Tag Archives: Cyprus

AFTER BREXIT – WHAT WOULD HAPPEN TO U.K. CITIZENS LIVING/WORKING IN CYPRUS?

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It is my opinion that U.K. citizens who are already living/working in Cyprus, or any EU country, will keep that right should the U.K. decide to exit the European Union.

I say this because the Vienna Convention of 1969 states that the termination of a treaty “does not affect any right, obligation or legal situation of the parties created through the execution of the treaty prior to its termination.” The House of Commons Library says that “withdrawing from a treaty releases the parties from any future obligations to each other, but does not affect any rights or obligations acquired under it before withdrawal.”

I must clarify here though that the above is only applicable to those U.K. citizens who became expats in Cyprus (or another EU state) before Brexit.

As far as health services go I believe it is unlikely that U.K. citizens would be denied  EU health care services as the U.K. could retaliate by refusing these services to EU citizens living in the United Kingdom.

IMMOVABLE PROPERTY TAX CYPRUS

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Cyprus Immovable Property Tax

Cyprus Immovable Property Tax

It’s now the time of year again in Cyprus when immovable property tax needs to be paid by all those who have a contract of sale or hold the title deeds to their properties.

If the 1980 value of the property shown on the title deed is under Euros 12,500 (Twelve Thousand Five Hundred) then no tax is due.

Immovable property tax should be settled by 30th November 2015 if you want to take advantage of the discounts available. Payments made before 30th November 2015 will benefit from a 20% discount if paid online or through the bank. If paid in person at the tax office the discount will be 17.5%. Payments made after 30th November 2015 will be subject to a penalty.

If the contract of sale or title deed is in two names then the 1980 value will be equally divided between the two e.g. if the 1980 value on the title deed is shown as Euros 24,000 and the property is jointly owned the tax due will be based on Euros 12,000 each (a half share of the property). As it is under the taxable amount of Euros 12,500 no tax will be due.

If in any doubt as to whether or not you owe immovable property tax, it is always best to visit your local tax office with a copy of your contract of sale and/or title deed for clarification.

CYPRUS CITIZENSHIP AND PERMANENT RESIDENCE THROUGH INVESTMENT

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1)  CYPRUS CITIZENSHIP THROUGH INVESTMENT AND  2) PERMANENT RESIDENCE THROUGH INVESTMENT

Cyprus citizenship t

Path to Cyprus citizenship through investment and or  permanent residence

A number of clients who contacted us initially regarding the Cyprus government program of citizenship through investment, or permanent residence through investment, were unclear as to how exactly the program worked, or what options were available to them. So, I should like to take this opportunity to clarify a few points.

There are two categories 1) Cyprus citizenship through investment and 2) permanent residence through investment. Each of these programs has different requirements and they are explained below. I have included links (at the bottom of the page) to the government website which gives very detailed information on these two highly successful programs.

CITIZENSHIP

Investment Options:

The Cyprus government has a “fast track” citizenship scheme which is aimed at high net worth individuals, investors and entrepreneurs who are non-EU nationals. Successful applicants and their immediate family (i.e. wife/husband and children under 18,  also any dependent between the ages of 18 – 28) are granted Cypriot (EU) passports allowing them all the benefits and rights of EU citizenship.

There are various options available for investment and fast track citizenship:-

1) The purchase of shares or bonds in state-run investment companies in the amount of Euros 2 million or more, together with a donation of a half million Euros to the Research & Technology Fund instituted by the government.

2) The purchase of Euros 5 million or more in residential property, commercial property, shops, offices or hotels. Any property purchased under this option must be put to use by the investor.

3) Investors can deposit Euros 5 million into a Cypriot bank account or invest the same amount in establishing a company and retaining beneficial ownership. This type of investment must be maintained for at least three years.

4) The purchase of companies currently active in Cyprus or shares of companies that are registered in Cyprus.

There is no requirement that an applicant reside in Cyprus before or during the application process and, once the application has been approved, Cypriot passports are usually granted within approximately 4 months.

Cyprus is ranked 5th best place in the world for relocation. It has a highly favorable tax regime and more sunny days  per year than any other destination in Europe. It also has a high standard of living, low crime rate, good infrastructure and transportation, excellent educational system, great medical services and a stable government.

PERMANENT RESIDENCE POLICY FOR NON-EU CITIZENS

Investment Options:

Permanent residence (not citizenship) is granted to those who invest in a property costing at least Euros 300,000 (Three Hundred Thousand), bought as a new build from a developer. The applicant must also maintain a minimum of Euros 30,000 (Thirty Thousand) in a Cyprus bank account and have available sufficient income from overseas to apply for the fast track permanent residence.

The permanent residence permit once granted is not revoked as long as the holder continues to own real estate valued at Euros 300,000 or more and visits Cyprus for at least one day every 6 months.

For more detailed information on applying for either citizenship through investment or permanent residency through investment please click here:

http://www.moi.gov.cy/moi/moi.nsf/All/1A1EABBBA08669B5C2257B51002DF3EC

http://www.moi.gov.cy/moi/moi.nsf/All/36DB428D50A58C00C2257C1B00218CAB

 

 

 

 

 

 

ARCHANGEL MICHAEL HOSPICE, PAPHOS

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Archangel Michael Hospice

Archangel Michael Hospice

As a law firm in Paphos we come across many people, businesses and institutions in our day to day practice and, in our opinion, one of the very best community services available in Cyprus is the Archangel Michael Hospice in Paphos, which provides free medical assistance and comfort for those who are in need of palliative and respite care due to an incurable disease. To receive care the patient must be suffering from a terminal illness and may be either referred by their physician or self-referred. Respite care is also available for 2 – 3 weeks at a time to give family and care givers a rest and moral support.

HIGH STANDARDS OF NURSING AND MEDICAL CARE COMBINED WITH COMPASSION

All those in need of palliative care (the relief and prevention of pain) are welcome, free of charge, at the hospice regardless of religious beliefs, nationality, age or the type of illness. The costs of the hospice are financed by donations, legacies and fund raising events.

The aim of the hospice is holistic care – not only is the physical suffering addressed but also the emotional and spiritual needs of the patient, family and friends – compassionate care – helping the patient to retain quality of life as long as is possible and allowing the individual to die with dignity in a safe environment.

The Archangel Michael Hospice is the only hospice on the island with rooms dedicated to the palliative care of children and emotional/spiritual support for their families.

If you would like more information regarding the hospice or would like to host a fund raising event or make a donation please visit their website by clicking here.

ΚΕΝΤΡΟ ΑΝΑΚΟΥΦΙΣΤΙΚΗΣ ΦΡΟΝΤΙΔΑΣ ΑΡΧΑΓΓΕΛΟΣ ΜΙΧΑΗΛ
Archangel Michael Hospice
Ayias Marina 1, 8290 Mesa Chorio, Pafos, Cyprus.
PHONE: 26600970 – FAX: 26600978 – E-mail: admin@archangel-michael-hospice.com

CYPRUS PROPERTY TRANSFER TAXES CUT

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Chloraka - Paphos - poolCYPRUS – PROPERTY TRANSFER TAXES CUT BY 50%

Following a unanimous vote by Members of Parliament, property transfer taxes have been cut by 50% until December 31, 2016 – good news indeed for all those buyers ready to transfer available title deeds!

This move is part of a wider tax reform in order to help stimulate the Cypriot economy.