Vilanos Properties in Cyprus
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  Obtain a European (Cypriot) Passport (Fast Track) For Third Country Nationals
  Obtain a Permanent Residence Permit in European Cyprus (Fast-Track) For Third Country Nationals
  Obtain a Permanent Residence Permit in European Cyprus (Usual Procedure-Category F) For Third Country Nationals
  Application For Cyprus VISA in China
 
Obtain a European (Cypriot) Passport (Fast Track) For Third Country Nationals

SCHEME FOR NATURALIZATION BY EXCEPTION OF INVESTORS IN CYPRUS (FOR THIRD COUNTRY NATIONALS)(FAST TRACK)

PROGRAMME No 1                                  PASSPORT (Fast Track)                    21st October 2015

OBTAINING THE EUROPEAN-CYPRUS PASSPORT FOR YOUR WHOLE FAMILY (FAST TRACK)

  • CRITERIA AND REQUIREMENTS Α-Β
  • REQUIRED DOCUMENTS AND PROCEDURES (FOR OBTAINING THE PASSPORT) 
  • PROGRAMME BENEFITS 
  • OTHER EXPENSES (FOR THE PURCHASE OF PROPERTY AND OBTAINING THE PASSPORT
  • ANNUAL EXPENSES-PROPERTY TAXES IN CYPRUS 
  • INFORMATION ABOUT •CYPRUS •LIMASSOL •VILANOS                                      

CRITERIA AND REQUIREMENTS ΑΒ

A non-Cypriot citizen, who meets one of the financial criteria (A), either personally or through a company/ companies, where he is a shareholder-  proportionally based on the percentage of participation , that meets the economic criteria , may apply for the acquisition of the Cypriot citizenship through Naturalization by exception.

In addition, the applicant must fulfill the Terms and Conditions set out in Part B.

Α. CRITERIA

Investment in real estate or land development €5 million : (Individual scheme) Purchase of multiple property units of €5, 0 million.

The applicant must have made an investment of at least € 5,0 million (plus VAT for a new property) for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments or developments in the tourism sector).

or

Collective Investments €2.5 million: (Collective Scheme) Purchase of a property (house) of €2, 5 million or

€2, 5 million investment (plus VAT for a new property [house]), for investors who demonstrably participate in a collective (group) investment scheme.

or

Investment in multiple property units (collective scheme) of €3 million:

In the case that the investor wishes to invest in the purchase of several properties e.g. commercial, building-office-shop etc he is obliged to include in the scheme a house of at least €500,000 (plus VAT if the property is new)

It is noted that the above mentioned investments may be realized through a different salesman/ provider (physical or legal entity). 

B. TERMS AND CONDITIONS

1. Clean Criminal Record: The applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. 

2. Residence in the Republic of Cyprus: The applicant must hold 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. if the property is new).

C. SUBMISSION OF DOCUMENTS

In order to examine any applications the submission of the form (M127) and of the following is required:

1.      Clean Criminal Record: 

Certificate of Clean Criminal Record from the country of origin and the country of residence.

  1. Residence in the Republic of Cyprus:
    A)Investment in properties when establishing a company

(a) Contract of Sale.

(b) Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department

(c) Receipts for paying the agreed purchase price

(d) Copy of the wire transfer in a Cypriot commercial banking institution in the name of the seller or the seller’s company 

As for the economic Criteria the following are required, depending on the case (when the applicant establishes a company): 

(a) Certificate of Registration of the company/ companies by the Registrar of Companies

(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies

(c) If the applicant is a high-ranking senior manager the submission of the employment contract and the receipt from the Department of Inland Revenue is additionally required.

Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance. 


Furthermore, depending on the case, the following are required: 

B) Investment in real estate and land development (when the applicant is a person)

(a) Contract of sale.

