Bill to tax Airbnb rents to go to plenum

Bill to tax Airbnb rents to go to plenum

A bill designed to regulate and tax the rental income on an estimated 40,000 short term Airbnb style properties in Cyprus should be presented at a plenary session of the Cyprus parliament within the next two weeks.  A BILL regulating and taxing the income on short-term Airbnb-style property rentals should go to the plenum within a fortnight, lawmakers said on Tuesday.&nbs...
Real Estate Thursday, 13 September, 2018
Brexit losses and benefits

Brexit losses and benefits

After the issue of Brexit first raised its head we have been closely following the reactions of businesses and individuals regarding over whether Cyprus will win or lose from such an event in terms of the real estate market. It is unfortunate that the UK will leave the EU and we feel we are losing a lifelong friend. Many of us who have studied or worked in the UK wish the Brex...
International Wednesday, 29 August, 2018
Green light for Limni Golf Resort

Green light for Limni Golf Resort

plans to build a multi-Euro golf course and resort complex at Limni at Polis Chrysochous have been approved after the latest environmental study that found the plans fully met environmental laws and recommendations of the European Commission. After years of effort and submission of a series of special studies, Cyprus Limni Resorts and Golf Courses Plc announced that it has fin...
Real Estate Friday, 17 August, 2018
Paphos high-rise resort gets off the ground

Paphos high-rise resort gets off the ground

The town planning department has approved building permit to construct two 12-storey high-rise buildings and 122 apartments at Geroskipou in Paphos as part of the Peninsula Resort project.  A proposed €3.4 billion resort development project in Geroskipou, Paphos has been given the go ahead with building permits issued to construct two 12-storey high-rises with a tota...
Real Estate Monday, 30 July, 2018
Applications from Golden visa providers changes

Applications from Golden visa providers changes

As from July 31st golden visa applications will only be accepted from providers that have registered with the scheme’s supervisory body and who have signed up to a code of conduct. THE MINISTRY of finance said Friday that a committee for the supervision and control of the government’s citizenship-by-investment (Golden Visa) programme will start accepting applicatio...
Local Thursday, 26 July, 2018
No tax on mortgaged property sales

No tax on mortgaged property sales

Those selling their mortgaged property in Cyprus to reduce or repay their mortgage debt will be exempt from paying capital gains, income tax, special defence contributions, as well as stamp duty and transfer fees. Borrowers who sell their property to reduce or repay their loans on the free market will be eligible for tax relief, extending a regime that has so far applied only ...
Real Estate Wednesday, 18 July, 2018
Tourism Revenue Rises between January - April

Tourism Revenue Rises between January - April

Revenue from tourism decreased in the fourth month of 2018 but showed an increase in the first months of the year, as Cystat, the Statistical Service of Cyprus, reported on Wednesday 11 July. On the basis of the results of the Passenger Survey, revenue from tourism reached €181.4 mn in April 2018 compared to €189.6 mn in the corresponding month of the previous year, ...
Local Thursday, 12 July, 2018
Paphos marina contract awarded

Paphos marina contract awarded

The contract to build the long-anticipated Paphos marina has been awarded to Pafilia by the ‘new’ Marina Management Committee, which was appointed in March to examine documents submitted as part of the marina tender process.  After nearly three decades of bureaucratic delays and legal wrangles, the contract to build the Paphos marina has been awarded to Pafili...
Real Estate Monday, 02 July, 2018
High-rise developments coming to Paphos

High-rise developments coming to Paphos

The Paphos Municipality has given the green light for the construction of two twenty storey high-rise buildings in the tourist area of the town on land close to the Aloe Hotel on Poseidonos Avenue.  THE PAPHOS Municipality’s Town Planning Committee of the Paphos Municipality has given the green light for permits to be issued for the construction of two 20-storey hig...
Local Monday, 02 July, 2018
Cyprus property rent reforms

Cyprus property rent reforms

It should soon be easier for landlords to recover their properties in Cyprus from tenants who fail to pay the rent if the bill submitted to parliament by the DISY parliamentary group is approved. AS MANY landlords will confirm, evicting tenants from properties in Cyprus that are regulated by the Rent Control Law who fail to meet their contractual obligations and fail to pay th...
Real Estate Thursday, 28 June, 2018
MPs table bill to tax Airbnb-style rentals

MPs table bill to tax Airbnb-style rentals

A bill to regulate and tax the income on short-term Airbnb-style property rentals has been tabled by two MPs and should go before the plenum prior to the parliamentary summer recess.  TWO MPs have tabled a bill that aims to regulate and tax short-term property rentals like Airbnb. According to Disy deputy Averof Neophytou, who co-authored the legislative proposal, approx...
Real Estate Saturday, 23 June, 2018
Why India's Richest Are Seeking Citizenship In Cyprus

Why India's Richest Are Seeking Citizenship In Cyprus

India's wealthy have long coveted foreign passports. Some see it as a ticket to easier tax regimes and more business friendly climates. For others, it’s the desire for a more western lifestyle or the ability to study, work or travel abroad with ease. For rich Indians looking for citizenship or permanent residency in a European nation, the scenic island country of Cyprus i...
International Tuesday, 19 June, 2018
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