Janna Fachiridou LLC has a wide experience with immigration law, we can offer you our services in regard to immigration law for EU citizens as well as non-EU citizens wishing to reside or obtain a property in Cyprus. We will provide you with a swift and reliable service and deal with all the procedures required.

Cyprus Investment Programme

One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage foreign direct investment and to attract high net worth individuals to settle and conduct their business in Cyprus.

Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.

Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the "Cyprus Investment Programme” (Programme) on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019, with specific incentives, terms and conditions and control procedures which you can see below:

A.     Economic Criteria:

1.      The applicant should made a donation of at least € 75,000 to the Research and Innovation Foundation and € 75,000 to the Cyprus Land Development Corporation.

 

In addition to this, the applicant should also fulfill ONE of the following requirements:

·        An Investment 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.

·        An investment at least €2,0 million for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.

·        The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance.

 

Combination of the aforementioned investments: The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.

B.      Terms and Conditions:

1.      Schengen Visa: The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation.

2.      Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must possess a permanent privately owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

3.      Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.

 

Professional advisory services relating to the Cyprus Investment Programme

‘’Janna Fachiridou LLC’’ is a registered Service Provider of the Cyprus Investment Programme, keeping in line with the high standards set up by the  Republic of Cyprus.

Our Law Firm provides advisory services relating to the Cyprus Investment Programme with professionalism and compliance with the Code of Conduct of the Programme as well as with the Laws of the Republic of Cyprus and any other regulations related to the Programme including instructions for the promotion of the Programme.

Among other services, we provide:

• Immigration permits: Temporary and Permanent Residence permits, Immigration permits Categories A to F, Regulation 6.2. permits.
• Working and residence permits either temporary or permanent.
• Cyprus citizenship
• Visas

Temporary Residence Permit

The category is covered by the article 20 of the Law on Foreigners and Immigration no.105.

Document, which provide temporary residence permit in “Visitor” status, also known as “pink slip” (from now on it contains biometric data), has been a hackneyed subject for Russian-speaking population of Cyprus for many years.

On September 29th 2014 came into force the Paragraph 18ΦΖ(7) of the Law on Foreigners and Immigration (Chapter 105) and the Paragraph 4 of the Law on Foreigners and Immigration (amended) (Chapter  2) from 2014 (N129(I)2014, E.E Par.I(I) Par. 4456) for category of non-EU citizens, whom arrive to Cyprus and wish to obtain Visitor status, that is temporary residence permit. In terms of above-mentioned amendments in the Law, application procedure for this status has been changed as well.

Old application forms have been replaced with new ones named MVISP, which can be found online on http://moi.gov.cy .

The next change occurred due to amendment in the Law is an obtainment of biometricdata on an applicant. Photo, signature and fingerprints of forefingers of both hands now collected in Immigration Office Department in every city. Notice that this biometric data collected from kids as well. Children from the age of 6 and above shall put their signature or write their full name, providing that they able to do it considering their age and abilities. In order to provide biometric data, applicant and his family members shall arrive to Immigration Office in person (or accompanied by the lawyer). Collected biometric fingerprint will not be used for any other purposes then issuance of temporary residence permit and will be deleted from records within 48 hours after issuance of this document.

 

Who is entitled to apply for this status?

It is citizens of non-EU countries, or Third World countries. Citizens of 18 years old and above, who arrived to Cyprus with proper single-entry pro-visa or multiple entry visa (multi-visa), or Schengen visa, and wish to stay longer than 90 days.

 

When does this 90 days period starts and ends?

It begins from the moment of entering to the territory of the Republic of Cyprus.

Pro-visa is valid only for single entry.

Within 180 days from the moment of your first entry you can enter and exit from Cyprus, but your period of stay shall not extend 90 days in total. Temporary residence permit grant you right to stay in Cyprus for more than 90 days, which is no doubt makes life easier for those, who wish to live on our beautiful island. But it only applies to citizens of age, arrived to Cyprus with above-mentioned types of entry visas. 

A family in terms of Immigration Law is only spouses and underage children. Children of age, grand-parents and other relatives, that we consider our family members, according to the Law should apply for temporary residence permit separately with their own set of essential documents.

 

Application procedure

You arrived to Cyprus with any type of above mentioned entry visa. And you decided to stay here for period longer than 90 days.

Then you have to arrive to your local Immigration Office Department in order to make an appointment. I would recommend doing it at least one month in advance before expiry date of your visa, due it is almost impossible to make an appointment for shortly upcoming dates.