(b) Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department

(c) Receipts for paying the agreed purchase price

(d) Copy of the wire transfer in a Cypriot commercial banking institution in the name of the seller or the seller’s company

Submission of an Investor’s Application:

The list of the necessary documents is as follows:

Necessary Documents

  • Letter by the applicant or by the representative of the applicant, in which the investment and criterion, under which the application is submitted, are briefly explained.
  • Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer
  • Birth Certificate
  • Copy of passport
  • Certificate of clean criminal record from the country of origin, as well as the country of residence (if it differs) of the applicant
  • Marriage Certificate
  • Copies of advertisements in a daily newspaper two consecutive posts
  • Two passport size photographs
  • Curriculum Vitae
  • Documents concerning the permanent privately-owned residence of the applicant in Cyprus:
  • Contract of Sale
  • Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department
  • Receipts for paying the agreed purchase price
  • Copy of the wire transfer in a Cypriot commercial banking institution in the name of the seller or the seller’s company

Submission of an Application Investor’s Spouse

The list of the necessary documents is as follows:

·         Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer

·         Copy of Naturalization Certificate of Investor (If the application is not submitted simultaneously with the investor)

·         Copy of  Cypriot passport of investor (If the application is not submitted simultaneously with the investor)

·         Birth Certificate

·         Certificate of clean criminal record from the country of origin, as well as the country of residence (if it differs) of the applicant

·         Marriage Certificate

·         Copy of  passport

·         Copies of advertisements in a daily newspaper two consecutive posts

·         Two passport size photographs

·         Curriculum Vitae

Adult Children of investor

The list of the necessary documents is as follows:

·         Application Form M127 fully completed and signed before a Registrar of a Cypriot court or a consular officer

·         Copy of Naturalization Certificate of Investor

·         Copy of  Cypriot passport of investor

·         Birth Certificate

·         Certificate of clean criminal record from the country of origin, as well as the country of residence (if it differs) of the applicant

·         Marriage Certificate (if applicable)

·         Copy of  passport of applicant

·         Copies of advertisements in a daily newspaper two consecutive posts

·         Two passport size photographs

·         Certificate of studying in a higher education institution (original)

·         Curriculum Vitae

·         Copy of degree (in the case that the applicant is doing a postgraduate degree)

·         Medical certificate which confirms disability (original)

Minor children (under the age of 18) of investor

The list of the necessary documents is as follows:

·         Application Form M126 fully completed and signed by the Cypriot parent before a Registrar of a Cypriot court or a consular officer

·         Copy of the Cypriot parent’s Certificate of Naturalization

·         Child's Birth Certificate

·         Parents’ marriage certificate

·         Copies of the child's and parents' passports

·         Written Consent of the non-Cypriot parent

PROGRAMME BENEFITS

  • Passports  issued within three months
  • Passports issued to the investor, their spouse and dependent children up to age 28, provided they are in full-time education or they are dependent for any other reason, proof must be provided.
  • Cyprus allows dual citizenship
  • Unrestricted right to live, work, travel and study anywhere in the EU.
  • VISA-free travel to 157 countries (See list on page 6)
  • Free trade within EU, business access to 500 million EU citizens
  • All nationalities eligible
  • No language requirement, medical test or interview
  • Exit strategy after 3 years
  • Citizenship is passed on by descent
  • Cyprus has no inheritance tax, has a highly favourable corporate tax structure and a comprehensive double tax treaty network
  • No tax consequences, unless you opt to become tax resident in Cyprus
  • Cyprus offers a great place to visit/live, it enjoys a strategic position, offers excellent worldwide connections, has excellent infrastructure, a pleasant climate and is highly stable
  • Cypriot passport holders can quickly and cost effectively obtain visas for other countries, such as the USA
  • European Citizens have the right to attend schools/universities within any EU country for free or with reduced tuition rates, as applicable
  • European citizens have the right to protection by the diplomatic or consular authorities of any EU country in a third country (country outside the EU) where your home EU country is not represented by a consulate
  • European citizens can access the established first-class EU health care systems

BY OBTAINING THE CYPRUS / EUROPEAN PASSPORT

FREEDOM TO LIVE, WORK, AND TRAVEL ANYWHERE IN THE EU                             

EU MEMBER COUNTRIES

• AUSTRIA                      • DENMARK               • HUNGARY                 • MALTA                     • SLOVENIA

• BELGIUM                     • ESTONIA                  • IRELAND                   • NETHERLANDS        • SPAIN

• BULGARIA                   • FINLAND                  • ITALY                         • POLAND                   • SWEDEN

• CROATIA                     • FRANCE                   • LATVIA                      • PORTUGAL             • UNITED KINGDOM

• CYPRUS                       • GERMANY                • LITHUANIA               • ROMANIA

• CZECH REPUBLIC     • GREECE                    • LUXEMBOURG       • SLOVAKIA

 

TRAVEL WITH THE CYPRUS / EUROPEAN PASSPORT IN 157 COUNTRIES WITHOUT VISA. (THE CYPRUS PASSPORT IS IN THE 14TH RANK IN THE WORLD).


