While considering investing in Cyprus, a good start could be requesting the Cypriot Citizenship as per the Regulation 111A (2) of the Civil Registry Laws, 2002-2015.
This allows third-country nationals to apply for the scheme in order to acquire a European citizenship that grants the right to live, work and study in all 28 EU countries. Holders of Cypriot passports are also entitled to move without a visa in 150 countries.
According to the Ministry of Interior, the examination of applications requires approximately 3 months. One of the acceptable criteria to fulfil, in order to submit the citizenship request, include the investment regarding immovable property with a minimum value of € 2,000,000.00 (2 million euros).
You have now settled with the idea of gaining the Cypriot Citizenship 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 and contracting companies of the island.
First things first, criteria A1 recites: “The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.”
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%.