On appointed date you have to attend with set of documents, listed by me. If you provide full set of correct documents, your application will be accepted and you will receive a payment receipt for immigration fee. From this moment your stay in Cyprus is completely legal. After amendments in the Law, pink-slips will not be issued anymore, now biometric cards will be delivered to the Immigration Office where you applied. You will receive notification by post, on address that you provided in application form, that your card is ready. You will be able to collect this card by yourself, or your lawyer entitled by the power of attorney can do it for you.

 

Is it allowed to stay in Cyprus while waiting for biometric card?

Of course you can stay in Cyprus while you waiting for your biometric card. From the moment of application until the moment of receiving of your card or official letter on rejection, your stay in Cyprus is fully legal.

If it will be necessary to submit any additional documents, or any confirmations of previously applied data, you shall receive official notification letter or a phone call from Immigration Office.

 

Is it allowed to exit from Cyprus while waiting for biometric card?

It is preferable not to exit from the Cyprus’ territory until you receive your card. If you still have to exit from Cyprus before you receive your card, it is possible that your application will be rejected. For this status it is essential to stay in Cyprus during application processing.

Obviously, there can be a situation when you must exit from Cyprus due to the circumstances. In this case you can leave Cyprus with document on payment of immigration fee issued by Immigration Office, but on your way back to Cyprus, if you stay out of the Country for more than 3 months your application for temporary residence permit will be rejected during your absence, and you will have to reapply.

 

When you have to apply to extend your temporary residence permit (biometric card)?

As we all know, temporary residence permit can be issued for period up to one year.

According to the Law, you have to arrive to Immigration Office and make an appointment a month in advance before your biometric card will be expired. From my experience it is better to do it even earlier, two months in advance.

The set of documents is identical to the one that you submit on your first application.

How much you’ll have to pay?

Upon your first application you will have to pay 140 EUR fee and 70 EUR fee when you extend for each family member.

 

Janna Fachiridou and the Company will gladly provide consultation regarding any legal question; will undertake formalization of any immigration status of any difficulty. 

 

Long-term residence permit 'Category F» and the category of Rule 6 (2) differences

What is the difference and what is common between these the two statuses, I have to note that these statuses give practically the same rights to their owners, but there are slight differences.

What they have in common: a status allowing legal residence of citizens of third countries on the territory of the Republic of Cyprus. The so-called long-term residence permit gives the right to enter and leave the country without the need to issue visas.

A corresponding mark is issued once in the passport. After it expires, you will need to rearrange for a new stamp in your passport.

While this is only the internal status of the country that do not allow its holders to travel to other EU countries.

 

Differences in the process

When you apply for a category of Rule 6 (2) the term of consideration will be from 2 to 4 months, and for a category F- from 8 to 12 months.

The package of documents is almost identical, but for the category of Rule 6 (2) the cost of the acquired property must be at least 300 thousand euros. Moreover, the V.A.T. in the cost of the project is excluded. Also be sure to provide receipts for payment of the cost of most (not less than 200 thousand euros) and, finally, the acquisition of real estate should take place directly from the developer, it only offers "primary market".

When you bought the object "secondary" property of any value, we can safely apply for a category F.

For applying for a category of Rule 6 (2) the sum of at least 30 thousand euros must be deposited in a Cyprus bank which will be frozen for a period of three years.

This is not required for applicants of category F. And, previously (a year ago)  for an application of category F it was necessary to have an amount of about 100 thousand Euros in a personal bank account, but now this is no longer required.

Now it is enough to have 30 thousand Euro in a bank account and, if the other conditions are fulfilled, and a complete set of documents are handed over, you can obtain a category F permit.

I base my point of view on many examples in my professional career, I can say that in recent years the members of the Department of Immigration of Cyprus, examine the applicants for Category F loyal and many applications are accepted and approved, even with low amounts in deposit accounts. Of course, it is necessary to consider the fact that it is more and more popular now to buy the  properties offered in the "secondary market" because prices have recently strongly decreased.

Therefore, all those who want to obtain a permanent residence permit in the Republic of Cyprus, but are not ready to invest in expensive real estate from the developer, I recommend to apply for a category F permit.

In my opinion, everyone who wants to  obtain one or the other category, giving the right to them for legal residence in Cyprus, they should take advantage of today's changes in the legislation, making it possible for a more simple procedure for obtaining a permanent residence permit and making it financially less costly.