AFGHANISTAN REPUBLIC OF CONGO IRAN MONGOLIA
ALBANIA COSTA RICA IRAG MONTENEGRO
ALGERIA IVORY COAST IRELAND MOROCCO
ANDORRA CROATIA ISRAEL MOZAMBIQUE
ANGOLA CUBA ITALY MYANMAR
ANTIGUA AND BARBUDA CHECH REPUBLIC JAMAICA NAMIBIA
ARGENTINA DENMARK JAPAN NAURU
ARMENIA DJIBOUTI JORDAN NEPAL
AUSTRALIA  DOMINICA NETHERLANDS KAZAKHSTAN
AUSTRIA DOMINICAN REPUBLIC KENYA NEW ZEALAND
AZERBAIJAN ECUADOR KIRIBATI NIKARAGUA
BAHAMAS EGYPT NOTH KOREA NIGER
BAHRAIN EL SALVATOR SOUTH KOREA NIGERIA
BANGLADESH EQUATORIAL GUINEA KUWAIT NORWAY
BARBADOS ERITREA OMAN KYRGYZSTAN
BELARUS ESTONIA LAOS PAKISTAN
BELGIUM ETHIOPIA LATVIA PALAU
BELIZE FIJI LEBANON PANAMA
BENIN FINLAND LESOTHO PAPUA NEW GUINEA
BHUTAN FRANCE LIBERIA PARAGUAY
BOLIVIA GABON LIBYA PERU
BOSNIA AND HERZEGOVINA GAMBIA LIECHTENSTEIN PHILIPPINES
BOTSWANA GEORGIA LITHUANIA POLAND
BRAZIL GERMANY LUXEMBOURG PORTUGAL
BRUNEI GHANA MACEDONIA QATAR
BULGARIA GREECE MADAGASCAR ROMANIA
BURKINA FASO GRENADA MALAWI RUSSIA
BURUNDI GUATEMALA MALAYSIA RWANDA
CAMBODIA GUINEA MALDIVES SAINT CHRISTOPHER AND NEVIS
CAMEROON GUINEA-BISSAU MALI ST LUCIA
CANADA GUYANA MARSHALL ISLANDS SAINT VINCENT AND THE GRENADINES
CAPE VERDE HAITI MAURITANIA SAMOA
CENTRAL AFRICAN REPUBLIC HONDOURAS MEXICO SAN MARINO
CHAD HUNGARY MICRONESIA SAO TOME AND PRINCIPE
CHLE ICELAND MOLDOVA UNITED STATES
INDIA CHINA MONACO TURKMENISTAN
COLOMBIA INDONESIA EAST TIMOR TOGO
COMOROS SOUTHER SUDAN VIETNAM TURKEY
SINGAPORE SWEDEN SPAIN UZBEKISTAN
SLOVAKIA SAUDI ARABIA SWAZILAND VANUATU
URUGAY SIERRA LEONE TONGA VATICAN CITY
SENEGAL SRI LANKA TRINIDA AND TOBAGO ZAMBIA
SERBIA SUDAN TUNISIA ZIMBABWE
SEYCHELLES SURINAME YEMEN  
SWITZERLAND TUVALU UGANDA  
SLOVENIA SYRIA UKRAINE  
SOLOMON ISLANDS TAJIKISTAN UNITED ARAB EMIRATES  
SOMALIA TANZANIA UNITED KINGDOM-EXCLUDING SOME OVERSEAS TERRITORIES  
SOUTH AFRICA THAILAND
 

