Cyprus is a signatory to a Treaty for the Prevention of double taxation to avoid the payment of income tax in two countries. This Treaty has been signatory with 37 countries of all world.  Cyprus offers a distinct benefit in the form of double taxation treaties and lower income tax rates. More specifically the tax levied by one country is credited against the tax charged in the taxpayer’s country of residence. Where different tax rats apply, the taxpayer will ultimately not pay more that the higher of the two rates of respective countries. As a country Cyprus is offer tempting tax incentives and is combined with very favourable tax rates for international businesses open the door to significant tax planning opportunities. Double taxation treaties exist between Cyprus and the following countries: Russia, Ukraine, United Kingdom, Austria, Belarus, Belgium, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Lebanon, Malta, Mauritius, Norway, Poland, Romania, San Marino, Seychelles, Singapore, South Africa, Slovakia, Slovenia, Sweden, Syria, Thailand, United States and Yugoslavia.

The rate that applies if you are working in Cyprus on your income tax is shown below:

Income                                 Tax Rate

Up to €17.086                        0%

€17.087-€25.629                  20%

€25.630 - €34.172,03          25%

Over €34.172,03                   30%

Pensions drawn from outside Cyprus and transferred to Cyprus enjoy very low taxation. Retired non-Cypriots benefit from very positive tax rates, with a maximum of 5% per year charged on pension and investment income brought into Cyprus Foreign pension is taxed at the rate of 5%. An annual exemption of €3,417.20 is granted.

So in summary :

• Very low taxation.
• Annual exemption of €3,417.20.
• Easy way to transfer money to Cyprus with very low taxation.

With the above you can easily see we have a very good retirement program going on in Cyprus, one of the best in Europe.

When buying property in Cyprus you need to be carefull in choosing the right Property Developer in order to have a smooth buying proccess without husstle. Look for Propety Developers with an outstanding experience and a long solid presence in Cyprus Real Estate market. One of those companies its us with 36 years of solid and undeniable experience in the field, always ready to help you.

By purchasing properties in Cyprus either residential or commercial then you are able to apply for a permanent residency. However the application can start only when the developer is been paid at least €200.000 + Vat and you have received a receipt with the equivalent amount.

Our well trained staff will collect any documents necessary from you and then will apply for the permanent residency permit on your behalf.  The application needs approximately two months to be processed and you will receive a confirmation within those two months. You will be kept informed on the process and in case of any problems we will resolve them promptly.

Receiving a permanent residency has also other things to be considered shown below:

·         Contract of Sale

·         Bank Account in Cyprus

·         €30.000 In Closed Account for three years.

·         Proof of Annual income of €9.570 per person plus €4.615 for each dependant person

·         Visit Cyprus at least 1 day every two years

There are two separeted cases. each one is treated differently and both cases are explained in details below.

1. EU Citizens

Because the Republic of Cyprus is a member of the European Union, all citizens of other EU and EEA (European Economic Area) countries do not require a visa to enter in Cyprus.

      2. Non EU Citizens

Citizens of countries that are not part of the European Union who are planning a visit or move to the Republic of Cyprus should enquire at the Cyprus Embassy of their home country for up-to-date information on entry and residency requirements.

As a full European Member State, Cyprus has now enacted a new law (in early part of 2009) allowing full residency permit to those who will qualify via investments. The Visa type is Category F and is explained in detail below. The key points to note for a permanent residency into Cyprus (Euro Zone) are as follows:

    • Granting of immigration permit to third countries citizens who obtain privately-owned residence in Cyprus for self-occupancy.

     • This applies to third countries citizens who bought a privately-owned residence for self-occupancy in Cyprus, with value amounting to not less than €300.000 not including the V.A.T of 18%. 

    • The immigration permit equals to a permit for permanent residence in Cyprus and its holders are exempted from the time-consuming immigration formalities that other categories of third-countries citizens go through when entering Cyprus.   

    • This concerns people who are citizens of a third country and have ipso facto to their full disposal, a secured annual income of a proper amount that does not accrue from employment or self-employment within Cyprus territory but rather from abroad.

     • The holder of category F permanent resident permit is also allowed to apply for a CyprusCitizenship (and Passport) in the 6th year of residency and may thereby also enjoy all the full rights and benefits of any European Citizen in Cyprus

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 €9,560 for a single applicant and moreover at least €4,613 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 granting an Immigration Permit, the 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. The applications are examined by the Immigration Control Board which submits a relevant suggestion to the Minister of the Interior for the final decision.

 The Ministerial Council during its meeting dated 18.02.2009 was informed about the plan of the Minister of Interior intends to adopt related to the favourable treatment of the applications for granting the immigration permit to third countries citizens who obtain privately-owned residence in Cyprus for self-occupancy.

 This measure falls within the framework of the attempt made by the Government to deal with the global financial crisis and, more specifically, to stimulate the real estate market in Cyprus through the increase of the incentives for the purchase of residence by third countries citizens.

The Ministry of Interior decided that favourable treatment of Type F immigration permit, as such is stipulated in the Regulations on Aliens Immigration of 1972 to 2004, for third countries citizens who have obtained by purchase privately owned residence for self occupancy in Cyprus, with value amounting to not less than €300.000.

With this incentive of the favourable treatment of the application for Type F immigration permit it is expected that the demand for privately owned residence purchases by third countries citizens shall be increased, a fact that will have a positive impact on the Cypriot property market.

