About Cyprus

Making your vision become a reality.

Cyprus: An overview

With history that dates back thousands of years, Cyprus is the largest and most cosmopolitan island in the Eastern Mediterranean. The Republic of Cyprus joined the European Union in 2004 and the Euro zone in 2008. Cyprus is connected with most European capitals on a daily basis by air, and residents enjoy one of the highest standards of living amongst European states in issues regarding crime rates, education, economy and lifestyle.

The fact that it is the birthplace of Aphrodite, the Greek goddess of Beauty and love herself, is no coincidence; The natural beauty is stunning. Being surrounded by a coastal lace with crystal clear waters, smooth sandy beaches, green valleys, picturesque mountain villages and with a warm Mediterranean climate with 330 days of sunshine, makes Cyprus a dream destination where visitors can enjoy swimming and water-sports throughout the year.

Cyprus was the meeting point of great civilizations due to its strategic location. In its 9,000 years of recorded history, the culture of the island has been shaped by its conquerors; Ancient Greek sanctuaries, Roman temples and medieval castles, reveal the rich history of the island. Ten of the numerous Byzantine frescoespainted churches have been inscribed on the UNSESCO Heritage List, along with other archaeological monuments. All these influences blend harmonically with the modern, cosmopolitan Cyprus of today.

The Lifestyle

Cyprus offers excellent medical healthcare, low air and noise pollution and is ranked one of the safest places to live in the world. The warm weather offers residents and visitors the opportunity to enjoy a variety of activities available on the island such as horse and bike riding, mountain climbing, swimming and sun bathing at one of the many blue flag beaches, sailing and nature exploring at one of Cyprus’ forest trails. During the winter months skiing and snowboarding is available on Troodos mountain. With almost 4 million tourists per year choosing Cyprus as their holiday destination, Cyprus, is ranked 5th for its tourism infrastructure in the world.

Taste the diverse and healthy Mediterranean cuisine that is bursting with flavour and dance at one of the numerous festivals that take place throughout the year.

Choosing
Cyprus

Excellent Communication & Transport Infrastructure

The strategic location of the island is ideal for travelling to Europe, Asia – Gulf region and Africa. There are two international airports served by more than 70 airlines and two major ports which serve Cyprus’ merchant marine, the 3rd largest in the EU. Within Cyprus, all cities are connected via modern motorways making travel both safe and effortless. Advanced local and international communications are offered at competitive prices and high quality.

Strong legal system & Reliable Land Registry

The legal system is a common law system, based on the UK standards and the Land Registry is one of the most advanced and reliable in the world. Purchasers of property in Cyprus will therefore be far more secure, with regards to their property transactions and title deeds, than they might be in another country. In Cyprus, the holder of the title deed is the sole legal owner and freeholder of the property. The property can be transferred to 1st degree relatives with no taxation or inheritance tax.

Services & Business

Ranked 3rd in EU in public expenditure on education as % of GDP, Cyprus has a high education index, and therefore, professional labour pool and high quality services, factors which have contributed in evolving Cyprus as an economic hub and a trade centre in the region.

Tax Benefits

Cyprus has the lowest corporate tax in Europe with 12.5% and no inheritance tax amongst its favorable provisions to businesses and entrepreneurs. Moreover, Cyprus has double taxationtreaties with more than 60 countries including China, Russia, India, Ukraine, Egypt, USA, Canada, UK, Scandinavian countries, Qatar, Iran, Lebanon etc.

Established Communities

Cyprus is popular for its respect towards all foreign cultures hosting a number of communities, the main ones being the English, the Russian, the German, the Armenian and the East Asian communities. Foreign schools and places of worship are available in most of these communities as well as 30 offshore banks. In Cyprus there are more than 50 embassies and consulates to which foreigners can refer for assistance.

Energy

Cyprus is becoming the new energy hub for Europe, with large quantities of hydrocarbons having been discovered off its shores which puts Cyprus into the property investors’ radar. A process already underway, international oil and gas companies have begun exploration for production and chose Cyprus as their base. It is forecasted that the oil and gas discoveries will double Cyprus’ GDP in the next decade.

Buying
Process

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    Contact us

    Send us an email or give us a call and a qualified member from our sales team will assist you and provide information about the properties with an introduction to Cyprus if necessary.

