{"id":2770,"date":"2020-12-30T00:34:35","date_gmt":"2020-12-30T00:34:35","guid":{"rendered":"https:\/\/efetoproperties.com\/?page_id=2770"},"modified":"2020-12-30T01:45:40","modified_gmt":"2020-12-30T01:45:40","slug":"legal-and-financial","status":"publish","type":"page","link":"https:\/\/efetoproperties.com\/ru\/legal-and-financial\/","title":{"rendered":"\u042e\u0440\u0438\u0441\u043f\u0440\u0443\u0434\u0435\u043d\u0446\u0438\u044f \u0438 \u0424\u0438\u043d\u0430\u043d\u0441\u044b"},"content":{"rendered":"
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\u041e \u041a\u0418\u041f\u0420\u0415<\/span>\u042e\u0440\u0438\u0441\u043f\u0440\u0443\u0434\u0435\u043d\u0446\u0438\u044f \u0438 \u0424\u0438\u043d\u0430\u043d\u0441\u044b<\/span><\/span><\/h1><\/header><\/div><\/div><\/div>
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Legal System<\/a><\/span><\/span><\/h3><\/header><\/div>
The legal system in Cyprus is modeled on the British system due to its colonial legacy. In addition, with EU membership, Cyprus has harmonized its laws and regulations in line with the acquis communautaire. In effect, this means that EU citizens can now buy more than one property in Cyprus.<\/div><\/div><\/div>
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The Land Registry system is one of the most advanced and reliable systems in the world, being based on the British equivalent. Purchasers of property in Cyprus will be far more secure with regards to matters such as title deeds than they might be in other Mediterranean countries. All legal information regarding the legal procedures associated with purchasing property in Cyprus is available from our Legal Associates.<\/div><\/div><\/div>
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Personal Income Tax<\/span><\/span><\/h2><\/header>
<\/div>

All Cyprus tax resident individuals are taxed on all chargeable income accrued or derived from all sources in Cyprus and abroad. Individuals who are not tax residents of Cyprus are taxed on certain income accrued or derived from sources in Cyprus.<\/p>\n<\/div>

<\/div><\/div><\/div><\/div>
---- Up to \u20ac19.500 <\/span><\/div>
0%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
\u20ac19.501 to \u20ac28.000<\/span><\/div>
20%<\/span><\/div><\/div>
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\u20ac28.001 to \u20ac36.300<\/span><\/div>
25%<\/span><\/div><\/div>
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\u20ac36.301 to \u20ac60.000<\/span><\/div>
30%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
Over \u20ac60.000<\/span><\/div>
35%<\/span><\/div><\/div>
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Accumulated Tax<\/span><\/h1><\/header><\/div><\/div><\/div><\/div><\/div>
<\/div>
0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>%<\/span><\/span><\/span>Up to \u20ac19.500<\/span>\u20ac0<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
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0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>%<\/span><\/span><\/span>\u20ac19.501-\u20ac28.000<\/span>\u20ac1.700<\/span><\/div><\/div>
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0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>%<\/span><\/span><\/span>\u20ac28.001-\u20ac36.300<\/span>\u20ac3.775<\/span><\/div><\/div>
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0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>%<\/span><\/span><\/span>\u20ac36.301-\u20ac60.000<\/span>\u20ac10.885<\/span><\/div><\/div>
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Foreign pension income is taxed at the rate of 5%. An annual exemption of \u20ac3.420 is granted. The taxpayer can however elect to be taxed at the normal tax rates and bands set out above. This is a choice which may be made year-on-year.<\/span><\/h1><\/header><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>
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Corporation Tax<\/a><\/span><\/span><\/h3><\/header><\/div>
All Cyprus tax resident companies are taxed on their income accrued or derived from all chargeable sources in Cyprus and abroad. A non- Cyprus tax resident company is taxed on income accrued or derived from a business activity which is carried out through a permanent establishment in Cyprus and on certain income arising from sources in Cyprus. A company is a resident of Cyprus if it is managed and controlled in Cyprus.<\/div><\/div><\/div>
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Foreign taxes paid can be credited against the corporation tax liability. The corporation tax rate for all companies is 12.5 % There are several tax deductions for expenses There are several exemptions and deductions. <\/div><\/div><\/div>
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Value Added Tax<\/a><\/span><\/span><\/h3><\/header><\/div>
VAT is imposed on the supply of goods and provision services in Cyprus, as well as on the acquisition of goods from the European Union (EU) and the importation of goods into Cyprus. Taxable persons charge VAT on their taxable supplies (output tax) and are charged with VAT on goods or services which they receive (input tax).<\/div><\/div><\/div>
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If output tax in a VAT period exceeds total input tax, a payment has to be made to the State. If input tax exceeds output tax, the excess input tax is carried forward as a credit and set off against future output VAT. Imposition of the reduced rate of 5% on the acquisition and\/or construction of residences for use as the primary and permanent place of residence. <\/div><\/div><\/div>
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VAT Rates<\/span><\/span><\/h2><\/header>
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The legislation provides for the following four tax rates:<\/p>\n<\/div>

