There is no official deadline prescribing when the remaining balance needs to be paid. This would be subject to an agreement between buyer and seller.
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What is the deadline for paying off the balance of the property purchasing fee in Cyprus?
I want to apply for the Cyprus RBI program by purchasing a house. I learned that at least 200,000 euros out of the required 300,000 euros must to be paid to start the application. When should I pay off the rest? Do I have to complete the purchase in order to get an approval?
Answers
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At the time of applying for permanent residency, the amount of 200,000 euros (plus VAT) must be shown to have been paid. There is no regulation as to when this must be paid; it is a matter of negotiations with the vendor of the property.
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We confirm that there is no set deadline for the full settlement of the property's purchase price. However, this usually depends on the completion of the construction and the delivery of the property. The resident permit application can be submitted as long as the amount of 200,000 euros (plus VAT) is paid to the developing company, which is the seller of the property. The approval of the application does not depend on the full payment of the purchase price. Nonetheless, please note that the ministry of interior may request at a future stage to be provided with information with regards to the property's completion and the full settlement of the purchase price.
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The permanent resident permit only requires proof of payment for 200,000 euros and a contract of sale that has already been submitted to the Department of Lands and Surveys in order to process the application. The remaining balance of 100,000 euros should be paid, as it is required by your property purchase contract.
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Pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the applicant should submit, together with the application, title deeds or a sale contract in his/her name and/or his/her spouse, which has been officially filed at the Department of Lands and Surveys, of a real estate, of total market value of at least 300,000 euros (VAT is not included therein) and official payment receipts of at least 200,000 euros (excluding VAT), irrespective of the delivery date of the real estate. Therefore, depending on the delivery date of the property in question, the balance should be paid in accordance to the terms of the sales agreement to be signed between the parties.
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Your question raises two issues. Firstly, the criteria for the permanent residency is to submit the application accompanied by, amongst others, a title deed or contract of sale (submitted to the Department of Lands and Surveys) for a property purchased in Cyprus of a minimum value of 300,000 euros and proof of payment for at least 200,000. Therefore, you must pay 200,000 and for the remaining 100,000, there is no deadline. It very much depends on the terms of the contract of sale signed by you and the vendor. It usually states the remaining amount to be paid for example upon delivery of property or completion of construction if the property is being constructed. Secondly, the payment of the full amount does not have any relevance to whether you shall be granted permanent residency. What matters is to provide all documentation which is required in support of your application, one of which is the payment of 200,000. The remaining balance is up to you and the vendor, as per your agreement.
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You should submit, together with the application, title deeds or a sale contract in your name and/or your spouse, which has been officially filed at the Department of Lands and Surveys, of a real estate with total market value of at least 300,000 euros (VAT is not included therein) and official payment receipts of at least 200,000 (excluding VAT). This is irrespective of the delivery date of the real estate. The only detail that is mentioned in the current governing regulation is that the full payment of the real estate value shall be settled in an account in a financial institution in Cyprus. There is no official deadline. The final payment is a matter of contract of sale and purchase with the developing company (the seller).
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