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    Property Inspection

    We will arrange your viewing tour at a time convenient to you. Subject to the inquiry our consultant will tour you to a range of options and assist with any other property related aspects. Our viewing tours include more than just visits to Patroclos’ properties; we will also arrange for you to experience some of Cyprus’ culture and history.

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    Meet the team

    Patroclos Group is renowned for its personal, hands on role. While in Cyprus you will get to meet all of Patroclos team who will support you every step of the way and fulfil your requirements as best as they possible can.

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    Choose your property

    Our consultants will help you pick the property that is most suitable for you. They will explain in detail the purchasing / contraction process along with flexible payment terms.

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    Your personal touch

    For properties under construction, you can choose the tiles, granites, kitchen and sanitary ware to suit your style; you can even require for amendments on the architectural plans. Of course, you will have the expert advice of our architects and interior designers who always try to customise properties based on your needs. The options available to you will depend on how far along the build process the property is.

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    Sign contract of sale

    Our Legal Executive will prepare a draft copy of the Contract for Property Purchase for your approval and your legal advisor.

    We recommend appointing an independent professional legal advisor to carry out the legal formalities and look after your interests. If you don’t have a legal advisor and you wish for one we will be able to put you in contact.

    Having signed the contract the buyer and seller are legally bound by the terms of the contract and the payments are being processed according to the terms.

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    Property Progress and Assistance

    Our Property Consultant will constantly inform you about the construction progress of your property until completion.

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    Delivery

    Patroclos Group will keep you informed of the progress of your property. The final instalment is paid upon delivery of your property. Patroclos Group has a track record of always meeting delivery deadlines. Upon delivery we will also escort you to the appropriate authorities to set up utility accounts.

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    Issue of title deeds and transfer of ownership

    Patroclos Group will issue and transfer your title deed within the shortest possible time frame. An expert member of our staff will coordinate with you or your legal advisor for the transfer of the title deed process. This will be specific to the property you are purchasing and will outline the legal requirements of the transaction.

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    After Sales Care

    Selecting Patroclos Group for your property purchase comes with our personal guarantee for two years and one phone call is all it takes to have the expertise of our experienced technical team by your side, thus ensuring that your investment is always maintained.

Property
Running Costs

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    Local authorities Fees

    Depending on the size of your property, local authorities charge between €50 – €400 per year

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    Immovable property tax

    Abolished since 1st January 2017.08.28

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    Municipality Tax

    As the registered owner of the property, you are required to pay an annual Municipality Tax, calculated on the market value of the property as at 1st of January 1980. Rates vary from 1‰ – 2‰ (€50-€200)

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    Sewerage Tax

    As the registered owner of the property, you are required to pay every 6 months Sewerage Tax which is calculated on the market value of the property as at 1st of January 2013. Rates vary from 0,1‰ – 1‰.(€70 – €300)

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    Communal fees

    If your property is part of a complex then communal fees will be payable for the expenses of common shared areas.

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    Insurance

    We recommend that owners insure the property against fire, earthquake and damages as well as its contents. Our insurance and liability advisors can assist you in choosing the right insurance package that suits your requirements.

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    • Water
    • Electricity
    • Telephone
    • Internet

Legal & Tax
Information

Permission to buy property in Cyprus

Cypriot nationals and national of EEA nationals who reside permanently in Cyprus
Cypriot nationals, as well as nationals of EEA states who permanently reside in Cyprus, have the right to acquire immovable property in Cyprus, without any restrictions.

Nationals of EEA nationals who are not permanent residents of Cyprus
The restrictions that apply for nationals of EEA states that do not reside permanently in Cyprus, have been lifted in 2009, and all EEA nationals enjoy equivalent rights to the Cypriot national, independently of their residence status.

Nationals of non-EU member states
The law requires non-EEA nationals or companies wishing to acquire immovable property to obtain the permission of the Council of Ministers. Permission is routinely granted for the following:

An apartment, or a house, or a plot of land of maximum 4,014sq.m for the erection of only one house for use as a residence only by the purchaser and his family.
In May 2013 the Ministry of Interior issued a circular to the effect that non-EU citizens will be allowed to own two properties, which can be two residences or one residence and commercial premises with a floor area up to 100 square metres.

Land Registry function and Title deeds

The Cyprus Department of Lands and Surveys, is one of the most advanced and reliable systems in the world and the longest established government department. It has sole responsibility for land registration, with offices in the six major towns.
 