OTHER EXPENSES FOR THE PURCHASE OF PROPERTY AND OBTAINING THE PASSPORT

  • Transfer Fees of Department of Lands and Surveys (government) Table Νο 1 
  • Affixing and submission of contract of sale at the Department of Lands and Surveys (government) Table Νο 2
  • Application expenses for obtaining the Passport 
  • Legal expenses 

 

Transfer Fees of Department of Lands and Surveys (government) Table Νο 1

The fees of the Department of Lands and Surveys for transfers of immovable property are calculated according to the table below:

Table Νο1:

Value                                           Rate                     Fees             Accumulated fees €                       

€                                                     %                           €                          €

Up to €85.000                                3                         2.550                  2.550

€ 85.001 - €170.000                    5                         4.250                  6.800                            

Over €170.001                              8

• The example of the table is for one person for the payment of the transfer fees of the property. In case of more individuals then the amounts are adjusted accordingly.

• The Department of Lands and Surveys has the right not to accept the amount-value of the contract of sale (property) for taxation purposes of transfer fees of the property (it makes its own estimation of its value).

  • In the case that the purchase is subjected to VAT (new houses or apartments), it is exempt from transfer fees, (provided that the Department of Land and Surveys accepts the purchase value of the contract of sale) this applies until 31/12/2016 (included in the government incentives) provided that the buyer will use the house as first and permanent residence and after he obtains the confirmation from the VAT Department. This measure regards the first 200 m2 of every residence and provided that the residence is of no more than 275 m2 (the usual VAT rate 19% applies to the rest 75 m2). The residence cannot be rented unless the difference of the VAT which arises between the reduced rate and the normal rate, which corresponds for the time period of 10 years, is paid and the residence will not be used for home ownership purposes or after the lapse of 10 years.
  • In the purchase of any property (houses, apartments, offices, lands, plots etc) which is not subjected to VAT (resale) transfer fees are paid on the 50% of the transfer fees calculated by the Department of Lands and Surveys. This applies until 31/12/2016 (included in the government incentives).
  • The transfer fees are paid at the cash desk of the Department of Lands and Surveys on the day of the transfer of the property. The method of payment should be by Bankersdraft or Visa or cash. The cheque is issued in the name District Land Officer.

Affixing and submission of contract of sale at the Department of Lands and Surveys (government) Table Νο 2

Affixing is a tax charged on specific instruments which deal with the immovable property in Cyprus, regardless if they are performed in Cyprus or outside Cyprus. From 1st Μarch 2013, the affixing is:

Table Νο 2

RATE

AMOUNT VALUE

%

0%

€5,000

0.15%

€5,001-€170,000

0.2%

€170,001 and over

 

Affixing of contract of sale (the payment and affixing take place at the Inland Revenue Department in each town)

The cost of affixing depends on the market value of the property (See Table Νο 2)

Submission of contract of sale (the payment and submission take place at the Department of Lands and Surveys, cost €50)

 

Application expenses for obtaining the Passport

Depending on the number of people applying for obtaining the Passport.

Legal expenses

Depending on the services offered by the firm you will choose.

 

ANNUAL EXPENSES-PROPERTY TAXES IN CYPRUS

  • Immovable property tax (government) Table No 3 
  • Refuse (at each town’s Municipality) 
  • Sewerage Tax SBLA-Sewerage System (government)
  • Immovable property municipal tax (Τown Rate)(at each town’s Municipality)

Immovable property tax (government)

The Immovable property tax is calculated on the market value of the immovable property as on 1 January 1980 and refers to the immovable property of the taxpayer who is in Cyprus the 1 January of each year. It is payable on 30/9 of each year. For the year 2015, the period until 31st December 2015 is indicated as a deadline for paying the tax. In the case that an individual who is submitted to tax pays his tax debt at least thirty (30) calendar days before the end of the deadline, that is from 1/10/2015 to 31/11/2015, he will be given a discount of 17,5% on the due tax which is paid at the cash desk. In the case that the payment is arranged online or through a transaction at a licensed credit institution the discount rises to 20%. From 1/12/2015 to 31/12/2015 the amount is paid normally. If the amount is paid after 1/1/2016 there will be a penalty of 10%. The Immovable property tax is imposed on natural and legal persons.