<\/div><\/div><\/div><\/div>
---- Zero Rate<\/span><\/div>
0%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
Reduced rate of five percent <\/span><\/div>
5%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
Reduced rate of nine percent<\/span><\/div>
9%<\/span><\/div><\/div>
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Standard rate of nineteen percent<\/span><\/div>
19%<\/span><\/div><\/div>
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Registration to the VAT<\/a><\/span><\/span><\/h3><\/header><\/div>
Registration is compulsory for businesses with (a) turnover subject to VAT in excess of \u20ac15.600 during the 12 preceding months or (b) expected turnover subject to VAT in excess of \u20ac15.600 within the next 30 days. Businesses with turnover of less than \u20ac15.600 or with supplies that are outside the scope of VAT but for which the right to claim the amount of the related input VAT is granted, have the option to register on a voluntary basis. <\/div><\/div><\/div>
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VAT declaration \u2013 payment\/refund<\/a><\/span><\/span><\/h3><\/header><\/div>
VAT returns must be submitted quarterly and the payment of the VAT must be made by the 10th day of the second month that follows the month in which the tax period ends.<\/div><\/div><\/div>
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Social Insurance<\/span><\/span><\/h2>
Contributions<\/div><\/header>
<\/div><\/div><\/div><\/div>
By the Employer<\/span><\/div>
11.5%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
By the Employee<\/span><\/div>
7.8%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
---- By the State<\/span><\/div>
0%<\/span><\/div><\/div>
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Total<\/span><\/div>
19.3%<\/span><\/div><\/div>
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The contribution rate for employees will change on 2019,2024,2029,2034 and 2039. The contributions of self-employed persons are 14.6% of their income.
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\r\nSocial insurance contributions are restricted to a maximum amount that is usually increased annually. In case that the wage or salary is higher than the maximum amount, no contribution is paid on that higher amount.<\/div><\/header>
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Property Ownership<\/span><\/span><\/h2>
Compared to many countries Cyprus has flexible property buying procedures. People of Cypriot origin and EU citizens are allowed to purchase however much property they choose. A non-EU citizen is entitled to FREEHOLD ownership of a villa, apartment, or a piece of land of up to 4,014 m2.
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\r\nInternational business units may also acquire premises for their activities or for residence of their foreign employees. <\/div><\/header>
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Paying for property<\/a><\/span><\/span><\/h3><\/header><\/div>
It is a requirement to pay for your property in Euro. Personal cheques, bank drafts and telex transfers might be acceptable.\r\n\r\nOur Legal Associates can deal with all your money transfer ensuring that the necessary certificates relating to the property purchase are obtained from the Central Bank of Cyprus.<\/div><\/div><\/div>
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Approval of the Council of Ministers<\/a><\/span><\/span><\/h3><\/header><\/div>
Having signed a contract of sale for your property, it will be necessary to make an application to the Council of Ministers to grant its approval for a non-Cypriot to acquire immovable property.\r\n\r\nOur Legal Associates will assist in the processing and monitoring of your application at no extra cost.\r\n<\/div><\/div><\/div>
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Selling your property<\/a><\/span><\/span><\/h3><\/header><\/div>
In case of selling property, foreigners are allowed to repatriate the funds immediately to the value of the purchase price (including any amounts spent on improvements and\/or additions to the property).<\/div><\/div><\/div>
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Procedure of property purchase in Cyprus<\/span>How to buy property in Cyprus<\/span><\/span><\/h2>
The Cyprus property market is actively developing, so buying a property on the island can be viewed as a promising returning investment. Our company has ready for delivery various exclusively own luxury properties as many brand projects are coming soon!<\/div><\/header>
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I. Select an object<\/a><\/span><\/span><\/h3><\/header><\/div>
In our portfolio, you can find various, exclusively own luxury properties, of different pricerange located in Limassol. Before you purchase your property in Cyprus, you may go on an inspection trip. Our Company\u2019s Special Team will help you to personally inspect all the properties that might be upon your interest in order to make easier your final choice.<\/div><\/div><\/div>
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II. Conclusion of the preliminary contract<\/a><\/span><\/span><\/h3><\/header><\/div>
