News Blog

Four more high rise buildings in Limassol

Pafilia property developers are planning to build four high rise residential towers in Limassol of 43, 38, 31 and 25 storeys next to Limassol Municipal gardens, the tallest of which will reach 173 meters. Artist impression of “Lima...

11th June, 2018

Cyprus property sales up 29% in May

The number of property sales in Cyprus continued to rise in May with the number of sales contracts deposited at Land Registry Offices across the Republic up 29 per cent compared with May 2017. THE NUMBER of property sales contracts depos...

5th June, 2018

RICS: Property prices increase in Q4 2017

Property prices in Cyprus increased in the fourth quarter of 2017, as recorded by the the thirty-third publication of RICS’ Cyprus Property Price Index, released Tuesday. According to a press release, across Cyprus, resi...

30th May, 2018

April property sales up 29%

Cyprus property sales continued to rise in April with the number of sales contracts deposited at Land Registry Offices across the Republic up 29 per cent compared with April 2017  THE NUMBER of property sales contracts deposited at ...

4th May, 2018

Russians trust Cyprus

One of the pillars of the partnership between Cyprus and Russia is the substantial cooperation in the economic field, Ambassador of the Russian Federation in Nicosia, Stanislav Osadchiy, has said, addressing a conference on ‘The future of R...

27th April, 2018

Limassol rent rises spiral upwards

Property rents in Limassol have increased by around 25 per cent over the past two years, much higher than other cities in Cyprus resulting in many locals being priced out of the market. RENTS in Limassol have gone up by around 25 per cen...

16th April, 2018

Cyprus Property Transfer Fees and VAT

MPs in Cyprus are planning to revise Property Transfer Fees and the VAT paid on land sales to eliminate distortions in the Cyprus property market, which they believe is adversely impacting competition.   LAWMAKERS in Cyprus pla...

26th March, 2018

Limassol in top 100 world cities

Limassol is amongst the top 100 cities of the world according in the ‘Quality of Living Index’ produced by Mercer, one of the world’s largest HR consultancy firms, that evaluated local living conditions in more than 450 cities.&n...

22nd March, 2018

Central Bank of Cyprus: Property prices increase

The Residential Property Price Index recorded an increase of 0.4% for the fifth consecutive quarter in the third quarter of 2017, on a quarterly basis, while the Index increased by 1.4% yoy.   According to data released by the ...

15th February, 2018

DOUBLE TAX TREATY SIGNED BETWEEN CYPRUS AND SAUDI ARABIA

A double tax treaty for the avoidance of double taxation between Cyprus and Saudi Arabia was signed on the 3rd January 2018 and is expected to come in force on 1st January 2019. The main particulars of the new treaty include the avo...

9th February, 2018

ENI announced “promising” gas discovery in Cyprus’ Block 6

ENI announced “promising” gas discovery in Cyprus’ Block 6Italian oil & gas giant ENI has announced a “promising” gas discovery in Cyprus’ Block 6, noting that the discovery confirms the extension of the &ld...

9th February, 2018

Building permits up by 53%

An increase of 52.6% was recorded in the total amount of building permits in the period January - November 2017, while the total area of the permits issued increased by 45.1%.   According to figures released by the Cyprus Statis...

7th February, 2018

Incentives or Tax deductions for investment in small and medium size innovative business

The Cyprus Government aiming to give motive and to produce investments introduced a new framework with tax incentives for investments in small and medium sized innovative business. Under the new Article 9A of the Income Tax Law 2002 introdu...

7th February, 2018

New home building permits up 41 per cent

The number of new homes in Cyprus for which building permits have been issued rose by 41.4 per cent in October 2017 compared to October 2016 according to the Cyprus Statistical Service. THE NUMBER of building permits authorised in Cyprus du...

17th January, 2018

Cyprus property taxes in 2018

A number of changes to Cyprus property taxes have been made in recent times, most notably the introduction of VAT on the sale of building land, which I have summarised together with other changes in this article. RECENT changes to proper...

5th January, 2018

Become a Cyprus tax resident in 60 days!

The Cyprus House of Representatives has recently passed a new bill amending the legislation on Income Tax, giving the opportunity to individuals who spend more than 60 days in a year in Cyprus, to acquire Cyprus tax residency. To qu...

5th December, 2017

CYPRIOT PASSPORT RANKED 12TH WORLDWIDE

The Cypriot passport has scored a passport rank of 12 worldwide, in the list of the Global Passport Power Rank featuring in the Power Index 2017. An investor may obtain a Cyprus citizenship by making an investment of a minimum of &e...

1st December, 2017

VAT OF 19% WILL BE IMPOSED ON LAND SALES IN CYPRUS

A VAT charge of 19% will be imposed on all commercial land sales in Cyprus from the 1st January 2018. According to the circular issued by the Cyprus Tax Department it is confirmed that no VAT will be imposed on the purchase or sale ...

20th November, 2017

Cyprus Value of building permits up 49.2%

The total value of building permits issued in the first seven months of the year increased by 49.2% and the total area by 41.6%, the Statistical Service of Cyprus reported on Thursday. During the period January – July 2017, 3.362 b...

13th October, 2017

Cyprus Golden Visa Program raises €4 billion

The Cyprus Golden Visa Program, which enables non-EU citizens to purchase Cypriot passports and residency permits by investing money in property and other sectors, has raised €4 billion. THE GOLDEN Visa Program that gives foreigners...

2nd October, 2017

Cyprus Business ties with China reach new level

The Cyprus- Chinese business ties have entered a new development stage, Chinese trade officials told a Business Forum organized on Wednesday by the Chinese Business Investors Association. Addressing the forum, Acting President of the Rep...

29th September, 2017

Cyprus real estate market booms

Thanks to the growing economy, new property tax incentives and the government’s golden visa scheme that offers Cyprus citizenship in exchange for cash investments, the Cyprus property market is booming. August saw a 27% increase in...

25th September, 2017