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Cyprus
April 1, 2024
4 min

Cyprus Permanent Residence Cost

Brittany Collins

Cyprus, a beautiful Mediterranean island nation, offers one of the most attractive permanent residence programs in Europe. The investor fulfils the conditions of one of the four investment options, contributing at least €300,000.

The additional expenses under the real estate option are approximately 20% of the transaction value. When buying a house worth €350,000, the total cost of obtaining permanent residence will start at €500,000.

We’ll talk about exploring real estate investments and share capital investments in local companies, the application requirements and efficient processing time. We will also discuss tax benefits associated with Cypriot residency such as personal income tax exemptions and capital gains taxation rules.

Cyprus Permanent Residence Cost

Cyprus Permanent Residence Cost

Cyprus Golden Visa Program: Overview

The Cyprus investment program offers non-EU nationals a fantastic opportunity to obtain permanent residence in the country through investment.

Aside from obtaining permanent residence status, there are numerous benefits that come with this program, including favourable tax regimes for residents, access to high-quality education for dependent children, and a beautiful Mediterranean lifestyle with stunning beaches and rich cultural heritage.

To obtain Cyprus permanent residence, investors choose from four investment options, contributing at least €300,000:

  1. Purchase of residential real estate.

  2. Purchase of commercial property.

  3. Buying shares in a Cypriot company.

  4. Purchase of securities.

Before you embark on the application, it’s essential to have certain documents ready, such as your passport copy, criminal background check and CV. Besides, you must prove a secured annual income of at least €50,000 from abroad.

The application procedure is highly efficient, taking just 3 months, with a high approval rate if all criteria are satisfied.

Сost of Participation in the Cyprus Golden Visa Program

The main applicant fulfils the conditions of one of the four investment options, contributing at least €300,000 to the country’s economy. Foreigners prefer buying real estate in Cyprus, such as residential properties from the developer or commercial premises.

The cost of obtaining permanent residence by investment in real estate includes VAT — 19% for the purchase of new properties and transfer tax when buying a resale property — 3 to 8%.

The investor shows financial solvency by confirming an income of at least €50,000 per year. The minimal income increases depending on the family composition:

  • €15,000 — for spouse;

  • €10,000 — for minor children.

We compared investments in shares and stocks and evaluated the primary and extra costs for one person. Stocks and shares have the lowest cost, but they also carry a far bigger risk than investments in real estate. You can rent out real estate using the assets' passive income to eventually make up the cost difference.

Cost Comparison for One Person

Investments

Purchasing of real estate

€300,000+

Purchasing of commercial estate

€300,000+

Investments in shares or stocks

€300,000+

Purchase of securities

€300,000+

VAT

Purchasing of real estate

€15,000+

Purchasing of commercial estate

€57,000+

Investments in shares or stocks

Purchase of securities

Confirmed income

Purchasing of real estate

€50,000 per year

Purchasing of commercial estate

€50,000 per year

Investments in shares or stocks

€50,000 per year

Purchase of securities

€50,000 per year

Administrative fee

Purchasing of real estate

€500

Purchasing of commercial estate

€500

Investments in shares or stocks

€500

Purchase of securities

Registration fee

Purchasing of real estate

€70

Purchasing of commercial estate

€70

Investments in shares or stocks

€70

Purchase of securities

€70

Permanent residence card fee

Purchasing of real estate

€70

Purchasing of commercial estate

€70

Investments in shares or stocks

€70

Purchase of securities

€70

Advantages of Cyprus Golden Visa Program

Cyprus has an excellent quality of life. The island nation offers beautiful beaches, sunny weather all year round, and delicious cuisine.

Most Cypriot citizens speak English, which makes it easier for immigrants to fit into society and run businesses smoothly.

Low crime rates, making it a safe place to live with children and doing business. You can enjoy peace of mind when your family and investments are secure.

Favourable tax regime. With one of the lowest corporate tax rates in the EU of 12,5%.

Unlimited residency. Once you obtain permanent residence, you’ll receive a permanent residence card, allowing you to enter Cyprus and enjoy all the benefits of being a permanent resident.