The members of my company and I will gladly assist you not only in obtaining a residence permit, but also in other matters and issues relating to your stay on the island. We are pleased to give advice on any legal issues, represent your interests in court proceedings, but also represent you in other official institutions of the Republic of Cyprus.

 

Immigration Permit according to Reg. 6(2)

According to the provisions of Reg. 6(2) of the Aliens and Immigration Regulations of 1972 there is a fast procedure of acquiring an Immigration Permit in Cyprus. Specifically the criteria for the acquisition of an Immigration permit in regards with Reg. 6(2) are:

1. The applicant has to provide a certification with his application from a bank in Cyprus that he has deposited in an account at least the amount of €30.000 (thirty thousand euro), which will be blocked for a period of at least three years.
2. The applicant with his wife has to be able to prove that they have a secured annual income of at least €30.000 (thirty thousand euro). The annual income will be increased by €5.000 for every depended person. This income can be from salary for work, pensions, shares in a company, permanent deposits in a bank, rents e.t.c.that come from abroad.
3. The applicant should deposit with his application a title Deed or a sales agreement in his name and/or his wife which was deposited in the Land Registry Department for a house or other structure which it’s sale price should exceed at least €300.000 (three hundred thousand euro) and which at least €200.000 (two hundred thousand euro) has been paid. The money for the purchase of the property must have been sent from abroad. It is noted that the purchase of the property can be made in the name of a Company and not in the name of the applicant, if of course the Company is registered in the name of the applicant. And should be a newly built building, not a resale.
4. Also the applicant and his wife must have a clean criminal record, which they must provide a certificate of.
5. The applicant and his wife must certify that they do not intent to work in Cyprus in any direct or indirect manner.
6. The applicant and his family that was included in the application should visit Cyprus at least once every two years.

If all the necessary documents have been provided and all the criteria have been met then the application will be examined within a period not exceeding two months. 

 

The Law on providing citizenship based on the right of place of the underage children does not apply in Cyprus. The fact that person was born in the territory of Cyprus does not grant him right for obtainment of citizenship, providing that neither of his parents has Cypriot citizenship.

The Law on Civil Migration from 2002 (141(1)2002) par. 109 states that any person, born after 1960 in Cyprus or outside of its borders is considered to be a citizen of Cyprus and has a right to obtain a Cypriot citizenship, providing that on the moment of birth one of his parents was a citizen of Cyprus. This rule applies to the citizen, who does not live in Cyprus permanently.

 

Underage children (up to 18 years old) may receive Cypriot citizenship in two cases:

The first case, when a child was born abroad after 16/08/1960 and his father is a citizen of Cyprus, or his birth was after 11/06/1999 and his mother is a citizen of Cyprus. In this case an application form M.121 shall be applied, with birth certificate of underage child, copies of passports and marriage certificate of his parents.

The second case, when underage children, born in the territory of Cyprus as well as abroad before 11/06/1999, and their mother is a citizen of Cyprus, and their father obtained Cypriot citizenship after child’s birth. In this case an application form M.126 shall be applied by their parent citizen of Cyprus, with 2 photos of child, copies of passports of parents and parental consent of a parent non-citizen of Cyprus.

 

Regarding children of age, who were born within territory of Cyprus and their parents or one of their parents is a citizen of Cyprus, they can obtain Cypriot citizenship in three cases:

The first case, when a person was born before 16/08/1960 and his father is a citizen of Cyprus. In order for him to receive a citizenship, an application form M.70 or 71 shall be applied with birth certificate and relevant documents from his parents.

The second case, when a child of age with maternal Cypriot origin, apart from his place of residence but born after 16/08/1960, also shall apply an application form M.123 in double with their birth certificate.

And the third case, apart from date of birth, when a person is a citizen of England or any other country of United Kingdom (Ireland, Scotland and others), and one of his parents is a citizen of Cyprus, who lived in the Republic of Cyprus within one year, can obtain a Cypriot citizenship by applying application form M.124 in double, birth certificates, certificate of no criminal record and copy of passport.

Obtainment of the Cypriot citizenship is possible by marriage with citizen of Cyprus for period of three years and up, by naturalization,in other words after 7 years of staying in Cyprus (it also applies to underage children) and by participation in investment projects.

Janna Fachiridou and the Company will gladly provide assistance in obtainment of residence permit, Cypriot citizenship, and in any other cases or problems that may occur during your staying in Cyprus. 

