While considering investing in Cyprus you may wish to think about gaining an Immigration Permit, as contemplated by the Regulation 6(2) of the Aliens and Immigration Regulations. This allows third-country nationals to apply for such permit in order to move freely in the territory under the jurisdiction of the Republic of Cyprus. For those willing to invest within the island, the Government also allows an accelerated process of the application procedure for the permit to be released within 2 months. The criteria to fulfil, in order to submit the permit application, include the purchase of immovable property with a minimum market value of € 300,000.00 (euros).
You have now settled with the idea of gaining residency in Cyprus and the question about how to approach the property issue arises. Capital Invest is ready to assist you with the research of your ideal property by offering a range of options occurring from the well-established relations with the most professional development companies of the island.
First things first, point 2.1 of the 2nd paragraph of the aforementioned criteria recites: “… the applicant may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company, or one housing unit and a shop…”. Furthermore, point 2.4 suggests: “The said purchase must be in relation to a property (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same development company.”
Therefore, you can already look up at projects on our website for both housing and offices/shops and have an investment consultancy chat with one of our operators to discuss the most suitable option for you.
It is worth mentioning that the VAT (Value Added Tax) Legislation has recently been amended as per the House of Parliament vote of the 3rd November 2017. The new VAT of 19% will be applied on immovable property from the 2nd January 2018.
However, according to the Law N. 119(I)/2016 when buying a new property with the intention of making it the permanent place of residence in Cyprus then the VAT (Value Added Tax) applied will be 5%.