This document allows the buyer to reserve the selected option. After signing it, the property is withdrawn from selling list. At this stage, the legal purity of the property is checked, and the final terms of the transaction are agreed. Either the licensed lawyer hired by the buyer carries out all necessary actions or alternatively, we can offer you free of charge legal services for the specific purposely our legal associates. At this stage, you also need to make a reservation deposit. As a rule, it is about 1\u20132 % of the property cost.<\/div><\/div><\/div>
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III. Opening an account in one of the Cyprus banks.<\/a><\/span><\/span><\/h3><\/header><\/div>
It is a requirement to pay for your property in Euro. It would be preferable to open a bank account in one of the Cyprus Banks. Either Way Personal cheques, bank drafts and telex transfers might be acceptable.\r\n\r\nOur Legal Associates can deal with bank account opening and all your money transfers ensuring that the necessary certificate relating to the property purchase is obtained from the Central Bank of Cyprus.<\/div><\/div><\/div>
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IV. Preparation of the sale contract<\/a><\/span><\/span><\/h3><\/header><\/div>
When the preparatory stage is completed, you can proceed to the final stage of the transaction. When signing a contract of sale, an attorney must file an application to the Cyprus Council of Ministers and obtain a permit. As a rule, this process is a mere formality. Our legal associates can assist you on that matter.<\/div><\/div><\/div>
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V. Registration of documents<\/a><\/span><\/span><\/h3><\/header><\/div>
A purchase must be registered in the district land department. A package of documents is collected and submitted by a lawyer. After registration, information about the purchased property is entered in the land registry. This serves as a confirmation of the ownership right until the title of the owner is obtained.<\/div><\/div><\/div>
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VI. Completion of mutual settlements<\/a><\/span><\/span><\/h3><\/header><\/div>
Payment can be transferred directly to the seller\u2019s account. If the property has not been completed, it is recommended to use the ESCROW system, which most Cypriot lawyers will offer you. In this case, the amount of payment will be transferred to the seller gradually, as construction progresses.<\/div><\/div><\/div>
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VII. Obtaining the owner title for the purchased real estate<\/a><\/span><\/span><\/h3><\/header><\/div>
If you purchase a used property then the procedure is very easy and almoststraightforward (please readbelow) If you purchase a new completed property or a property under construction then a mandatory period of approximately 18 moths willbe needed.<\/div><\/div><\/div>
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(Transfer of Immovable Property)<\/span>The Immovable Property (Transfer and Mortgage) Law 9\/65<\/span><\/span><\/h2>
Transfer of immovable property means the passing of the title of immovable property from one person (the transferor) to another (the transferee) by the voluntary act of such persons.<\/div><\/header>
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Transfer Requirements<\/span><\/span><\/h2>
Completion of Form N.270 (Declaration of Transfer of Immovable Property). The certificate of registration (title) of the immovable property, which is to be transferred, must be attached thereto. Where the transfer of the property takes place at a Lands Office other than the Lands Office of the District where the property is situated Form N.270 must be completed in duplicate.<\/div><\/header>
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Completion of Form N.313.<\/span><\/span><\/h2>
Production of the receipts of payment of all fees, charges and taxes payable for the property under transfer. Such fees, charges and taxes may be one or more than the following: <\/div><\/header>
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Immovable Property Tax<\/a><\/span><\/span><\/h3><\/header><\/div><\/div><\/div><\/div><\/div><\/div>
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Capital Gains Tax<\/a><\/span><\/span><\/h3><\/header><\/div>
It is a requirement to pay for your property in Euro. Personal cheques, bank drafts and telex transfers might be acceptable.\r\n\r\nOur Legal Associates can deal with all your money transfer ensuring that the necessary certificates relating to the property purchase are obtained from the Central Bank of Cyprus.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>
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Receipts of payment for all the above taxes and duties may be obtained from the Internal Revenue Department)<\/span><\/h2><\/header>
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Sewerage Board Tax<\/a><\/span><\/span><\/h3><\/header><\/div>
Receipt obtained from the Sewerage Board<\/div><\/div><\/div><\/div><\/div><\/div>
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Town Rate<\/a><\/span><\/span><\/h3><\/header><\/div>
Receipt obtained from the municipality in whose boundaries the property is situated<\/div><\/div><\/div><\/div><\/div><\/div>
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Communal Rate<\/a><\/span><\/span><\/h3><\/header><\/div>
Receipt obtained from the community in whose boundaries the property is situated<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

