Vilanos Properties in Cyprus
Follow us on: Follow us on Facebook Find us on Twitter Find us on Google Plus Find us on LinkedIn Find us on Blogger Find us on VK Follow us on Youtube Follow us on Pinterest Follow us on ok.ru Follow us on Skype Follow us on Instagram   Current Language : English Switch to Russian
CALL US NOW: 00357 97778866 Find us on Viber Find us on Line Find us on BBM Find us on IMP Find us on Whatapp Find us on KIK Find us on Kakao talk Follow us on WeChat
Follow us on Wechat
Scan the QR Code to add us on WeChat
  Home
  About us
  About Cyprus
  Why Cyprus
  News Releases
  What we offer
  Mortgages
  Legal and Finance
  Contact us
  Why Limassol
  Why Vilanos
  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
 
Obtain a Permanent Residence Permit in European Cyprus (Fast-Track) For Third Country Nationals

Scheme and Criteria for granting an Immigration Permit within the scope of the new, expedited procedure to applicants who are third country nationals and invest in Cyprus (Fast Track)

P.R.P. (Fast Track)                                           21st October 2015

PROGRAMME No 2

  • CRITERIA-REQUIREMENTS A-B
  • IMMIGRATION PERMIT REQUIRED DOCUMENTS (FOR OBTAINING THE PERMIT) C 
  • OTHER EXPENSES (FOR THE PURCHASE OF PROPERTY AND FOR OBTAINING THE PERMIT) 
  • ANNUAL EXPENSES-PROPERTY TAXES IN CYPRUS
  • INFORMATION ABOUT •CYPRUS •LIMASSOL •VILANOS 

CRITERIA-REQUIREMENTS

1.  Legal Framework

1.1.      Cyprus issues an Immigration Permit to applicants from third countries, in cases where the following conditions are satisfied in Fast Track procedures.

2.    Investment / Financial criteria

2.1       The applicant should submit a confirmation letter from a financial institution in Cyprus that he has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.      

2.2       The applicant, together with his spouse, should prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person.  This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, and rents.

2.3       The applicant should submit, with the application, title deeds or a contract of sale in his name and/or his spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300.000 (V.A.T. is not included therein) and official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date of the delivery of the dwelling. It should be stressed that the full payment of the value of the dwelling shall be settled in an account in a financial institution in Cyprus.

The abovementioned amounts must be proven to have been transferred to Cyprus from abroad.

It is noted that the purchase of a dwelling may be accepted even when made in the name of a Company and not in the name of the applicant, provided that the Company is registered in the name of the applicant and/or in the name of the applicant and his spouse and he/they are the sole shareholders. In the event that the shareholder of the company is another legal entity, it must be proven that the sole shareholder of the said legal entity is the applicant and/or the applicant and his spouse.

2.4       For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses), or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3.

The said purchase must be in relation to a dwelling sold for the first time by a development company. As from 7/05/2013, for the purpose of this policy, applications in relation to the re-sale of dwellings will not be accepted.

In the case of acquiring two dwellings, which might be independent, both must be sold by the same company.

In the case of a couple, these restrictions apply for the couple and not for each of the persons involved.

2.5       The Immigration Permit issued to an applicant covers his spouse and children under the age of 18.  Unmarried children aged between 18 and 28, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit.  In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his application, all the documentation defined in the relevant list.

The said permit is still valid even if the holder has exceeded the age of 28 years old.

2.6       An immigration permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired property attributed to each such child is at least €300.000  (excluding V.A.T.), as described in para. 2.3 hereinabove, (e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an immigration permit, the applicant must purchase a dwelling valued at €600.000, if the applicant has 2 adult children, financially independent, he must purchase a dwelling valued at €900.000 etc). In such an event a confirmation of payment for the 66% of the market value of the dwelling must be submitted with the application (e.g. €400.000 for a dwelling of a market value of €600.000).

