAND VANUATU
URUGAY SIERRA LEONE TONGA VATICAN CITY
SENEGAL SRI LANKA TRINIDA AND TOBAGO ZAMBIA
SERBIA SU

ANNUAL EXPENSES-PROPERTY TAXES IN CYPRUS

  • Refuse (at each town’s Municipality) (Page 10)
  • Sewerage Tax SBLA-Sewerage System (government) (Page 10)
  • Immovable property municipal tax (Τown Rate)(at each town’s Municipality) (Page 10)

Refuse (at each town’s Municipality)

Each municipality has its own rules and therefore its own taxation. In Limassol, square metres are the basis for the imposing of taxation. Small houses up to three bedrooms are charged with about €156 per year and bigger houses, mansions with swimming pools etc about €170 per year. In the case that a taxpayer is not employed, or considers that they should pay less, he can submit an objection and their request will be carefully examined.

Sewerage Tax SBLA-Sewerage System (government)

Sewerage Charges on the assessed value of properties

The Board imposes sewerage charges according to the assessed value of properties as at 1 January 1980 as determined by the Land & Survey Department.

The charges imposed relate to sewerage and drainage charges. (For more information and details go to www.sbla.com.cy)

Properties located in areas that can be directly serviced by the sewerage system or located in areas where construction works are in progress or scheduled to begin, are charged with the sewerage rates. They are payable at the local Sewerage Board.

Water consumption charges

The Board also imposes charges on water consumption to every owner of a house which is connected and uses the sewerage system, rising up to 60 cents per metric ton.  

This charge is imposed and received by the Water Board or the other water board authorities of each area.

Immovable property municipal tax (Τown Rate)(at each town’s Municipality)

It is a tax charged and received annually by the municipality to the immovable property of physical or legal persons within the municipality borders with some exceptions which are included in the legislation.  As soon as the immovable property tax is applied, the municipal tax will be terminated. From 1/1/1991 the Town Rate is determined by the Municipality Board. It is imposed on the market value of the property, in values of 1/1/1980 and is calculated around 1 ½ per mille and is paid annually on a date decided by the Municipality Board. Today, payment date has been decided 30/6 of each year. The payment is done at the Offices of the Municipality in which the property is located. The taxpayer should present at the Department of Lands and Surveys the document of Payment Confirmation from the offices of the Municipality for property transfer purposes.

GENERAL INFORMATION •CYPRUS •LIMASSOL•VILANOS

CYPRUS: Cyprus is a beautiful island with rapid development and a growing economy. It is the ideal place for   both family life and new investments. Cyprus enjoys a privileged geographic position, since it is located in the east of Europe close to major trade routes that link Europe with the Middle East, Africa, Russia and Central Asia. 
  • Population 1.141.000. Age Structure: 0-14 yr:15.8%, 15-24 yr :15.8%, 25-54 yr: 46.9%, 55-64 yr:10.6%, 65+ yr:11%
  • Coastline: 648 km, cleanest bathing water in Europe. Highest point: 1951m Mt Olympus
  • Safe, hospitable and multilingual environment. (Greek, Turkish, English widely spoken).High standard of living with relatively low cost.
  • Religion: Greek Orthodox, Muslim, other
  • Government Type: Presidential Democracy
  • EU member since 2004
  • Ideal weather conditions with over 300 days of sunshine a year. Mediterranean climate with mean temperature 23°.
  • Drinking water and Sanitation: 100%
  • Continuous development and new business opportunities.
  • GDP: $21.62 billion purchase power parity. $24.500 per capita. Composition: agriculture: 2.4%, industry: 15.9%, services:81.7%
  • Favourable tax rates with the lowest corporate tax in the European Union.
  • Secure property investment with fully regulated real estate law.
  • First-rate national cadastre.
  • Premium legislative system, low inflation and a stable currency (Euro).
  • 27 branches of foreign banks including Russian Commercial Bank, Jordan Kuwait Bank, Lebanon & Gulf Bank, BBAC, FBME Bank, Avtovazbank, etc.
  • Excellent tourist services. Over 2.500.000 tourists visit Cyprus every year.
  • Small country with easy, flexible and good transportation and a modern new airport
LIMASSOL Limassol is a great choice to start a new life in Cyprus since it has a lot to offer to all age groups. It is the second largest city of Cyprus and is situated in the southern part of the island, between the ancient kingdoms of Curium and Amathounda. Limassol is a developing center of business activities, tourism, services, as well as  lifestyle. It has the biggest port of the island, which is also the biggest port of the Mediterranean.