For the year 2015 the tax rates of the immovable property tax for immovable properties in Cyprus have been revised according to the following table and apply per owner not per immovable property.

Tax Rates                                                                                                                                      Table No. 3

Propert Value €                    Rate ‰ (per mille)                    Accumulated Tax €

Up to 40.000*                              6                                                    240

40.001-120.000                          8                                                    880

120.001-170.000                        9                                                  1.330

170.001-300.000                       11                                                 2.760

130.001-500.000                       13                                                 5.360

500.001-800.000                       15                                                 9.860

800.001-3.000.000                    17                                                47.860

Over 3.000.000                           19 

*Owner of an immovable property with a value not higher than €12.500 (values of 1/1/1980) is exempt from the immovable property tax.

Refuse (at each town’s Municipality)

Each municipality has its own rules and therefore its own taxation. In Limassol, square metres are the basis for the imposing of taxation. Small houses up to three bedrooms are charged with about €156 per year and bigger houses, mansions with swimming pools etc about €170 per year. In the case that a taxpayer is not employed, or considers that they should pay less, he can submit an objection and their request will be carefully examined.

Sewerage Tax SBLA-Sewerage System (government)

Sewerage Charges on the assessed value of properties

The Board imposes sewerage charges according to the assessed value of properties as at 1 January 1980 as determined by the Land & Survey Department.

The charges imposed relate to sewerage and drainage charges. (For more information and details go to www.sbla.com.cy)

Properties located in areas that can be directly serviced by the sewerage system or located in areas where construction works are in progress or scheduled to begin, are charged with the sewerage rates. They are payable at the local Sewerage Board.

Water consumption charges

The Board also imposes charges on water consumption to every owner of a house which is connected and uses the sewerage system, rising up to 60 cents per metric ton.  

This charge is imposed and received by the Water Board or the other water board authorities of each area.

Immovable property municipal tax (Τown Rate)(at each town’s Municipality)

It is a tax charged and received annually by the municipality to the immovable property of physical or legal persons within the municipality borders with some exceptions which are included in the legislation.  As soon as the immovable property tax is applied, the municipal tax will be terminated. From 1/1/1991 the Town Rate is determined by the Municipality Board. It is imposed on the market value of the property, in values of 1/1/1980 and is calculated around 1 ½ per mille and is paid annually on a date decided by the Municipality Board. Today, payment date has been decided 30/6 of each year. The payment is done at the Offices of the Municipality in which the property is located. The taxpayer should present at the Department of Lands and Surveys the document of Payment Confirmation from the offices of the Municipality for property transfer purposes.

GENERAL INFORMATION •CYPRUS •LIMASSOL•VILANOS

 CYPRUS: Cyprus is a beautiful island with rapid development and a growing economy. It is the ideal place for   both family life and new investments. Cyprus enjoys a privileged geographic position, since it is located in the east of Europe close to major trade routes that link Europe with the Middle East, Africa, Russia and Central Asia.
  • Population 1.141.000. Age Structure: 0-14 yr:15.8%, 15-24 yr :15.8%, 25-54 yr: 46.9%, 55-64 yr:10.6%, 65+ yr:11%
  • Coastline: 648 km, cleanest bathing water in Europe. Highest point: 1951m Mt Olympus
  • Safe, hospitable and multilingual environment. (Greek, Turkish, English widely spoken).High standard of living with relatively low cost.
  • Religion: Greek Orthodox, Muslim, other
  • Government Type: Presidential Democracy
  • EU member since 2004
  • Ideal weather conditions with over 300 days of sunshine a year. Mediterranean climate with mean temperature 23°.
  • Drinking water and Sanitation: 100%
  • Continuous development and new business opportunities.
  • GDP: $21.62 billion purchase power parity. $24.500 per capita. Composition: agriculture: 2.4%, industry: 15.9%, services:81.7%
  • Favourable tax rates with the lowest corporate tax in the European Union.
  • Secure property investment with fully regulated real estate law.
  • First-rate national cadastre.
  • Premium legislative system, low inflation and a stable currency (Euro).
  • 27 branches of foreign banks including Russian Commercial Bank, Jordan Kuwait Bank, Lebanon & Gulf Bank, BBAC, FBME Bank, Avtovazbank, etc.
  • Excellent tourist services. Over 2.500.000 tourists visit Cyprus every year.
  • Small country with easy, flexible and good transportation and a modern new airport
LIMASSOL Limassol is a great choice to start a new life in Cyprus since it has a lot to offer to all age groups. It is the second largest city of Cyprus and is situated in the southern part of the island, between the ancient kingdoms of Curium and Amathounda. Limassol is a developing center of business activities, tourism, services, as well as  lifestyle. It has the biggest port of the island, which is also the biggest port of the Mediterranean.