Transfer<\/span><\/span><\/h2>
All documents mentioned above must be completed and signed by the interested persons and deposited with the Lands Office accepting the transfer.<\/div><\/header>
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Acceptance of Transfer<\/span><\/span><\/h2>
The acceptance of the transfer is effected by order of priority. Both parties must appear either in person or by agent and produce their identity card or other documents proving the same before the Lands Officer accepting the transfer.<\/div><\/header>
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Disabled<\/a><\/span><\/span><\/h3><\/header><\/div>
Disabled persons must be represented by their lawful agent or any agent appointed by the Court or any other person.<\/div><\/div><\/div><\/div><\/div><\/div>
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Corporate<\/a><\/span><\/span><\/h3><\/header><\/div>
Corporate bodies are represented by those persons who manage their affairs in accordance with the statutes, the law or any regulation.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

Transfer Fees<\/span><\/span><\/h2>
The procedure for acceptance is completed upon the calculation and the payment of the fees by the transferor to the Lands and Surveys Department.
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\r\nThe fees payable vary depending on the kind of transfer and are determined based on the assessed value, or on the market value of the property under transfer.
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\r\nAssessed value means the value of the property recorded in the Land Register.<\/div><\/header>
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The time required for completion of the procedure<\/span><\/span><\/h2>
Transfers without particular problems may be completed within one hour. In this case, the registration of the immovable property and the delivery of the titles to the parties may be made on the same day, provided all interested parties appear at the Office on time. If not, the title is issued on the next following days depending on the accumulated work volume and the available personnel.<\/div><\/header>
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Other information<\/span><\/span><\/h2>
For complex cases the public is advised to apply to the Competent Land Officer in charge of the Declarations Branch of the appropriate District Lands Office.<\/div><\/header>
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Property taxes\/fees<\/span><\/span><\/h2>
GOOD NEWS FOR PROPERTY BUYERS Property Transfer Fees reduction of 50% is now permanent.
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\r\nThe Cyprus Finance Ministry announced that the temporary arrangement to reduce Property Transfer Fees by 50 per cent, is now PERMANENT; the law implementing the change, \u2018Land and Surveys Department (Fees and Rights) (Amendment) (No. 2) Law\u2019, was passed on 14th JULY 2016 at a plenary session of the Cyprus parliament.
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\r\nIn its announcement the Finance Ministry stated \u201cThe above arrangement aims to boost additional growth in the construction industry and attract new investments from both the domestic, and the foreign markets.\u201d<\/div><\/header>
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Property Transfer Fees<\/span><\/span><\/h2><\/header>
<\/div>

These are necessary in order to transfer FREEHOLD ownership to your name.<\/p>\n

This can be done as soon as the relevant Government Authority has issued the title deed and the purchase has been settled.<\/p>\n

The Property Transfer Fees are payable once only to the Land Registry Office according to the following scale<\/p>\n<\/div>

