How do I pay for the property?
A non refundable 1% is necessary in order to reserve the property, followed by the signing of a contract along with a 30% down payment to the developer with the balance amount to be placed in an Escrow account until the acquirement of your residency is final. Only then will the balance amount 70% be paid to the developer. Should your file/residency NOT be approved F (a rare case) then the down payment of 30% will be returned to you.
Can I work in Cyprus with F category Residency?
You are not allowed to work in Cyprus with F type residency
Do I have to enter Cyprus every 6 months to maintain the residency?
No you don't have to. There are no restrictions on keeping your residency, as long as you don't sell your property and visit Cyprus once every 2 years.
Can I invite family members and friends to visit me in Cyprus?
Yes, you can send them an invitation to the Cypriot Embassy to get their Visa.
Who gets the Permanent Residency when I buy a property?
You, your spouse and all your family members who are under 18.
When will Cyprus be a Schengen Member?
Cyprus is a member of the European Union and it is expected to be a Schengen member in mid. 2014
What will happen with my residency status when Cyprus becomes a Schengen member?
You will be automatically a Schengen resident
Can I travel within Europe when my residency becomes Schengen?
Yes you can. You can travel and live in Europe.
Do I pay income tax in Cyprus?
As a permanent Resident with category F .you don't pay income tax in Cyprus.
When can I apply for citizenship?
You can apply after 6 years of getting the Residency
What document do I need to apply for a category F residency?
Non criminal certificate from the country you live in and a proof of income to support your living in Cyprus.
Can I get a mortgage for my property in Cyprus?
Yes you can and MetreKarre will arrange for that with the lowest interest rate with one of the largest banks in Cyprus
Purchasing a property in Cyprus
Compared to many countries, the logistics of property purchase in Cyprus by foreigners are relatively simple provided you undertake legal advice by a serious and professional firm. As an office, whether our clients are purchasing for investment purposes or a holiday home we put our maximum efforts in order to safeguard you rights to the maximum.
As a non Cypriot what am I entitled to buy?
- An apartment or a house or,
- A house on a building site not exceeding 4,000 m2
- A piece of land not exceeding 4,000 m2 for the purpose of erecting a house within a reasonable time.
- Any limitation can be overcome by registering a Cyprus limited company whereas more than 50 of the shares will be held by a European Union citizen.