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What is the procedure for the registration of a Cyprus Company?
what documents do I need to attach to an application for a permit to have immovable property registered in my name?
Under which status can a foreign person apply for an immigration permit?
What things do I need to be aware of when I purchase a property in Cyprus?
How much is the stamp duty to be affixed on a contract?
How much are the transfer fees that are paid for the transfer of the property?
SCHEME OF NATURALISATION BY INVESTMENT


ANSWERS

What is the procedure for the registration of a Cyprus Company?

The procedure for registering a Cyprus Company consists mainly of 3 stages:

a) The name approval application ( which takes approximately 5 working days to process)
b) After the name is approved the documents and  forms together with the Memorandum and Articles of Association are prepared and signed and
c) The relevant documents are filed at the Registrar and the registration is effected once the certificates are issued.

The capital of the companies from 1/1/2008 is denominated im EURO.

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what documents do I need to attach to an application for a permit to have immovable property registered in my name?

The following documents must be submitted for the consideration of the application:

1. Survey plan
2. Copy of the title of ownership
3. Copy of the building permit for the erection of the house/block of flats or for the residential development of estates. If separate titles of ownership have been issued for the flats of the block or if the house is mentioned on the title of ownership, applicants need not submit a copy of the building permit. For plots under division, applicants must submit a copy of the division permit.
4. Copy of the deed of sale.
5. Sectional view of the building or the flat.
6. Area in square metres of the plot which is to be acquired.
7. Documents proving the financial situation of the applicants.
8. Copies of the pages of the applicants’ passports and those of their
9. Copy of residence permit and work permit of the applicants in Cyprus.
10. Application COMM 145, completed clearly and in full.

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Under which status can a foreign person apply for an immigration permit?

Aliens may make an application to obtain an Immigration Permit on the basis of one of the Categories referred to in Regulation 5 of the Aliens and Immigration Regulations of 1972 and provided that the Immigration Board recommends to the Minister of the Interior that the applicant falls within one of the categories:

Category A:
Persons who intend to work as self employed in agriculture, cattle breeding, bird breeding or fish culture in the Republic, provided that they have in their possession adequate land or a permit to acquire same, they have fully and freely at their disposal capital of CY£250,000 and such an employment should not negatively affect the general economy of the Republic.

Category B:
Persons who intend to work as self employed in mining enterprises in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of CY£200,000 and such an employment should not negatively affect the general economy of he Republic.

Category C:
Persons who intend to work as self employed in a trade or profession in the Republic, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of CY£150,000 and such an employment should not affect negatively the general economy of the Republic.

Category D:
Persons who intend to work as self employed in a profession or science in the Republic, provided that they have academic or professional qualifications, for which there is demand in Cyprus. Possession of adequate funds is also necessary.

Category E:
Persons who have been offered permanent employment in the Republic, which will not create undue local competition.

Category F:
Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least CY£5,600 for a single applicant and moreover at least CY£2,700 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.

For the granting of an Immigration Permit application is submitted on form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted. Applications for Category F which are the most usual should be accompanied by the original of documents regarding the income of the applicants. Applicants who are abroad may submit an application directly to Cyprus, as stated above or through the local Consular Authorities of the Republic of Cyprus.

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What things do I need to be aware of when I purchase a property in Cyprus?

When purchasing a property one must know that the person he/she is buying the property from is the registered owner as appears on the title deed. The reason for this being that the contract cannot be deposited at the Land Registry Office, if the registered owner does not appear as a vendor.

Once this is clarified, an agreement can be signed either directly by the party of through an attorney.

The contract has to be stamped within one month from the signign and then it must be lodged with the Land Registry Office.

Once the title deeds are ready, the property can be transferred in the name of the purchaser after he pays the transfer fees.

In order for the transfer to be effected, the venndor must first obtain all the necessary tax releases.

If the purchaser is an alien, the transfer cannot be effected if the purchaser does not hold a transfer permit.

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How much is the stamp duty to be affixed on a contract?

The stamp duty is a percentage of 1.5CYP for every 1000CYP for agreements the value of which are up to CYP100.000 and 2CYP for every 1000 CYP for any value over 100.000CYP now converted in EURO. ( 1Euro = 0.585274 CYP)

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How much are the transfer fees that are paid for the transfer of the property?

There is again a percentage on the price as this will be valued by the Land Registry. The valuation takes place on the day of the transfer of the property but the value that is taken into consideration is the value of the property on the day that the contract was made.

The percentage is 3% for up to EURO50.000
5% for up to EURO100.000 and
8% for anything over that amount.
Under a new piece of legislation, properties that include VAT in the purchasse price, are totally exempted from transfer fees whereas all other cases there is a 50% discount on the transfer fees to be paid.

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SCHEME OF NATURALISATION BY INVESTMENT

The Ministry of the Interior has established in September 2016 a new policy for granting citizenship to investors and members of their families.

please contact us in order to give you an outline regarding the criteria for otbaining citizenship through this scheme and the procedure.



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MINISTRY OF INTERIOR

The website of the Ministry of Interior contains useful information about obtaining citizenship.

REGISTRAR OF COMPANIES AND OFFICIAL RECEIVER

The Registrar of Companies website contains useful information in relation to the registration of a company in Cyprus, the necessary application for registration and procedure relating to Cypr

DEPARTMENT OF LANDS AND SURVEYS

The Lands and Surveys Department website contains very useful information in relation to the purchase and regsitration of immovable property, the transfer fees payable and other information relatin

MINISTRY OF FOREIGN AFFAIRS

The website of the Ministry of Foreign affairs contains useful information in various matters including the issuance of visas for Cyprus.

MINISTRY OF FINANCE

This website contains information in various economic matters of Cyprus including theTaxation Policy.

CENTRAL BANK OF CYPRUS

The Central Bank of Cyprus website includes information regarding the rules and regulations of the Banks of Cyprus, the righs of the citizens , the Codes of Practice and various other interesting m

CYPRUS BAR ASSOCIATION

Cyprus Bar Association website publishes information in relation to the lawyers in Cyprus, the Disciplinary Codes, the complaints procedure and many other interesting matters.

EUR-LEX

The website contains the Laws of the European Union, regulations and  judgements reached by the European Court of Justice.

CYPRUS POLICE WEBSITE

The Cyprus Police Department website contains important information in relation to the activities of the Police and immigration matters.