Cyprus is set to become a preferred European International Business Centre 

This New Business Facilitation Unit is solely dedicated to assist foreign companies and will provide:

  • Assistance to relocate to the island, operate and expand existing business activities in Cyprus.
  • Provide guidance with the establishment and licensing of businesses,
  • Process and issue residence and employment permits.

Another exciting development is the inclusion of skilled third country nationals and support staff.

  • Employee work permits that fall under this revised policy will be issued in 30 days and can last up to 3 years!
  • This new strategy even includes family reunification rights for those that qualify.

Fast Track Business Registration Scheme

A Digital Nomad Visa

New Tax Incentives

Positive Proposals regarding naturalization

New Provisions for third country nationals

Energy efficient in Cyprus

Homeowners wishing to sell or rent their home usually have a list of tasks they need to complete in order to finalize the transaction.
Some tasks are related to finance, like ensuring you gain a lucrative return on your investment and others have to do with home upgrades. Perhaps a lick of paint, or a carpet steam clean before you invite renters and buyers into your home. There is, however, one other legal consideration, besides the contract of sale or lease that every homeowner in Cyprus must consider before they attempt to sell or rent their home.

Every homeowner in Cyprus needs a Property Energy Performing Certificate.
A Property Energy Performance Certificate (EPC) is a certificate that classifies buildings according to the energy that their home consumes. While you may think this is something you don’t really care about as a homeowner in Cyprus, it’s important to note that Property Energy Performance Certificates became compulsory on 1st January 2010. It affects all long-term rental properties and properties for sale that were constructed before 10th January 2007.

If you do not have a Property Energy Performance Certificate (EPC), you can be penalized up to € 30,000.
The only exemptions are tenants that entered into a rental agreement before 1st January 2010 and are still in the same property, or properties with a covered area of less than 50m2.

Its important to note that an EPC must be issued by a certified and qualified expert who lives in Cyprus. The Cost of a Property Energy Performance Certificate in Cyprus is estimated at around €2.50/m2 – however, the price can vary depending on the technician, which is why we recommend you contact Chestertons to ensure you obtain an approved and professional engineer.

While many may feel this is an added hindrance and annoying additional paperwork – we need to consider how fundamental energy is for our lives and for the proper functioning of our homes.

Chestertons takes energy consumption seriously.
We are increasingly committed to finding measures that allow the reduction of greenhouse gases. In the European Union alone, the energy consumption of buildings represents over 40% of the total energy consumption.

Its not just about complying with the law; it is about building awareness to conserve our beautiful planet and live in a better world.
Making just a few changes, like using low energy light bulbs (LED) or hanging thicker curtains, can make a vast difference to your home’s energy rating.

Check out all Chestertons’ recommendations and find out everything you need to know by clicking on our EPC guidelines and contact us, so we can guide you through the process.

Does Cyprus still offer viable property investment opportunities in 2021?

Many potential property investors put their plans on hold in 2020, as the world dealt with the rise of the COVID-19 pandemic. With the global vaccine rollout moving along with varied success, and life slowly returning to normal, we are faced with new anxieties.

Not only do we have to reacclimatise to our social and work life; We have to re-examine the dreams we set aside a year ago, when we grappled with uncertainty.

Does our future planning need to be revisited completely; or does Cyprus still offer a viable property investment opportunity?

It goes without saying that there was a decrease in demand because of the pandemic. Investors were hesitant. There was a global rise in unemployment and a multitude of projects that were in development came to a halt, slighted with significant delays.

Despite the prevalent economic issues, however, the Cypriot real estate market is slowly improving with clear signs for a positive future. Cyprus still ranks high as an attractive destination for both tourism and development because they have kept recession at a level that is lower than the EU average.

Significant projects worth hundreds of millions of Euros that were delayed are still being developed. These will bolster the surrounding territories and make real estate investment optimal. In fact, Real Estate and Construction contributed 17% to the Cyprus GVA (Gross Value Added) in 2020, showing its strength and resilience.

Interest merely simmered; it wasn’t extinguished, and the Cyprus real estate market is returning as the most popular form of investment.

The consensus among experts is that the real estate market in 2021 is expected to make a positive turn, as the government finds new ways to secure foreign investment and the uncertainty surrounding COVID-19 starts to lift.

Paphos, in particular, is expected to fare well. They managed to maintain the island lead with foreign sales in 2020, despite the pandemic. In September and October 2020, Standard & Poor (S&P) and Fitch affirmed Cyprus’ rating of BBB- with a stable outlook, respectively. S&P predict the country’s economy to fully recover by the end of 2022.

Why the rise of confidence?

It is less about what has changed, and all about what hasn’t changed.

  • Cyprus still boasts one of the best geostrategic locations in the world – with the ideal position for doing business on three continents.
  • Its property prices are lower than many European countries.
  • They have a positive tax system–the lowest in the EU, with a large offering of exemptions on foreign exchange and Overseas Permanent Establishments.
  • Their low cost of living enables an improved quality of life.
  • Low crime rate. Excellent medical facilities, education and offshore business advantages.
  • Not to mention unrivalled aesthetics and over 300 days of sunshine every year.

Without undermining the importance of proper planning, demand is set to rise, which will make properties increase in value. The time is right to dust off those property investment plans and get back into the market.