To ensure the transfer of the acquired property into your name, the contract of sale is duly signed and stamped and Patroclos Group, or your lawyer, submits a certified copy of the Contract at the Land Registry Department.
 
When the Title Deeds are issued Patroclos Group will transfer the title deeds of the property to the name(s) of the purchasers.

By purchasing your property from Patroclos Group, you are guaranteed your property’s Title Deed.

Transfer of ownership (Conveyancy) from Vendor to Purchaser is a simple procedure undertaken through the Cyprus Land Registry Office, either by the buyer in person or by appointing a third party with a power of attorney. The deposited Contract of Sale in the Land Registry, the purchaser prevents the Vendor from transferring the property in the name(s) of a third party.

Specific Performance

According to the Provisions of the Law, the purchaser of property can secure the transfer of the acquired property in his/her name by depositing a duly signed and stamped copy of the contract of sale in the Land Registry upon signing the Agreement.
 
By depositing the Contract of Sale in the Land Registry the purchaser acquires the right to seek “Specific Performance” of the terms and conditions of the Contract of Sale and thus he can impose the transfer of title of the immovable property in the name of the purchaser, even when the Vendor does not wish to be involved in such processes. 

VAT & Transfer fees on Property

Property VAT
The standard VAT rate is 19% when buying new property
For the first residential property bought in Cyprus the VAT is 5% subject to the following conditions 

  • The property must be used as the primary and permanent residence of the purchasers for the next ten years.
  • The Purchaser has not acquired any other residence in Cyprus with a reduced VAT rate.
  • The reduced VAT rate of 5% is applied on the first 200sq.m (calculated only on the internal covered area) of the property as per the architectural plans submitted to the Authorities. On the remaining square meters, the standard rate of 19% is imposed.

 
Property Transfer Fees
When transferring the title of ownership of the property in the name of the purchaser, at the Department of Land and Surveys, the Purchaser is obliged to pay the following transfer fees, calculated according to the purchase value of the property as it appears in the Contract of Sale.
 

Property PriceRateFeeAccumulated Fee
First €85.0003%€2.550€2.550
€85.001 to €170.0005%€4.250€6.800
Over €170.0008%


*Properties subject to VAT are exempt from transfer fees. 
*Properties not subject to VAT are eligible for a 50% exemption of transfer fees.

  

Example:
Transfer of the title deed for a property that was purchased for €500,000 and is not subject to VAT, the purchaser will pay €16,600 in transfer fees in the following way:
Property Price €500.000
First €85.000at3%=€2,550 €2,550
€85.001 to €170.000at5%=€4,250accumulated €6,800
Over €170.000at8%=€26,400accumulated €33,200
Transfer fees €33,200
50% exemption €16.600
TOTAL Transfer fee payable €16.600
Stump Duties
The purchaser is obliged to pay the stamp duty of on the purchase price at the following rates:

First €5,000 – €0.00
€5,001 to €170,0000 – 0.15%
over €170,001 – 0.20%
 

Example
Property Price: €500.000
€5.000at0=0
€170.000at0,15%=€255
remaining€330.000at0,20%=€660
TOTAL Stamp Duty payable915

 
*In order to avoid paying penalty the duly stamped Contract of Sale should be stamped deposited in the Land Registry within 30 days from signing.

Capital Gains Tax

The Capital Gains Tax is imposed with a coefficient of 20% on profits that result from disposal of immovable property in Cyprus. The tax is imposed on the profits following subtraction from the sales price of the purchase price, the transfer fees, the Land Registry fees (if any), bank fees and interest expenses, maintenance costs and all other expenses related to the property.
 
Individuals are allowed to deduct from their capital gains the following, under certain conditions:
 

Type of disposal  Amount (€)
Disposal of private residence (under conditions)  85.430
Disposal of agricultural land by a farmer   25.629
Any other disposal  17.086

 
 

Inheritance Tax

Has been abolished from 1st January 2000 (Statute No. 78(1)/2000)
 

Conventions Preventing Double Taxation 

Cyprus has contracted conventions of prevention of double taxation with a number of countries. Apart from the Conventions that are in force, further agreements are pending with other countries which at the present stage are under the process of negotiation. These conventions will probably influence positively the property arrangement of immovable property in Cyprus as well as different groups of people who may decide to reside in Cyprus, as pensioners and/or investors.

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