Provided that in such an event each child shall submit the necessary documentation with his application (e.g. secured annual income of €30.000, a deposit in a financial institution in Cyprus amounting to €30.000, which is bound for 3 years). After the three years, it has the right to release the money.

3. Qualitative Criteria:

3.1.         The applicant and his spouse must submit a confirmation of a clean criminal record from their country of residence and generally they should not be considered as a threat in any way to the public order or public security in Cyprus.

3.2          The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner.

It is to be noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.

3.3          The applicant and his family included in the Immigration Permit, must visit Cyprus at least once every two years.

3.4          All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.

 

4.   PROCEDURE FOR THE SUBMISSION AND EXAMINATION OF AN APPLICATION

4.1          Applications must be submitted directly to the Civil Registry and Migration Department (CRMD), personally or through a representative.

4.2          Applications that are submitted in Cyprus, either personally or through a representative, shall be submitted in a standard envelope (every document of the application shall be punctured and inserted in the envelope and numbered in blue ink from the first page of the application to the last page, at the responsibility of the person submitting the application). The envelope shall also include a list of the documents submitted with the application, including any other supplementary documents, to be completed by or on behalf of the applicant.

4.3          The application shall be processed under Fast Track procedures by the CRMD and be submitted to the Minister of Interior, through the Permanent Secretary of the Ministry of Interior (MOI). An interview with the applicant shall take place only when it is deemed necessary by the Permanent Secretary of the MOI.

4.4          The Ministry of Interior shall notify the applicant or his agent and the CRMD as to the decision of the Minister of Interior.

4.5          The holder of the immigration permit has to visit Cyprus at least once every 2 years and meet all the provisions of the Legislation.

5. Time schedule for issuing an Immigration Permit

It should be stressed that, provided the criteria of this policy are satisfied and there are no reasons with regard to either the criminal record of the applicant or to public order and public security issues, the application shall be examined by the Minister of Interior in a positive manner and an immigration permit shall be issued.

It is estimated that the procedure described in this policy statement for the examination of the application shall not exceed 2 months from the date of the submission of the application.

Immigration Permit Required Documents / Certificates under Reg. 6(2)

 

1.               Copy of valid passport of the applicant and his dependants.

 

2.               Copy of valid temporary residence permit (if the applicant resides in Cyprus).

 

3.               Curriculum Vitae (including academic qualifications).

 

4.               Original Letter from a financial institution in Cyprus (Bank, Coop) of a deposit of €30.000, pledged for three years.

 

 

5.               Declaration of a secured annual income from abroad of €30.000 at least, (original documents and affidavit or declaration). The necessary annual income is increased by €5.000 for each dependent person.  

 

  1. Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (original or true copy).  If the title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof of payment for at least €200,000.

 

 
 

 

 

 

7.               Official Statement by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus.

8.               Health Insurance Policy for the applicant and his dependants

 

9.               Original Criminal Record Certificate duly certified for the applicant and his spouse (if the applicant resides abroad, the certificate must be issued from his country of residence, and submitted with an official and certified translation).

 

10.           Marriage Certificate duly certified (official and certified translation).

 

11.           Children’s Birth Certificates dully certified (official and certified translation).

 

12.           Other documents which are submitted with the application.

 

 

OTHER EXPENSES FOR THE PURCHASE OF PROPERTY AND EXPENSES FOR OBTAINING THE PERMIT

  • Transfer Fees of Department of Lands and Surveys (government) Table Νο 1 
  • Affixing and submission of contract of sale at the Department of Lands and Surveys (government) Table Νο 2
  • Application expenses for obtaining the Permit Table Νο 3 
  • Legal expenses 

 

Transfer Fees of Department of Lands and Surveys (government) Table Νο 1

The fees of the Department of Lands and Surveys for transfers of immovable property are calculated according to the table below: 

Value € Rate % Fees € Accumulated Fees €
Up to €85.000 3 2.550 2.550
€85.001- €170.000 5 4.250 6.800
Over €170.001  8    

 

 

 

 

• The example of the table is for one person for the payment of the transfer fees of the property. In case of more individuals then the amounts are adjusted accordingly.