The Schengen Visa

If you are not already aware Cyprus is going to be joining the Schengen Zone / Agreement very soon. By becoming a permanent resident of Cyprus, you automatically qualify for a Schengen Visa meaning you can travel to any of the Schengen Counties without the need for a Visa. However to qualify for this you would have to become a permanent resident in Cyprus before Cyprus officially becomes a member of the Schengen Agreement. If you are a non-eu citizen and want to qualify for a permanent Schengen Visa please ensure you qualify for a Category F Visa.

Most definetly yes in order to be secured that your application is handled correctly, but in our case we have an indoor Legas Department which will handle your application from start to finish and we will guarranty the approval. All applications and preparations of documents will be also handled from our team of legal experts to ensure the proccess is done correctly.

You will be able to build your home and we will be there to help you design it and build it having our team of contruction and design experts to get all the neccesary licences and all other domentation needed. You will have at your disposal any employee of Ataleza to inform you about progress and any other enquites or questions you might have.

In our company we like to do things by the law and we always aim in quaity products in the best affordable prices. The designing, licencing and construction schedule will take approximetly 18 months. If its a house that already have the designs ready and also the building licence then we can deliver a house in arround 12 months. We always advice our clients to let the experts handle the proccess because at the end we are only looking to add new, happy and pleased members of the Atalezian's family.

Yes but we advice you to carefully consider your choice. As a company we can offer in house architects and interior designers where you can use them in your advantage without extra costs in designing. We have a team of architects and civil engineers where we can guarantee the quality and the looks, always having in mind the client’s desires and expectations.

We have very good relations with all the major Banks in Cyprus. Our company is providing the most favourable and competitive terms for mortgages according to customers requirements. Our team of property experts will seek the best way to secure the loan always favoring the client and not the banks. We can guarantee the best choice, with less cost, easy and fast.

When purchasing a property from Ataleza Developers you will be required to have with you your Passport so that our customer service team will make a copy and attach it to the contract of sale and the resident's permit application.

When you deposit the Contract of  Sale  to the Land Registry Office, it prevents the owner (Developer) from selling the property elsewhere again to another client before the transfer of the property title deeds, when issued,  to the buyer's name.  Moreover no burdens, charges or encumbrances can affect your right to seek specific performance after the contract has been deposited with the Land Registry, since you are the beneficial owner.

Title deeds generally take a minimum of 6 months and a maximum of 3 years to be issued.At first the title deed is issued on the Developers name and when you are ready to make the transfer to your name then we will arrange in accordance with you and the bank to meet at Land Registry Office and make the final transfer of the property title deed to your name. A small balance from the sale of contract is left until the day of the final transfer of the property title deed to your name in order for you to feel secure that the title deed will be issued and transfered to your name.

Transfer of ownership from Vendor to Purchaser is undertaken through Cyprus Land Registry Office. The transferred is a simple procedure in which must be present either the buyer in person or by appointing a third having a signed and stamped power of attorney giving him the right to act on behalf of the client. The transfer of the property title deed can been transfered to your name the same day the title deed is issued.

The documents of transfering the property title deed to the purchaser's name are prepared by Ataleza Developer's Customer Service Team. The documents that must be submitted are shown below:

1.     The original Title Deed of the property.

2.      The original Contract of Sale stamped.

3.       The Council of Ministers' permission for purchasing the property.

4.      Confirmation by the Central Bank that the purchase of the property was completed with foreign funds, imported into Cyprus. 

5.      Confirmation that taxes have been paid  (immovable property tax, sewerage tax, municipality /community tax)

You are required by law to pay transfer fees to the government which are calculated in the following matter or you can use our transfer fees calculator located in the footer of our website to have a precise calculation.

3% for the first Euro 85.430

5% for Euro 85.431 to Euro 170.860

8% for over 170.860,15

For properties owned by a couple or two individuals, each buyer pays transfer fees on 50% of the property value for each. If it is more than two buyers the percentage is divided according to the number of buyers.

Stamp Duties Fee

The contract of sale must be duly stamped and the stamp duty is 0 for the first 5.000 and 1,5 per thousand for the next € 165.000 of the purchase price and 2 per thousand for the remaining  balance. You will be liable for the payment of stamp duty which must be paid within 30 days of signing of the contract. Our customer service team will do all the work and you will be presented with the receipt from the land registry to pay the fee.

Stamp Duties Table

5.000 you pay 0 / 1000

165.000 you pay 1.5 / 1000

Remaining Balance you pay 2 / 1000

Vat in Cyprus is 18%

The Vat is also payable in property purchases where we have a new building/property sold for the first time and the building license is issued after 2004. The VAT is applicable to all citizens either local or foreigners.

But we have also incorporated in our law a special amentment where any citizen either within the European Union or from Third Country will pay only 5% VAT if its his/her first purchase of residential property in Cyprus and will be declared as their permanent residence.

In the case a client buys a piece of land or a plot then VAT is not applicable.

So in summary :

Residential Property  ( 18% or 5% VAT )

Commercial Property ( 18% VAT )

Industrial Property ( 18% VAT )

Land/Plot ( No VAT )

Cyprus immovable property tax is paid by every registered owner once a year. It is calculated on the market value of the property as at 1 of January 1980 and applies to the immovable property owned by the taxpayer on 1st January each year.

You are able to see the immovable property tax rates paid to the Goverment as follows:

There are also several communitity taxes like:

• Immovabale Property Tax which is paid to the local community council and the rate varies from community to community.
• Sewarage and Garbage Collection tax-bill which is also paid every beggining of the year and is also paid to the community council.
• Community Council Services which again is paybale to the community council.