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
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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:
Purchase of residential real estate.
Purchase of commercial property.
Buying shares in a Cypriot company.
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.
Explore the benefits and drawbacks of the Cyprus investment program versus other Golden Visas
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
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 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
Choosing an investment option
Immigration experts reveal the nuances of all investment types and advise the option considering investor wishes.
Immigration experts reveal the nuances of all investment types and advise the option considering investor wishes.
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.
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.
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.
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.
Application approval
The relevant government department issues a letter of approval of the application.
The relevant government department issues a letter of approval of the application.
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.
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.
Download our complete guide to learn everything you need about 9 popular Golden Visa programs.
Benefits
Investment options
Eligibility requirements
Processing times
