Here are some of the reasons investors across the world choose to invest in Cyprus.
Obtain European Citizenship
Obtain European Citizenship with a €2.0 investment in Cyprus. being declined entry to the Hotel.
As from 13th of September 2016, the Cyprus Council of Ministers has approved the amendments to the Scheme for Naturalisation of Investors in Cyprus by Exception. The said scheme is based on subsection (2) in section 111A of the Civil Registry Laws of 2002-2015.
The said amendments are in line with the strategy of the Cyprus Government to further attract Foreign Direct Investment and encourage the use of Cyprus by High Net Worth Individuals.
We provide below information on the changes introduced, the revised criteria and on our value proposition in supporting clients and their families to obtain the Cyprus (EU) Citizenship.
- Level of investment reduced to a total of €2M – €2.5M, as opposed to €2.5M – €3M under the previous criteria.
- Applications will be submitted on a stand-alone basis; criterion of Collective Investments abolished.
- Introduction combination of all economic criteria.
- Parents of the investor can now obtain the Citizenship with an additional permanent residence of €500.000
- Abolishment of the criterion of bank deposit
- Cap set on the investment in Cyprus Government bonds. (Max. €500.000)
- A Permanent Residence Permit will be issued prior to Naturalisation (unless the applicant(s) is a Temporary Permit holder already)
We summarise below key information on the revised criteria, terms and conditions of the Scheme:
- The level of investment is now set at a minimum of €2 million, plus purchasing a permanent residence of a minimum purchase price €500.000 (excl. VAT). Hence, the total maximum investment is set at €2.5M.
- Revised economic criteria now includes among others investments in:
- Land for development
- Alternative Investment Funds (AIFs) regulated by the Cyprus Securities and Exchange Commission (”CySec”)
- Financial assets (i.e. bonds, debentures) of Cyprus companies, issued under the auspices of the CySec. The said Cyprus companies must have tangible presence and substantial economic activity in Cyprus
- Total investment can be a minimum of €2 million, if one opts for investments in residential real estate properties under the relevant Criterion. At least one residential property must be, of at least €500.000 (excl. VAT); the said property will be kept for life.
- Parents of the investors who are naturalised as Cypriots, can apply for the obtaining of the Cyprus Citizenship as well, provided they purchased a permanent residence of €500.000 (excl. VAT). Adult dependent children and the investors’ parents can apply for the Cyprus Citizenship right after the investor has obtained the Cyprus Citizenship.
- Upon submission of the Citizenship Application, the investor and the spouse will apply for a Permanent Residence Permit. The citizenship is now granted within 6 months as from the application date (previously it was within 3 months).
The new scheme is effective immediately.
Aphrodite Hills, Cyprus
A 5-star award-winning Resort
5% p.a guaranteed return on 5-Star luxury Villas & Apartments
- 5% guaranteed return p.a for 2 years
- Offer is valid for a limited number of high quality Villas & Apartments
- Fully furnished and fitted to the highest standards
- Fully landscaped
- Property management, utilities and maintenance expenses fully paid
- Six weeks free private use for owners
- Attractive Financing Schemes in Euros or with 40% contribution and up to 40 years repayment
Premium Programme only for a limited number of Villas & Apartments
Show Villas available for viewing daily.
Guide to Buying Property
Buying Property in Cyprus
The logistics for non-Cypriots buying a property in Cyprus are relatively simple compared to many countries.
Citizens of EU Members States
Citizens of EU Member States who are permanent residents of the Republic of Cyprus are permitted to acquire any amount of immovable property in Cyprus without receiving any permit and without submitting the application form COMM.145 to the Council of Ministers, as they are not aliens in terms of the law. The only requirement is for such persons to submit a Certificate of Permanent Residence. To obtain this certificate you need to apply to the Migration Office of the Republic of Cyprus. Citizens of EU Member States who are not permanent residents of the Republic of Cyprus are permitted to acquire any number of fields and plots of land without acquiring permission from the District Officer, whereas they must obtain a permit for the acquisition of a secondary residence.
Citizens of Non-EU Member States
Citizens of non-EU Member States who are residents of the Republic of Cyprus are allowed to acquire only one property and have to apply for permission via the District Office in which the property is located. The acquisition of one residence is permitted per married couple. However, according to the practice followed, in exceptional circumstances they may be permitted to acquire a second property. Reasons must be given as to why a second property is requested e.g. a holiday home.
Citizens of non-EU member states who are NOT residents in the Republic of Cyprus, the same as the above applies with the exception that they are not allowed to acquire a second property.
What kind of property can I buy?
For more information on the range of properties available at Aphrodite Hills, view our listings pages.
The following outlines the legal fees and Cyprus property tax costs you may encounter upon your move to the island.
Legal Application Fees
On request of the purchaser, Aphrodite Hills Resort is willing to process the application to the Council of Ministers for acquiring the necessary permission for the nominal fee of €1,800 payable only when the permission is granted. Foreign buyers can also appoint a solicitor in Cyprus to handle their affairs.
Acquiring the Title Deed
Transfer of ownership from vendor to purchaser is processed by the Cyprus Land Registry Office. To protect the buyer’s rights to the property and provide additional safeguards, it is advisable that the Contract of Sale be in writing, and registered at the District Land Registry Office within sixty days from the Contract date.
When issued, the Title Deed will be registered in the name of the buyer and will be recorded in the Government archives. At any time after the purchase, the buyer may sell or dispose of the property at will, provided that he/she has a valid contract. It is illegal for the seller to contractually or otherwise prevent or forbid the buyer to deposit the Sales Agreement with the District Land Office. The seller cannot mortgage property or part of the property after it has been sold (to the buyer) without notifying the buyer. If the property is mortgaged prior to its sale, the buyer has the right to pay the share value of the purchased property to the lending institution and the share value of the property must be released from the mortgage. The seller or the lending institution cannot deny the payment and the consequent release of the purchased property from the mortgage. The seller is obliged, prior to any sales, to deposit with the District Land Office, the ‘value coefficient’ of each property together with the planning and building permits and architectural drawings. Furthermore, the buyer has the right to know the value coefficient of the property he will purchase. Aphrodite Hills Resort Ltd. has issued all the title deeds for all Plots, Villas and all the properties of Orpheus Village and is promptly proceeding with the issue of the Title Deeds for the properties of the other Villages.
On the signing of a contract the buyer is liable to pay stamp duties at the rate of 0.151% up to €170,860 and thereafter at the rate of 0.201% per €1,709. The Purchase Contract must be stamped within 30 days of its dated signature, otherwise a fine will be imposed.