Prospect to get citizenship. Five years after receiving Cyprus golden visa, investors may apply for citizenship by naturalisation. The Cypriot passport allows its holder to travel without visas to more than 170 countries, including the Schengen states, the UK and Canada, and live, work and study in any EU country freely.

If you’re a non-EU citizen looking to obtain permanent residency or even Cypriot citizenship, the Cyprus Golden Visa program is an excellent option. The immigration process is straightforward, and you can gain residency by investing in residential property, Cypriot investment funds, or even Cypriot companies.

Cyprus offers a fantastic opportunity for non-EU citizens seeking permanent residency or citizenship in a safe, stable, and business-friendly environment within the European Union’s jurisdiction.

Cyprus permanent residence benefits

Cyprus enjoys a pleasant Mediterranean climate of long dry summers and mild winters. The island has one of the warmest climates in the Mediterranean part of the EU

Application Process

1

Choosing an investment option

Immigration experts reveal the nuances of all investment types and advise the option considering investor wishes.

2

Collection of documents

Investors provise papers for personal identification and documents confirming the sources of the invested funds. The lawyer assists with medical insurance, real estate rental agreements, document translation and apostille, and other legal matters.

3

Submitting the required documents

The applicant does not have to visit the island as agents in Cyprus can submit the documents. The government considers the application for 2—4 months.

4

Application approval

The relevant government department issues a letter of approval of the application.

5

Receiving a residence card

The investors must come to the island to submit biometrics. The Cyprus permanent residence card is issued for about 40 days.

With all these steps completed, you’ll be well on your way to obtaining permanent residence in Cyprus. It’s essential to maintain financial stability and adhere to immigration requirements throughout the process.

For non-EU citizens, obtaining permanent residency in Cyprus offers a range of benefits, including the ability to gain residency in other EU countries, access to the island’s jurisdiction, and the option to obtain Cypriot citizenship.

Cyprus offers a Golden Visa program that caters to wealthy individuals looking to invest in residential property, Cypriot investment funds, or Cypriot companies.

Conclusion

The Cyprus Permanent Residence Program offers wealthy individuals an opportunity to obtain residency through real estate, share capital investments or securities.

To obtain Cyprus permanent residence, investors choose from four investment options, contributing at least €300,000.

The cost of obtaining permanent residence by investment in real estate includes VAT — 19% for the purchase of new properties and transfer tax when buying a resale property — 3 to 8%.

The program provides tax benefits such as personal income tax exemptions and favourable capital gains taxation rules. Rental income is also exempt from certain taxes, making it a desirable location for property investment.

Frequently Asked Questions

  • What Is the Cost of Obtaining Cyprus Permanent Residency by Investment?

    With a minimum investment of €300,000, the Cyprus Permanent Residence Program grants qualified individuals and their families the chance to live permanently in Cyprus.

    To obtain Cyprus permanent residence, investors choose from four investment options:

    1. Purchase of residential real estate.

    2. Purchase of commercial property.

    3. Buying shares in a Cypriot company.

    4. Purchase of securities.

  • What Are the Additional Expenses to Get a Cyprus Golden Visa?

    Applicants must prove a secured annual income of at least €50,000 from abroad for each investment option. The minimal income increases after including spouse and children — €15,000 and €10,000, respectively.

    The cost of obtaining permanent residence by investment in real estate includes VAT — 19% for the purchase of new properties and transfer tax when buying a resale property — 3 to 8%.

  • How Long Does it Take to Get Permanent Residency in Cyprus?

    The processing time for obtaining permanent residency in Cyprus is relatively efficient, usually taking around 3 months from the submission of a complete application. However, this may vary depending on individual circumstances and the complexity of each case.

  • What Are the Benefits of Cyprus Permanent Residency?

    Cyprus permanent residency offers several benefits, including personal income tax exemptions for non-domiciled residents, favourable rental income taxation rules compared to other EU countries, and access to high-quality healthcare and education systems. Additionally, Cyprus has a pleasant climate and an attractive lifestyle.