<\/div><\/div><\/div><\/div>
Up to \u20ac85.500 <\/span><\/div>
3%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
\u20ac85.501 to \u20ac170.000<\/span><\/div>
5%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
Over \u20ac170.000<\/span><\/div>
8%<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>
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Example property purchase of \u20ac200,000<\/span><\/h1><\/header><\/div><\/div><\/div><\/div><\/div>
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0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>%<\/span><\/span><\/span>1st \u20ac85.000<\/span>3% = \u20ac2.500<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
<\/div>
0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>%<\/span><\/span><\/span>2nd \u20ac85.000<\/span>5% = \u20ac4.250<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div>
<\/div>
0<\/span>1<\/span>2<\/span>3<\/span>4<\/span>5<\/span>6<\/span>7<\/span>8<\/span>9<\/span>0<\/span><\/span>%<\/span><\/span><\/span>3rd \u20ac30.000<\/span>8% = \u20ac2.400<\/span><\/div><\/div>
<\/div><\/div><\/div><\/div><\/div><\/div>
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Total \u20ac9.200<\/span>New Fees Payable \u20ac4.600<\/span><\/span><\/h1>
However, if the property is purchased jointly by a couple (as is often the case) the property purchase price is split equally into two parts and then taxed, which is beneficial to the purchasers as the following example shows:<\/div><\/header>
1st \u20ac85.000 - 3%=\u20ac2.550 x 2 = \u20ac5.100
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\r\nBalance \u20ac15.000 - 5% = \u20ac750 x 2 = \u20ac1.500<\/div><\/header>

Total \u20ac6.600<\/span>New Fees Payable \u20ac3.300<\/span><\/span><\/h1><\/header><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

Capital Gains Tax<\/span><\/span><\/h2>
Capital Gains Tax is imposed (when the disposal is not subject to income tax) at the rate of 20% on gains from the disposal of immovable property situated in Cyprus including gains from the disposal of shares in companies which own such immovable property, excluding shares listed on any recognized stock exchange.
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\r\nThe following disposals of immovable property are not subject to Capital Gains Tax:
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\r\n\u2013 Transfers arising on death
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\r\n\u2013 Gifts made from parent to child or between husband and wife or between up to third degree relatives
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\r\n\u2013 Gifts to a company where the company\u2019s shareholders are members of the donor\u2019s family
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\r\n\u2013 Gifts by a family company to its shareholders
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\r\n\u2013 Gifts to charities and the Government
\r\n
\r\n\u2013 Exchange of properties
\r\n
\r\nLiability is confined to gains accruing since 1 January 1980. The costs that are deducted from gross proceeds on the disposal of immovable property are its market value at 1 January 1980, or the costs of acquisition and improvements of the property, if made after 1 January 1980, as adjusted for inflation up to the date of disposal on the basis of the consumer price index in Cyprus. Expenses that are related to the acquisition and disposal of immovable property are also deducted, subject to certain conditions e.g. transfer fees, legal expenses etc.
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\r\nIndividuals can deduct from the capital gain the following:
\r\n
\r\n\u2013 Disposal of private residence (subject to certain conditions) 85.430
\r\n
\r\n\u2013 Disposal of agricultural land by a farmer 25.629
\r\n
\r\n\u2013 Any other disposal 17.086
\r\n
\r\nThe above exemptions are lifetime exemptions subject to an overall lifetime maximum of \u20ac85.430 <\/div><\/header>
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Stamp Duty<\/span><\/span><\/h2>
Based on the new modified law for stamp duties 173 (1) 2013 which is in force as from 1st March 2013, stamp duty payable on the Contracts of Sale will be as follows:
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\r\nThe first 5,000 NIL
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\r\n5,001-170,000 1,50 \u2030 on the value or part thereof
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\r\nOver 170,001 2,00 \u2030 on the value or part thereof with a MAXIMUM LIMIT of \u20ac20,000<\/div><\/header>
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Example Contract of Sale value \u20ac250.000<\/span><\/span><\/h2>
First \u20ac5.000 - NIL
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\r\nFor next \u20ac165.000 will be paid \u20ac1.50 % i.e - \u20ac247,50
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\r\nFor remaining \u20ac80.000 will be paid \u20ac2.00 % i.e - \u20ac407,50<\/div><\/header>
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There is a maximum limit of stamp duty to be paid for one Contract of Sale\/ agreement which is \u20ac20,000.<\/span><\/h2><\/header><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>

Estate Duty<\/span><\/span><\/h2>
Estate Duty has been abolished since 1 January 2000. The executor\/ administrator of the estate of the deceased, is required by the Deceased Persons Estate Law, to submit to the tax authorities a statement of assets and liabilities of the deceased within six months from the date of death.<\/div><\/header>
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Disclaimer <\/span><\/h2>
The information contained in these pages is considered accurate and reliable at the time of release without guaranteeing absolute accuracy and completeness at any time.<\/div><\/header>
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