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Immigration permits for non-EU nationals

Immigration permits for non-EU nationals The Interior Ministry recently announced changes to the procedures for granting Immigration Permits (Permanent Residence) to third country (non-EU) nationals who intend to invest in Cyprus. Immigration permits for non-EU nationals THE Ministry of Interior or the Republic of Cyprus issued an Announcement on May 7, 2013 that Immigration Permits (Permanent Residence) will be issued to third country nationals under the following terms: 1. Investment/Financial Criteria: (a) The applicant shall submit a statement from a Cyprus financial institution showing that an amount of at least €30,000 has been deposited in a reserve account, for a period of at least ...

Northern Cyprus Property Woes

Northern Cyprus Property Woes WITHOUT PREJUDICE By Pauline Read North Cyprus Property | TRNC Property Tax The following letter was submitted to me with a promise of anonymity: ‘I am obliged to pay property tax on the pre ’74 Turkish Title property, which I paid for in full and registered with the Tapu by paying the stamp duty, but for which, after 8 years residency and 2 ‘PTP’ applications, the TRNC government still refuse to give me the ‘Permission to Purchase’ and/or Title Deed for, on the flimsy excuse that the property is ‘situated too near to a military site’. I should note that ...

Cyprus Property Tax

Cyprus Property Tax THE Cyprus government is to scrap the previous administration’s bill on Immovable Property Tax (IPT) and will prepare a new one, Interior Minister Socrates Hasikos said yesterday. “The legislation is being shaped in collaboration with the Finance Ministry. It will definitely not be the previous bill,” Hasikos said. Asked whether this meant the bill drafted by the Christofias administration was being withdrawn, the minister said: “Yes, for now.” He did not indicate any timetable. The previous government had intended to pass its bill through parliament before the recess for the presidential elections but the majority of MPs voted to postpone ...

Latest Cyprus Property Sales Data

Latest Cyprus Property Sales Data Latest Cyprus Property Sales Data December and January are traditionally the quietest period for sales and this year was no exception. The news coming out of Cyprus as most of you know has not been positive and the bailout negotiations continue. There are presidential elections on the 17th of February and the whole country of Cyprus is hoping that the new regime will finalise the deal so that we can move forward into the new era. Bailout conditions are harsh but we believe that in the long run they will benefit the country and make it a much ...

Cyprus Property grant for acquisition of first residence

Cyprus Property grant for acquisition of first residence PWC CYPRUS has recently published the 2013 edition of its Tax, Facts & Figures guide that provides information about the tax system in Cyprus, based on the current tax legislation and practice as at January 2013. The PwC guide includes a section concerning the VAT (Value Added Tax) concessions for those buying property on the island as their first and primary residence: Reduced VAT rate of 5 per cent Imposition of the reduced rate of 5 per cent on the acquisition and/or construction of residences for use as the primary and permanent place of ...

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