 

 

 

 

 

 

There are two principal laws in regard to succession in Cyprus, the first one being the Administration of Estates Law, chapter 189, and the second one is the Wills and Succession Law, chapter 195 which deals with wills and intestacy (having no enforceable legal will).

For a will to be enforceable, according to Cyprus Legislation, some specific criteria must be met. Initially the person making the will has to be of sound mind and over 18 years old. The second major criterion is the understanding and acceptance of the contents of the Will by the person making the Will. And last it has to be in written form and signed by the person making the Will and at least two witnesses.

In Cyprus a testator has a limit as to how much of his estate he or she can provide with a will. Specifically an estate will be divided into two parts, a portion that can be distributed by will (disposable portion) and a part which cannot be distributed by will, but instead it is reserved for the relatives of the deceased and follows the rules of intestacy (legal portion).

Of course if a person disposes in his will more than he is actually allowed to, that does not render a will void, but instead the dispositions will be reduced appropriately as to conform to the allowed amount.

The legal portion of the estate is estimated and distributed in accordance with what relatives survive the deceased. 

According to Annex 2 of the Wills and Succession Law, chapter 195, the various degrees of kinship in Cyprus Law are as follows:

• First Degree relatives to the Deceased person: Parents and children.
• Second Degree relatives to the Deceased person: Grandparents, Siblings, Grandchildren.
• Third Degree relatives to the Deceased person: Great-grandparents, Uncles and Aunties, Nephews and Nieces.

There is an exception to the rule, specifically in Section 42 of the law, which states that if a person or his father were born in the United Kingdom or certain other Commonwealth countries, as well as non EU Countries then these individuals can dispose of all of their estate by will.

A person can, when he or she is alive, deposit his Will for safekeeping in the District Court at the Registrar of Court or give it to any other person. The safest and more correct way is to deposit the Will at the District Court. After the death of the Testator, the Will can be opened by its Executor or any other interested individual in the presence of the Registrar always.

A Will can be annulled if a new Will is made which expressly states that any other Will or part of a Will made earlier should be annulled. A Will can be annulled if the Testator willingly destroys or gives instructions to another person to destroy it. Additionally, According to par. 38 of the Wills and Succession Law, chapter 195, if the Testator gets married or has children after he made the Will, it will be considered void, unless it already has included the prospect of a marriage or the birth of the Testator’s children. Also in the event of a divorce the Will is considered void, unless the Testator examined it and approved it as right.

Janna Fachiridou LLC has the experience needed to provide you with the necessary advise and can represent you in relation to successions, wills, estate planning and administration. We manage estates, act as executors and advise on all issues that may arise in the management of estates. 

 

Criminal law in its very wide interpretation includes the sum of legal regulations that control the way that the State’s Criminal authorities are run (which means imposing penalties when a criminal wrong is made), from appointed instruments as it is stated in the Constitution. Generally a criminal wrong is an action that threatens the integrity of a society by threatening or causing substantial damage to an individual or the general public.

All criminal cases as brought to Court to be tried, and depending on the severity of the criminal offence, the case is either heard by a Judge in a District Court (for less serious crimes) or the Assize Court where a case is heard by three judges (for more serious crimes). If a decision of these two Courts is appealed then it is heard by the Supreme Court of Cyprus on its appellate jurisdiction. The rulings of the Supreme Court are binding on all lower Courts. 

Depending on the severity and nature of a crime there can be a number of different punishments imposed on the person that committed the crime and it can range from a fine to imprisonment.

Janna Fachiridou LLC is a firm with experienced professionals that can deal with any situation that might occur. So if you have been accused of a criminal offence, we can help you in receiving the best representation in front of a Judge, with a professional and prudent manner, and always with the outmost respect. 

Family law is an area of the law that is highly emotional for a client on most occasions. The highly sensitive nature of family law is one of the reasons that it is mostly avoided by some advocates. Janna Fachiridou LLC can provide you with a stress free and reliable method, so you can have absolute confidence that your problem will be dealt with promptly and efficiently.  

We apply a very effective problem solving system, which is discreet and any information gathered from the client is confidential. So you can trust in being free to express yourself without restriction and provide us with all the facts of your case.

The services Janna Fachiridou LLC provides in regard to family law are many, some of which are:

•  Divorce
•  Parental Responsibility
•  Child Support
•  Financial differences
•  Adoption
•  Marriage

Due to the historical origin of the Constitution of the Republic of Cyprus, it is considered to be one of the most peculiar in the ‘constitutional world’. It is a ‘granted constitution’ and by that I mean a Constitution that the people of Cyprus had no part in drafting but rather it was imposed on them by the Zurich Agreement.

