Question 1

Difference between Northern Cyprus and Cyprus.

Accepted Answer

Note that FORLIFY only operates in the European Part of Cyprus. Northern Cyprus and Cyprus are two different entities that are located on the island of Cyprus in the eastern Mediterranean Sea. Cyprus is an independent country that is a member of the European Union, while Northern Cyprus is a self-declared state only recognised by Turkey. The two regions have a complex and disputed history, and the boundary between them is known as the Green Line or the Attila Line. Northern Cyprus covers about one-third of the island, while the rest is under the control of the Cypriot government. The two regions have different political systems, economies, and cultures, and there are ongoing efforts to reunite the island.

Question 2

How much do you pay for FORLIFY services?

Accepted Answer

FORLIFY is not taking payment from clients for real estate deals and our client support. We're getting paid by sellers, as all licensed real estate companies in Cyprus do. If you're interested in company relocation, tax optimization, or our help with the banking system in the EU, it can be discussed and quoted separately. Hope to see you as our client soon.

Question 3

Infrastructure

Accepted Answer

The country has two international  airports – Larnaca and Paphos (LCA & PFO), and two major ports (Larnaca  and Limassol). Cyprus has one of the best roads in the European Union.  High level of regional and global communications  is provided by a modern telecommunication system.

Question 4

What is the tax on the purchase of real estate?

Accepted Answer

From January 1, 2017, Cyprus's annual state real estate tax (immovable property tax IPT) was abolished. Taxes to be paid when purchasing the real estate in  Cyprus: Stamp duty Probably the first thing to be paid by the future owner of Cyprus real estate is a Stamp duty. It must be delivered within 30 days after signing the sale and purchase agreement; after that, you can submit the contract to the Land Committee. Registration must occur by two months after the conclusion of the contract. 0.15% of the first €  170.800 of the property price, and 0.2% of the amount that exceeds € 170.800,  will be charged. Property  Transfer fee This is a fee for the transfer of title to real estate. Accordingly, you don't have to pay it when buying newly-build property. In the primary market, the buyer is exempted from paying the title fee, i.e., the Property Transfer fee is 0%. If you buy the  real estate on the secondary market, the Property. Transfer fee is calculated as  follows: - 3% shall be paid on the first € 85.000; - 5% - on the amount in the range from € 85.000 to  170.0 - 8% - on the amount exceeding € 170.000. However, Cyprus laws provide ways to reduce fee. In FORLIFY, we know all the ways to reduce your taxes as much as possible, and we always provide our clients with the best possible solutions for them.

Question 5

How to choose the real estate for purchase?

Accepted Answer

You can use our advanced search, or contact our office to find the most suitable accommodation for you – apartments, flats, or houses. We  specialize in several types of the real estate for investment, and in obtaining  of Residence Permit: 1. Residential property. 2. Office and  Commercial property. 3. Contribution to local business or investment fund. It is also possible to buy a secondary real estate. The constant increase in price and demand for housing in tourist areas also allows you to make a profit from the rental or sale in the future. This type of investment is often an option for capital preservation in case of economic instability in the home country. FORLIFY clients can make the right choice by accessing a wide range of projects from the companies in Cyprus.

Question 6

Residence Permit for the purchase of real estate

Accepted Answer

It s enough to buy a real estate on the island to obtain this type of Residence Permit.  The period for obtaining is two months. Note: This Residence Permit doesn’t allow you to work in Cyprus. Acquired real estate must be more than 300.000 €. The property must be newly built. The procedure for property purchase  and Residence Permit registration: - Buy the property at the price of at least 300.000 € (finance sources must be located outside of Cyprus). - Verify your official income (the best is 60.000-70.000 € per family per year).  Applicant must have an income of 30.000 € per year, plus 5.000 € per family member  (spouse and children), and 8.000 € per each parent. - Provide the Certificate of a criminal record. - Open a  deposit account in a Cyprus bank and deposit 30.000 € in it. - Apply for a Residence Permit, including documents confirming the property purchase. These documents must be submitted to the Embassy of  Cyprus, translated into Greek, and notarized. FORLIFY takes care of the whole procedure, so you actually don't need all this information.

Question 7

Do I need visa?

Accepted Answer

You can check the list of countries whose citizens  need to apply for a visa to enter the territory of the Republic of Cyprus  here:‍ https://mfa.gov.cy/requiring-visa-to-enter.html Holders of biometric passports don’t need visa for a  short-term stay in Cyprus. Holders of EU Member States passports don’t need  visas to enter Cyprus, but they are required to carry either valid passport  or ID card provided that they contain photograph and indication of  citizenship. Please note:  if you plan to stay in the Republic of Cyprus for more than 90 days within  180 days period – you should anyway apply for visa.

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