    • A prosperous and growing city with environmentally friendly buildings, green spaces and ongoing major construction development projects.

•   Limassol Marina is a unique piece of ornament on the sea. It includes artificial islands and combines attractive residential development and the latest technology Marina.

•   Significant historical archaeological sites and monuments influenced by ancient Greek, Roman, Byzantine and medieval art.

•   The most important and attractive tourist seaside resort of Cyprus with many tourist accommodations and the finest and luxurious five star hotels.

 • The beach stretches across the city offering beautiful views and luxurious villas, hotels, restaurants and a variety of activities throughout day and night.

•   The sea is clean, sandy and safe for swimming with award-winning organized beaches offering a wide range of beach and water sports.

•   Wide variety of entertainment and recreation venues for all ages including a public garden with a zoo, golf resorts, spa and an upcoming luxury casino.

•   Modern and large shopping-mall with high street brands and designer shops.

•   Vibrant nightlife with a variety of local restaurants and exotic cuisine, entertainment for all ages including theatre and modern cinema.

•   Public and private universities, foreign language schools and colleges.

•   Easy and fast access to the two airports of Cyprus, within 45 minutes.

•   The activities of the emerging source of oil and gas starts in Limassol.

•   Most of the foreign off-shore companies are established in Limassol due to the legislative and tax system, and easy access to the Middle East and Europe.

•   Festivals and events in the city center including the wine festival, carnival, the flower festival, the marathon, and the Opera for the Russians.

•   The city from which within 30 minutes you can go from sea to the snowy sides of Troodos (the highest peak in Cyprus) with its luxurious mountain houses, lush forests and ski resorts.

•   Organized Russian community of about 40,000 Russians, Russian schools, newspapers, radio station and plenty of shops with Russian products.

 VILANOS  Our company based in Limassol is both licensed and approved by the government, as a real estate agency with long experience (since 1969) in the property sector of Cyprus. Choosing VILANOS Real Estate Agents LTD ensures an excellent, safe and efficient service because:

•   With 45 years of experience in the real estate sector we ensure reliable service to all our customers.

•   We offer a huge variety of real estate property for sale (new or resale) which will satisfy your needs such as luxury villas, houses, country houses, apartments, land, buildings, offices, etc.

•   We are with you every step of the way to help you purchase your property and receive your Permanent Residence Permit (VISA). We ensure that the whole process is as fast and easy as possible.

•   We offer support managing your property at a very little cost

Cyprus citizenship by investment

Dual citizenship offers an effective tool for international tax planning and provides financial privacy for banking and investment. It improves personal security, enables freedom of movement and allows access to the best healthcare and education opportunities.

In March 2014, Cyprus changed the legislation that enables foreign investors to become a Cypriot (EU) citizen and obtain a Cypriot passport through naturalization, making it more accessible and affordable than ever. An EU citizen is any person who holds the nationality of an EU country. EU passport holders are entitled to enter, reside, study and work in the European Economic Area (European Union, Iceland, Liechtenstein and Norway) and Switzerland without a visa.

For Russian Speakers: Russian 00357 9777 8833 | For Chinese Speakers: Chinese 00357 97778822 | For Arabic Speakers: Arabic 00357 9777 8866
Vilanos Real Estate Agents Ltd Registered & Licensed Real Estate Company Reg. No. 525 Lic. No. 40E
Limassol Head Office: 275 Agias Phylaxeos 3116, P.O.Box 56583, 3308 Limassol, Cyprus
00357 25 77 11 88 00357 25773366 info@vilanosproperties.com Skype VilanosAgents
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