• The Department of Lands and Surveys has the right not to accept the amount-value of the contract of sale (property) for taxation purposes of transfer fees of the property (it makes its own estimation of its value).

  • In the case that the purchase is subjected to VAT (new houses or apartments), it is exempt from transfer fees, (provided that the Department of Land and Surveys accepts the purchase value of the contract of sale) this applies until 31/12/2016 (included in the government incentives) provided that the buyer will use the house as first and permanent residence and after he obtains the confirmation from the VAT Department. This measure regards the first 200 m2 of every residence and provided that the residence is of no more than 275 m2 (the usual VAT rate 19% applies to the rest 75 m2). The residence cannot be rented unless the difference of the VAT which arises between the reduced rate and the normal rate, which corresponds for the time period of 10 years, is paid and the residence will not be used for home ownership purposes or after the lapse of 10 years.
  • In the purchase of any property (houses, apartments, offices, lands, plots etc) which is not subjected to VAT (resale) transfer fees are paid on the 50% of the transfer fees calculated by the Department of Lands and Surveys. This applies until 31/12/2016 (included in the government incentives).
  • The transfer fees are paid at the cash desk of the Department of Lands and Surveys on the day of the transfer of the property. The method of payment should be by Bankersdraft or Visa or cash. The cheque is issued in the name District Land Officer.

 

Affixing and submission of contract of sale at the Department of Lands and Surveys (government) Table Νο 2

Affixing is a tax charged on specific instruments which deal with the immovable property in Cyprus, regardless if they are performed in Cyprus or outside Cyprus. From 1st Μarch 2013, the affixing is:

Rate % Amount Value €
0% €5.000
0.15% €5.001-€170.000
0.2% €170.001 and Over

Affixing of contract of sale (the payment and affixing take place at the Inland Revenue Department in each town)

The cost of affixing depends on the market value of the property (See Table Νο 2)

Submission of contract of sale (the payment and submission take place at the Department of Lands and Surveys, cost €50)

 

Application expenses for obtaining the Permit

Depending on the number of people applying for obtaining the Permit.

Legal expenses

Depending on the services offered by the firm you will choose. 

ANNUAL EXPENSES-PROPERTY TAXES IN CYPRUS

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

Immovable property tax (government)

The Immovable property tax is calculated on the market value of the immovable property as on 1 January 1980 and refers to the immovable property of the taxpayer who is in Cyprus the 1 January of each year. It is payable on 30/9 of each year. For the year 2015, the period until 31st December 2015 is indicated as a deadline for paying the tax. In the case that an individual who is submitted to tax pays his tax debt at least thirty (30) calendar days before the end of the deadline, that is from 1/10/2015 to 31/11/2015, he will be given a discount of 17,5% on the due tax which is paid at the cash desk. In the case that the payment is arranged online or through a transaction at a licensed credit institution the discount rises to 20%. From 1/12/2015 to 31/12/2015 the amount is paid normally. If the amount is paid after 1/1/2016 there will be a penalty of 10%. The Immovable property tax is imposed on natural and legal persons.

For the year 2015 the tax rates of the immovable property tax for immovable properties in Cyprus have been revised according to the following table and apply per owner not per immovable property.

Property Value € Rate ‰ (per mille) Accumulate Tax €
Up to 40.000*  6 240
40.001-120.000 8 280
120.001-170.000 9 1330
170.001-300.000 11 2760
300.001-500.000 13 5360
500.001-800.000 15 9860
800.001-3.000.000 17 47260
Over 3.000.000 19  

*Owner of an immovable property with a value not higher than €12.500 (values of 1/1/1980) is exempt from the immovable property tax.

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 stations 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

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
Member of:
Developed by Dynamic Works Copyright © Vilanos Real Estate Agents LTD 2008 - 2016.
All Rights Reserved.
Powered by EasyConsole CMS