Purchasing real estate property in Cyprus? Find out what actions you have to take to avoid unpleasant surprises!

You have finally made the decision to buy your dream house in Cyprus. You have found the right property, made your offer and the seller has accepted it. For many purchasers, the legal aspect of purchasing real estate property can become quite confusing. In this article, we provide you with a brief description of the steps you have to take when purchasing real estate property in Cyprus. Step No. 1 – Title Deed - Search Certificate Before executing any sale purchase agreement and/or reservation agreement, you should make sure that the property is covered by a title deed and is free of...

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Company Registration in the Republic of Cyprus

The Republic of Cyprus is an attractive international financial center for both companies and entrepreneurs, who benefit from the incomparable advantages of the island, as a provider of high quality financial and legal services. The extremely beneficial tax and legislative regimes establish the foundations for progress and development, while at the same time constitute a motivation for foreign businesses to migrate to Cyprus, through the re-domiciliation of existing companies or through the establishment of a new company. By registering a company in Cyprus, the business will benefit from the advantages offered by the Cypriot legislative and taxation regime. Registration of a Cypriot Company The...

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Residence Permits in the Republic of Cyprus

CITIZENS OF THE EUROPEAN UNION AND THEIR FAMILY MEMBERS TEMPORARY RESIDENCE PERMITS   Temporary Residence Permit for an EU Citizen and his/her Family Members also EU Citizens The application for the issue of a registration certificate is submitted by an EU citizen and his/her family members who are also citizens of a Member State, within four months from the date of entry into the Republic of Cyprus. This residence permit is usually issued for a period of five years, but the permit’s validity always depends on the decision of the Civil Registry and Migration Department of the Republic of Cyprus. Temporary Residence Permit for Non-EU Citizens,...

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Category F Residence Permit

Who may apply? Only persons who do not intend to work, in the Republic of Cyprus can apply for the obtainment of category F residence permit. It is very important to note that holders of this kind of permit, are not entitled to work in the Republic. What are the criteria? The applicant should have in its possession a secured annual income, high enough to allow for a decent living in Cyprus, without having to engage in any business, trade or profession. This income may derive from pensions, dividends, deposits, rents, etc. The annual income required is of the amount of, at least, EUR...

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How can an EU Citizen obtain a visa for travelling to the Russian Federation?

EU Citizens, in order to have the right of entry into the Russian Federation, must first obtain a Russian Visa. A Visa to the Russian Federation is a document, permitting stay in Russia for a specific period of time. To achieve the obtainment of such Visa, the following list of documentation has to be submitted to the Russian Embassy, of the applicant’s country. Application Form; Passport (the passport has to be valid for at least 6 months, following the Visa’s expiration date and has to contain at least 2 blank pages); EU citizens residing in Cyprus have to present a...

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Acquisition of Cyprus Citizenship by Naturalization Based on Years of Residency

Naturalization is the official administrative act, by which a country confers the status of the citizen (citizenship) to someone who until then was a citizen of another or no country. Following its naturalization, the person is provided with all the necessary public documents (identification card, passport, etc.) and is being treated, legally, the same way as the rest of the country’s citizens, regarding both its rights and obligations. Application for naturalization is being submitted by foreigners who have completed seven years of legal residency in the Republic of Cyprus before the application’s submission date, under the condition that the applicant during...

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Changes to the Cyprus Naturalization by Investment Scheme

Naturalization is the official administrative act, by which a country confers the status of the citizen (citizenship) to someone who until then was a citizen of another or no country. Following its naturalization, the person is provided with all the necessary public documents (identification card, passport, etc.) and is being treated, legally, the same way as the rest of the country’s citizens, regarding both its rights and obligations. On the 15th day of September, 2016 the Council of Ministers revised the procedure for the acquisition of Cyprus citizenship by naturalization based on investment criteria, in order to encourage real investments and...

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Reduction of the Taxation on Real Estate

On the 14th of July 2016, the Parliament, passed by majority a bill, which provides that the imposed taxation on real estate for the year 2016 will be 25% of the taxable amount resulting from the applicable tax rates on the value of the real estate as on the 1st of January 1980. That means that, the citizens, should pay 25% of the tax they’ve paid last year. The discount, however, at the rate of 75%, applies only under the condition that the taxpayer will pay the real estate’s tax at the rate of 25%, until the 31st of October...

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