levels of education (spoken languages Greek English) and an abundance of European, American and Chinese products. Life is relaxing in Cyprus with the climate being perfect in all seasons. The main sports activities include soccer, basketball, golf, watersports and skiing. People are enjoying a high standard of living, low crime rate and the peaceful Mediterranean way of life.
Cyprus can boast about a series of large infrastructure projects in the past 20 years. Infrastructure and basic amenities, including hospitals, schools, nursery and retirement homes, are available to all. And it has become an education hub with a number of universities and colleges.
Besides offering attractive tax incentives for offshore companies registered in Cyprus, the local government also offers residency for foreigners willing to purchase a home with a price over 300,000 euros. Cyprus can offer a range of prices to suit all kinds of budgets and a choice of designs to meet clients' specific requirements. The offerings include a holiday home, retirement home or investment property.
As for investing in the real estate market in Cyprus, Asia Outbound interviews Mrs Dora Onouphriou, General Manager of Kanika Group. Kanika is a name that is synonymous with hotels, construction and development in Cyprus and that echoes three decades of operation and continuous growth.
Today, the Kanika Group of Companies employs over 600 dedicated employees and has contributed tremendously to the economic and social development and progress of the island.
Q: What are the advantages of Cyprus for Chinese investors in terms of investing in properties in Cyprus? What types of properties can they buy there? What are the requirements for property purchase?
A: Cyprus is a member of European Union with excellent climate and communications. Having a PR visa for Cyprus a Chinese citizen can visit any other European country, since the obtaining visa via Cyprus is very easy. Cyprus has an excellent business environment and banking system. Chinese business people can expand their activities to Europe by making good connections with other European traders and businesses. Cyprus is an English-speaking country with long ties with Britain. Chinese children and adults can receive a traditional British education from primary age to university level. Our legal system is based on British law.
Q: Compared with other offshore jurisdictions are the costs associated with purchasing property in Cyprus higher or lower? What length of time is necessary to buy an apartment there?
A: The land registry system is very advanced and offers Chinese buyers full security. The degree of security is very high on the island. The requirements for buying property are very simple if based on the purchase of a minimum of €300.000 worth of property and €30.000 deposited at a Cyprus bank for three years. If the buyer or his family spends more than 6 months per year in the island for six consecutive years, they are allowed to apply for an EU passport. They can buy apartments, town houses and commercial property. Investing above €300.000, does not necessarily mean only on residential property. They can buy any investment scheme from a good company that offers good returns.
The costs associated with the purchase of property compared with other countries are much lower: e.g. 5% VAT on the 1st house, no transfer fees for VAT rated property, and only 50% of the transfer fees for properties exempted from VAT.
For a property value of €300.000, which is exempted from VAT because it is not new, costs are approximately €5000, paid once at the Land Registry for acquiring the titles deed in the buyers' name.
The whole procedure for buying property requires a maximum one week.
Q: What are the latest developments of laws and regulations with regard to purchasing property? What do those mean to investors, especially Chinese investors?
A: The latest regulation minimizes the costs and simplifies the procedure for acquiring PR, in less than three months. This means that Chinese people are welcome in Cyprus and very soon they will form their own community with schools, cultural and social authorities and that now is the right time to invest.
Q: What kind of services can you provide to Chinese investors? Please give us some introductions about your projects.
A: They include property purchase legalization of contact lodging, contacts with the land registry, and organizing procedure for PR, property management service, rentals and maintenance of property, interior designing services based on Feng Sui style or according with the individual tastes of our clients.
Generally we will do all things necessary to offer our clients the best properties available, and we will take care of all the purchasing procedures. Buying a property through Kanika Developments is not about bricks and mortar; it's about feeling comfortable with every step of the process and feeling completely at home with your choice. We offer high quality residential and commercial projects, and we service them with care and responsibility. After 50 years in business, we understand how to meet our clients' needs when they are deciding to purchase a new home in Cyprus. It is with absolute confidence that we can say we are "The Home Buyers Favorite Property Developer."
