The Grand Opening of our company’s branch in Limassol on the 14th of October.
Photographs by: Sergios Tzollos of Tzollos Photography
Music by: Anna on Vocals and Sergey on saxophone.
Some picture of our new office in Limassol.
In accordance with the decision of the Council of Ministers on the revision of the Cyprus Investment Program, which was adopted on February 13, 2019, and which was put into effect from the date of publication in the Official Gazette of the Republic of Cyprus on February 26, 2019, where some criteria were introduced and changed and documents that are required to apply, and which will enter into force on May 15, 2019.
The main changes are as follows:
• After acquiring citizenship, the Investor in the framework of the project must retain his investment for 5 (five) years, instead of 3 (three), as it was previously determined in the framework of the project.
• The investor has the right to replace his investment within 5 years after acquiring citizenship, having previously obtained permission from the Ministry of Finance.
• The investor must comply with the new financial criteria, A1 and one of the criteria A2-A5 (main investment criteria). Based on the new criterion A1, the Investor is obliged to contribute 150,000 euros (one hundred fifty thousand euros) as charity, as follows:
a) EUR 75,000 to the Research and Innovation Fund. Provided that if the applicant wishes to deposit more than 75,000 euros, the additional amount will be included in the total amount of investments, according to criteria A.2 - A.5.
b) EUR 75,000 - to the Cyprus Land Management Organization (KOZ) for the promotion of projects, housing, affordable housing and for other housing projects. Provided that if the applicant wishes to deposit more than 75,000 euros, an additional amount will be included in the total investment amount, in accordance with criteria A.2 - A.5.
• When applying for citizenship, the Investor and members of his family should not have any refusal to obtain citizenship in another Member State of the European Union.
• A criterion was added according to which the Investor must have a valid Schengen visa. This excludes third-country nationals who are not required to apply for an entry visa to EU member states, as well as applicants who are citizens of a European Union member state.
The owners of property in Cyprus will pay the same tax as 2014, and the Bill for a unified tax rate on the basis of updated values submitted by the Government will be discussed by Parliament in Autumn, to be executed in 2016.
The Government made the decision to impose the same tax as last year, on the basis of property values in 1980. As it is known, even if the Government wanted the Bill to be voted before the summer holidays, the Parliament decided to move it in Autumn.
The law governing the acquisition of immovable property in Cyprus by foreigners is the Cypriot Acquisition of Immovable Property (Foreigners) Law, Cap. 109 of the Laws of Cyprus (hereinafter referred to as “the Law”), as amended from time to time.
According to the Law in Section 2 a foreigner is: “…. Not a citizen of the Republic and includes a company that is controlled from foreigners, a foreign company and a trust in benefit of a foreigner but does not include the following:
On the 17th of August the procedure for divestitures of immovable property for non-performing loans was set into motion by the Central Bank of Cyprus, after the approval of the relevant legislation (Amendment ‘142(I)/2014’ of ‘The Transfers and Mortgaging of Immovable Property Law of 1965’).