In addition to its granted and peculiar form, the Constitution of the Republic of Cyprus is also a very complex and rigid Constitution. Janna Fachiridou LLC appears before District Courts on behalf of Local Authorities as also in the Supreme Court in appeals against the legitimacy of decisions of public authorities and administrative organs.

Cyprus Legal System

The Cyprus Legal System is based on the Judicial Precedent and its sources are from the English legal system.

The sources of Civil law: 

• The Constitution of the Republic of Cyprus

• The laws

• Subsidiary Legislation

• International Agreements that are confirmed by Cyprus 

• the Judicial Precedent

• English Common law

Any disputes are settled through the Court with the filling of a writ most commonly, with the deposit of a writ.  Generally all areas of Civil Law (Property Law, Family Law etc) follow the Civil Procedure rules, with slight alterations in every area of course.

Janna Fachiridou LLC can litigate on your behalf in any Court in Cyprus, with professionalism and dedication to provide you with the appropriate remedy to any situation that might occur to you.

 

JANNA FACHIRIDOU LLC is a professional law firm which, among others, deals in establishing and administrating companies. We provide the service of forming a company as well as Trusts and Foundations, while providing legal and advisory services on the matters of company law in a professional and friendly environment.

We provide a full service in regard to the company which includes incorporation, maintenance as well as liquidation and litigation on behalf of the company. We can also offer the nominal services of shareholder, director, secretary and registered office to a company.

We have a great deal of experience in dealing with companies in Cyprus and abroad, which has provided us with the right skill set to deal with anything that might occur during the incorporation or operation of the company. 

Cyprus International and Domestic Business Companies

The Cyprus Limited Liability Company is a legal entity which is used in the Republic of Cyprus as a tool for corporate transactions as well as part of company structures in international tax forms. Cyprus has entered into almost 50 double-tax treaties, which is quite remarkable for a jurisdiction which has low taxes. Because of the beneficial tax system that Cyprus has, which is among the best and most favorable in Europe, it has succeeded in becoming, in these past decades, one of the most favorable and prosperous European and International Financial Centers.

According to the official statistics by the Department of Registrar of Companies and official Receiver, until the 30/09/2012 there were 264.909 registered companies. The registration pace of companies in Cyprus has exponentially risen during the period 2007-2008, with the number of registered companies in 2007 reaching 29.016, which was more than three times over the average amount of registrations per year for the period 1998-2004. During the period between 2009 until 2012 the average number of registrations was 18.305 companies. The Company Law, Chap. 113 of the Republic of Cyprus Laws, which is mostly based on the English Companies Act of 1948, was originally written in the English language and afterwards was translated in Greek.

From the declaration of Independence of Cyprus in 1960, around 40 amendments have been made to the Law, all of them in Greek language. In Cyprus there are two kinds of companies, Cyprus Resident Company and Cyprus Non-Resident Company. Cyprus resident company means that the control and the management of the company takes place in the Republic of Cyprus, and thus enjoys all the benefits that Cyprus law and treaties have to offer. Cyprus non-resident company, on the other hand, means that its management and control takes place abroad, and thus its non Cyprus income is not taxed, but, as a non resident of Cyprus, the company cannot be benefited from the double treaties Cyprus is part of. The Cyprus resident company is more preferable and the most commonly used due to the beneficial tax system. 

Registration of a Company in Cyprus

The procedure for the registration of a Cyprus Legal Entity can be completed within a maximum period of twenty days at the most, and after the registration, the company can commence its business right away. First of all an application to the Registrar of Companies is made for the approval of the name of the company. It is beneficial that on applying for approval of a name, another two alternative names be given all ending with the word limited, as to mitigate any delays that may occur over the name of the company.

Our firm can help you decide on a name that will not be declined by the Registrar of Companies. Once the name of the company is approved the following documents and information must be filed with the Registrar of Companies for registration:

1. The Memorandum and Articles of Association.
2. Applications with the names and details of the proposed directors and secretary for the company. There are no restrictions as to the number of directors a company can have, but it has to have at least one. Also a sole director cannot be the secretary of the company, except in the case where the sole director is also the only shareholder.
3. The address of the company’s registered office, which is where all the documents for the company will be sent.
4. And lastly an affidavit or a declaration from a registered lawyer in Cyprus that all the formalities and regulations of the Cyprus Company law have been followed for the registration of the company.

