Step 1: Preliminary Assessment of Investor and Selected Property
Investor schedules a Free Consultation with our team, and provides us the required set of documents. Astons conducts a preliminary assessment of your likelihood of success.
What does due diligence review?
- Official income and its confirmation
- Tax payments
- If any criminal records and open legal proceedings exist
- Previous visa refusals
- Absence of your name in international databases of violators, sanctions, fugitives, and criminals
Every property in Astons’ Cyprus catalog has been vetted and guaranteed safe for the Golden Visa program – as well as a legally safe and sound investment. Investors will not be confronted with any hidden property legal issues down the road.
Step 2: Real Estate Purchase
Property must be purchased before applying for the Golden Visa.
The Golden Visa application must include proof of property ownership or the purchase agreement.
Initially, the investor can reserve the property with a 10% down payment, while Astons and the seller agree on the terms of the purchase agreement.
Then the documents are signed and the agreed to payment is made in full [no mortgages].
The investor pays the cost (in full or installments depending on the agreement terms) + 19% VAT, 14% of which you can later recover as a tax deduction if certain conditions are met.
Step 3: Registration with the Land Registry
Investors have only two months from the date of the purchase agreement to register the transaction – Astons handles this on behalf of our clients.
Step 4: Payment of Stamp Duty
Stamp Duty is a mandatory tax payment calculated based on the agreement value:
- 0.15% for the first €170,860
- 0.2% for the remaining amount
Step 5: Approval from the Council of Ministers
All non-EU investors are legally required to obtain official permission to purchase property in Cyprus – from the region’s Council of Ministers.
With power of attorney, Astons’ team can handle the entire property and Golden Visa process, including this step.
Step 6: Finalizing Investment
If only a down payment was made to secure the property, the remaining amount must be paid at this point.
You can also apply for a reduced VAT rate.
Standard tax is 19% (paid in Step 2), however, a foreign buyer has the opportunity to reduce it to 5%, with the difference received as a tax deduction.
To reduce the VAT rate, there are a few conditions:
- It applies only to new properties up to 200 sq.m. purchased as a first and primary residence in Cyprus
- The property must be used solely for personal residence
Step 7: Golden Visa Application
Astons’ lawyers prepare the Golden Visa application package and submits it to the Civil Registry and Migration Department.
The application timeframe for due diligence and approval is typically about three months.
Step 8: Approval and Receipt of Migration Certificate
Step 9: Biometrics Submission and PR Card Issuance
Golden Visa applicants must visit Cyprus in the year following approval to provide biometric data for residence cards. PR card printing usually takes up to 40 days.
Additional Expenses
Government & Processing fees – €500: For processing the Golden Visa application, charged to the investor and each family member.
VAT payment. VAT is not included in the required €300,000 to be spent on real estate purchase.
Stamp Duty 0.15% for the first €170,860 of the transaction amount and 0.2% for the remainder: This is a one-time government tax on real estate purchases, payable within a month after signing the purchase agreement.
€70+ fee for biometrics and PR card printing per person.
Astons Legal and Consulting Services Fee: Calculated separately, with the cost depending on your family composition.
For a detailed calculation of the total cost for your application, schedule a Free Consultation today.
Answers to most frequently asked questions
What are the benefits of buying property in Cyprus?
Cyprus offers favorable tax conditions, a growing real estate market, and a high quality of life.