Pafos | Cyprus
The Grove, Cyprus
Luxury Townhouses and villas for sale with Mediterranean sea views in Cyprus - Citizenship By Investment approved.
The Grove is located in an elevated position within a 10 minute drive to centre of Paphos. From here you can truly savour some breathtaking Mediterranean Sea views. The large residents’ swimming pool is surrounded by an expansive paved pool terrace encompassed by aromatic planting, and dotted with loungers providing an oasis of calm to soak up some rays, while poolside changing facilities provide a little extra convenience.
The designs harness natural light, ensuring contemporary airy living spaces. Each villa opens out to an elegant terrace and private garden that overlooks the pool or communal gardens, offering an ideal space for alfresco dining. While all master suites feature a spacious balcony which provides the perfect place to relax and absorb the beautiful views. Residents will enjoy pure serenity in their fragrant surroundings!
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Purchasing property at The Grove
* Prices quoted are excluding VAT. Please speak to us today for more information.
We are pleased to offer a selection of properties for sale at The Grove. To discuss your requirements, current availability and pricing simply enquire now and we will be happy to assist you in purchasing a home at The Grove, Cyprus.
Mortgages are available from the Bank of Cyprus, and other institutions, using the property in Cyprus as security.
A rough guide to the mortgage schemes:
- Generally a loan of up to 60% (subject to status).
- Maximum duration of up to 30 years. Minimum 8 years. Upper age 65.
- Maximum loan up to €1,000.000 for purchase of holiday home.
- Bank arrangement fees 50% on loan amount. Documentation fees €75.
- Lending fees: Eurobor + 4.25%.
(Mortgage terms vary according to the status of the borrower – this is a rough guide only.)
Financial Incentives from the Cypriot Government to Buyers of New Properties
The Cypriot Government has introduced a framework of investment and business incentives to develop economic growth and encourage international investment to the country.
These incentives include:
- Reduced VAT for new properties; first time buyers of new properties will be eligible to be charged at 5% VAT on the value of the purchase instead of the normal rate of 19% VAT. Total covered area not more than 327m² – VAT 5% for the first 200m² and 19% for the remaining area of up to 75m at 52m is deductible.
- Properties over 327m² attract 19% VAT.
- Transfer of Title; is actioned once the property has been handed over. At this time, the District land Registry Office will charge Transfer fees, based on the market value of the property at the time of purchase and calculated as follows: Value of property:Up to €85,000 – 3% €85,000 - €171,000 – 5% €171,000 and over – 8%. For reservations of new property during 2017, where VAT is paid, the Land Registry will take the difference in purchase price stated in the contract and the valuation upon transfer and assess the transfer tax value. 50% of the above percentage will then be charged on the difference.
- Stamp Duty; On signing of the contract the purchaser is liable to pay stamp duty at the rate of .15% from €5,000 - €170,000 and at 0.2% thereafter, with a cap of €20,000. This is charged on property purchase and payable within 30 days of signing.
- IPT; Immovable Property Tax – abolished as of January 2017.
- Capital Gains Tax; is 20% on the gain but the first €17,086 is exempt. If there are two owners on the original contract of sale then the tax allowance can be up to €34,172 (two allowances maximum). There is a double taxation agreement between Cyprus and many other countries of the world.
- Inheritance Tax; no inheritance tax.
- Tax Advantages; Retirees drawing a pension are exempt from withholding taxes at source and may be taxed on the nominal rate of about 5% or less, depending on their income. Cyprus has double taxation treaties with many countries, safeguarding its residents from paying tax in both countries. No duty is levied on cars for retirees or personal effects.
- PLEASE BE ADVISED BY YOUR CYPRIOT LAWYER AS TO TAXES AT THE TIME OF GOING TO CONTRACT AS THESE CAN CHANGE AND THIS IS JUST A GUIDE.
Cypriot Citizenship for Property Investors
In order to be eligible to obtain Cypriot Citizenship, a non-Cypriot citizen may opt to invest either individually (directly or through company ownership) by investing a minimum of €2 million in any one of the investment areas listed below:
- Investment in real estate of at least €2 million including one property for permanent residence, of at least €500,000.
- Participation in Cyprus companies: the applicant must be the shareholder or the ultimate beneficial owner of a company (or companies) based in Cyprus and the management of which must be situated in Cyprus. The company must employ at least 5 Cypriot or European citizens.
- Investment in Alternative Investment Organisations or in assets of Cypriot Companies: the applicant must invest €2 million in Alternative Investment Organisations licensed by CySec or in the assets of Cyprus companies.
- Combination of the above (+ bonds): the applicant must invest in a combination of the above options and in addition, under the combination option, may invest in government bonds for the amount up to €500,000.
(Numbers 2 – 4 inc, plus €500,000 residency, making an investment of €2.5M).
Benefits of Cypriot Citizenship
- No residency requirement.
- Right to work and live in 28 European Countries.
- Dual Citizenship allowed.
- Passports issued six months after Permanent Residency granted.
Government Fees for Citizenship Application
- Investor pays €2,000 at the time of submission and €5,000 on approval.
- Spouse pays €2,000 at the time of submission and €5,000 on approval.
- Adult child (up to 28 in 1st degree education) pays €2,000 at the time of submission and €5,000 on approval.
- Minor children €80 at the time of submission. No approval fee.
Example Cost: Husband, wife, one adult child and one minor child pay a total of €21,080.
Permanent Residency (without Citizenship application)
- The applicant must prove that he/she has at her disposal a secured minimum annual income of at least €30,000 and a further €5,000 for each dependent person.
- The acquisition of a property of a minimum market value of €300,000 - This has to be a new property (resales do not qualify).
- The applicant must deposit a minimum amount of 30,000 with a Cyprus bank which must be held for a minimum of 3 years.
- The applicant is required to visit Cyprus at least once every two years.
Applications take approximately 2 – 3 months for approval.
The Location: Paphos, Cyprus
The Grove is located in an elevated position within a 10 minute drive to centre of Paphos. From here you can truly savour some breathtaking Mediterranean Sea views.
A quick 10 minute drive from the Grove is Pafos, a coastal city in the south west of Cyprus is the legendary birthplace of Aphrodite, the Goddess of love and beauty. Once the ancient capital of Cyprus, Pafos is the most picturesque city, a popular tourist destination and a favoured location for a second home.
Paphos, with it's charming harbour and medieval fort, is close by and offers cosmopolitan living, beautiful scenery and significant historical sites. It was the capital of Cyprus for 600 years in ancient times and its archaeological legacy is such that UNESCO put the whole town on its World Cultural Heritage list.
The charm of this historic city is complemented by a vast array of stunning beaches, perhaps the best on the island, an excellent selection of stylish cafes and restaurants, modern amenities, a buzzing nightlife and many interesting attractions. It is also home to Cyprus' national park, the Akamas.
If golf is more to your liking, Minthis Hills Golf Course and the PGA Golf Course of Aphrodite Hills are both a short drive away.
Cyprus is easily accessible, with daily flights from the UAE, Russia, UK and numerous other European destinations, as well as easily accessible from mainland China via daily flights from Dubai, Abu Dhabi and Moscow.Visit Cyprus