Cyprus permanent residence by investment in real estate: Cost, specifics, nuances

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Kristina Ruzhilo 19.11.2018

Obtaining a permanent residence of Cyprus is a great way to secure your future. The status may be acquired through investing in a real estate object via a specialized, government-approved program.

According to the Department of Lands and Surveys of Cyprus, property sales rose by 18% in September 2017 compared to the same month a year prior, with a 27% rise in August, 18% in July, and 28% in June. As a result, property prices are rising. The Central Bank of Cyprus reported a 0,5% increase in the second quarter of 2017. The Royal Institution of Chartered Surveyors predicts a steady upwards growth of the prices.

This way, investing in real estate today will turn into profit tomorrow.

The perks of having a Cypriot permanent residence permit

We can name at least 5 reasons to consider the Cypriot residence by investment program:

  • Permanent residents are allowed to reside in Cyprus for extended periods of time, something that an ordinary visa doesn’t allow. Since Cyprus is not part of the Schengen Area, permanent residence card holders cannot freely move across the Schengen countries; however, the Schengen visa is issued within just 7 days;
  • Beneficial taxation options for permanent residence card holders. After registering a company in Cyprus, you get all the advantages of a 12.5% corporate tax on income. Cyprus has a reputation of an international commercial hub, offering an optimal taxation system that allows to direct a foreign capital to any point in the world. The taxation system of Cyprus meets the requirements of the EU and the OECD;
  • The permanent residence status is issued for an indefinite period, so there is no need to get it extended;
  • The applicant gets a guaranteed safe haven;
  • Another weighty benefit is access to European-level healthcare and education.

After holding the permanent residence card for 7 years, the resident gets an opportunity to obtain the status of a citizen.

Citizenship may be obtained in a much faster manner via participation in the government-approved Cyprus Citizenship by Investment program. As per this program, the applicant is expected to acquire real estate worth at least €2 million with the prospect of reselling it in the future.

What are the conditions of obtaining the status of Cyprus’ permanent resident?

The main criterion for obtaining Cyprus’ permanent residence is purchasing real estate for at least €300,000, VAT not included. The real estate may be listed in the name of a company if the company is registered under the applicant’s (or the spouse’s) name. The applicant must be the sole owner of the company.

The minimum yearly income of each applicant is expected to be no less than €30,000.

There are several investment options for joint spousal investment:

  • up to two objects of residential real estate (apartments or houses);
  • a real estate object and a shop with a maximum area of 100 square meters;
  • a real estate object and a shop with a maximum area of 100 square meters;
  • a real estate object and an office with a maximum are of 250 square meters.

All real estate objects must cost in total at least €300k and be purchased from a sole developer.

Come prepared: Here are main requirements for applicants

The principal applicant must be at least 18 years old, have impeccable business and personal reputation, and a positive credit history. Another equally important condition is a clean police record.

A spouse, financially dependent children under the age of 25 and parents may be included in the application.

The reasons for candidacy rejection may be as follows:

  • submitting deliberately false information;
  • it is revealed that an applicant has a pending criminal sentence or ongoing criminal proceedings in one’s home country or any other country;
  • an applicant is considered to be a threat to the established social and public order;
  • an applicant’s presence in the country is threatening its reputation or national security;
  • accusations have been directed at the applicant, or there are suspicions that the applicant is directly or indirectly tied to terrorism-related activities, money laundering, or crimes against humanity.

Obtaining permanent Cypriot residency in just 4 steps

The process is fairly simple and quick; it’ll be over and done within just 2 months.

Step 1. Acquiring one or several real estate objects with a minimum cost of €300,000 (plus VAT) in Cyprus. Note that per residency by investment program rules, the transaction cannot be made with a private individual. The purchase must be made through a real estate developer.

Step 2. Filing of an application with the Civil Registry and Migration Department of Cyprus. There is no need for the applicant to be present.

Step 3. Within two months, the Ministry of Interior is to inform the applicant or their representative of the decision via the CRMD. Next, the Ministry of Interior, through their permanent secretary, take a decision. Obtaining the status of Cyprus’ permanent resident does not require an interview.

Step 4. Within one year after receiving the affirmative response, the applicant is expected to come to Cyprus to get a permanent residence card.

Cyprus permanent residence by investment in real estate: Cost, specifics, nuances | Migronis

European alternatives

What do European countries have to offer to individuals interested in a second passport? EU countries like Portugal, Greece and Malta have always been especially popular among the foreign investors.

Cyprus permanent residence by investment in real estate: Cost, specifics, nuances | Migronis

The chances of acquiring a Cypriot citizenship

The status of a permanent resident facilitates the subsequent citizenship acquisition which, in turn, allows to:

  • Establish and maintain a “safe house” in any EU country;
  • Register companies and real estate objects in one’s name using the second passport;
  • Keep one’s assets in a trustworthy foreign bank.

It’s only possible to win at life and business by blazing new paths for development and thinking in advance about safety for everyone and everything one holds dear. Secure your tomorrow by making the decision today.

Interested in more detailed information about Cyprus permanent residency program? Contact us!

  • We offer free consultations, understanding how important it is for the client to make the only correct decision.
  • We work only in the field of investment immigration, integrating gained experience into the investor’s goal.
  • We work only with official programs of the European Union and Caribbean countries.
  • Before signing the contract, we inform our clients about all additional fees and expenses.
  • We conduct a screening to assess the investor’s chances of obtaining the desired citizenship.
  • We oversee the process at each stage and work exclusively towards the result.
  • We are in touch 24/7.
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