In what currency are payments made? Payments are made in Euro, as specified in the contract of sale.
What are the tax implications if I buy a unit in my Limited Company name? All companies tax resident of Cyprus are taxed on all their income accrued or derived from all sources in Cyprus and abroad. The standard rate of tax for a corporation is 10%. What are the payment terms for purchasing a unit? Payment terms are specified on each project’s price list and vary among projects and stage completion of each one. Can I apply for permanent residency? By law, a non-Cypriot who owns property in Cyprus is entitled to a residence permit, but is not required to hold a permanent residence permit. For EU citizens there are no restrictions. They just have to complete an application form at the immigration office for formality purposes, and automatically they receive their residence permit. For non-EU citizens there is a straightforward procedure that needs to be followed. However, permanent residence is easy to obtain.