    • A prosperous and growing city with environmentally friendly buildings, green spaces and ongoing major construction development projects.

•   Limassol Marina is a unique piece of ornament on the sea. It includes artificial islands and combines attractive residential development and the latest technology Marina.

•   Significant historical archaeological sites and monuments influenced by ancient Greek, Roman, Byzantine and medieval art.

•   The most important and attractive tourist seaside resort of Cyprus with many tourist accommodations and the finest and luxurious five star hotels.

 • The beach stretches across the city offering beautiful views and luxurious villas, hotels, restaurants and a variety of activities throughout day and night.

•   The sea is clean, sandy and safe for swimming with award-winning organized beaches offering a wide range of beach and water sports.

•   Wide variety of entertainment and recreation venues for all ages including a public garden with a zoo, golf resorts, spa and an upcoming luxury casino.

•   Modern and large shopping-mall with high street brands and designer shops.

•   Vibrant nightlife with a variety of local restaurants and exotic cuisine, entertainment for all ages including theatre and modern cinema.

•   Public and private universities, foreign language schools and colleges.

•   Easy and fast access to the two airports of Cyprus, within 45 minutes.

•   The activities of the emerging source of oil and gas starts in Limassol.

•   Most of the foreign off-shore companies are established in Limassol due to the legislative and tax system, and easy access to the Middle East and Europe.

•   Festivals and events in the city center including the wine festival, carnival, the flower festival, the marathon, and the Opera for the Russians.

•   The city from which within 30 minutes you can go from sea to the snowy sides of Troodos (the highest peak in Cyprus) with its luxurious mountain houses, lush forests and ski resorts.

•   Organized Russian community of about 40,000 Russians, Russian schools, newspapers, radio station and plenty of shops with Russian products.

 VILANOS  Our company based in Limassol is both licensed and approved by the government, as a real estate agency with long experience (since 1969) in the property sector of Cyprus. Choosing VILANOS Real Estate Agents LTD ensures an excellent, safe and efficient service because:

•   With 45 years of experience in the real estate sector we ensure reliable service to all our customers.

•   We offer a huge variety of real estate property for sale (new or resale) which will satisfy your needs such as luxury villas, houses, country houses, apartments, land, buildings, offices, etc.

•   We are with you every step of the way to help you purchase your property and receive your Permanent Residence Permit (VISA). We ensure that the whole process is as fast and easy as possible.

•   We offer support managing your property at a very little cost

Cyprus citizenship by investment

Dual citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investment. It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities.

In March 2014, Cyprus changed the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalization, making it more accessible and affordable than ever. An EU citizen is any person who holds the nationality of an EU country. EU passport holders are entitled to enter, reside, study and work in the European Economic Area (European Union, Iceland, Liechtenstein and Norway) and Switzerland without a visa.

For Russian Speakers: Russian 00357 9777 8833 | For Chinese Speakers: Chinese 00357 97778822 | For Arabic Speakers: Arabic 00357 9777 8866
Vilanos Real Estate Agents Ltd Registered & Licensed Real Estate Company Reg. No. 525 Lic. No. 40E
Limassol Head Office: 275 Agias Phylaxeos 3116, P.O.Box 56583, 3308 Limassol, Cyprus
00357 25 77 11 88 00357 25773366 info@vilanosproperties.com Skype VilanosAgents
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