When all these documents are sent to the Registrar of Companies, he will review them and if he is satisfied that everything is in order, he will issue a Certificate of Incorporation, Directors, Shareholders and Registered office. The creation and registration procedures, including printing of all official stationery and opening the necessary bank accounts, can usually be completed within a period of twenty days, at which point the company can start working right away.

Janna Fachiridou LLC can arrange the drafting and completing of all the necessary documents and procedures listed above. We can also offer the nominal services of director, secretary and registered office to the company. We sign a Trust deed and Management Agreement between us, which provide you and your rights that we are going to operate as nominal only in your benefit. 

Janna Fachiridou LLC deals with any matter concerning property in Cyprus, specifically it deals with property acquired by foreign and EU citizens, sale and lease agreements, state administration and planning as well as wills, and preparation of all the nessesary documents for these activites, like contracts and Power of Attorneys.

A contract is an agreement creating obligations enforceable by law. For a contract to be valid some basic principles have to be present, which are, an agreement (offer and acceptance), intention to create legal relations, be in a written form (most of the time but not compulsory in some situations), consideration, mental capacity to form a contract and consent to the agreement which is not given under influence or by force.

Janna Fachiridou law firm has the necessary experience to draft, negotiate and review contracts on your behalf like for example:

     Contracts of Sale. Assignment Contracts

     Rental Agreements

     Appointment of an agent agreements

     Commercial agreements

     Partnership agreements

     Business Agreements

     Confidentiality Agreements

     Work contracts

     Immovable property

 

a.       Real estate for Eu Citizens

In accordance with the Immovable Land Acquisition Law of 2003, which came into force on the day Cyprus became an EU member on the 1st of May 2004, any EU member State citizen, who has his or her permanent residence in the Republic of Cyprus, as well as any legal entity which was formed according to the legislation of an EU member state and which has its central offices or establishments in the Republic, can acquire any immovable property in Cyprus without the previous approval from the Council of Ministers.

 

b.      Real estate for non Eu Citizens

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. 

In regard to non EU citizens, applies the same as the law previously adopted for the acquisition of real estate in, which includes the granting of permission for the acquisition of immovable land by the Council of Ministers, for which all the prefects of each region of Cyprus were vested relevant law.

Non-EU citizens have the right purchase an apartment, or a house or villa which is under construction or built on an area not exceeding 4.014 square meters. Note that such citizens have the right to a limited purchase of real estate per family, only two real estate objects.

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:

1.       Subject to a recent amendment of the above Law a Cyprus Company, regardless of who the shareholder is, does not fall within the above definition and can buy any property in Cyprus. For example a Cyprus Company with a foreigner shareholder can buy any kind and as many immovable properties in Cyprus without the need of the permission of the Council of Ministers.  

Specifically article 2 of the Law now states that a legal entity which is registered according to the Law of a member state of the European Economic Community and has its registered office in a member state, is not considered a foreigner under the Law and thus is not subject to the restrictions of the above Law.

 

The procedure for purchase of real estate/buying real estate in Cyprus

Either before they have selected a property or right after that, they should to appoint a lawyer. The lawyer will undertake to do the relevant searches of controlling the property for mortgages or other charges, collecting the necessary information, necessary documents, drafting and / or revising the contract.

It is a usual practice in Cyprus to give a reservation deposit on the property so as to remove the property  from the real estate market.

Following is the drafting and signing of the contracts of sale.

After signing the contract of sale, the lawyer of the Purchaser takes the signed contract to the Inland Revenue Department for payment of the stamp duty. Stamp duties depend on the purchase price.

Simultaneously, foreigners, non EU citizens, submit an application to the Council of Ministers for obtaining permission to purchase a real estate.

After paying the stamp duty, contracts of sale must be given by the lawyer of the Purchaser to the Land Registry Department for registration and further actual execution for Specific Performance purposes.

This procedure creates ownership of the acquired property in favor of the purchase for the benefit of the Purchaser until the title deed is transferred onto his name. It is very important to submit a contract of sale for specific performance, especially in the case of the purchase of real estate for which the title has not been issued yet.

If the Immovable property already has Title deed then it is simultaneously transferable onto a Purchaser on the completion of the transaction provided that all obligations and tax payments established by the contract were made/settled by the parties.

The transfer fees depends on the amount of real estate purchase and it should be noted that there is now a 50% discount.

The final steps are the transfer of utility bills to the Purchaser 's name.