How to get Cyprus Permanent Residence by property Investment

1. Applicants obtain permanent residency within 3 months. It’s much faster than other investment routes, like Portugal, Greece and Spain. However, the application processing depends on the workload of Migration Department.

2. Living in the country. Foreigners with Cyprus Golden Visa may live in the country without restrictions and additional registration. Cyprus is in the top five countries in terms of security. With its warm climate all year-round and convenient geographical position, Cyprus is considered an attractive place for business and residence.

3. Unlimited duration immigration permit. The Cyprus immigration permit remains valid indefinitely as long as investors meet the necessary criteria. No more worrying about renewals or expirations.

4. Low corporate tax rates. Cyprus offers one of the lowest corporation tax rates within the EU at 12,5%.

5. Family-friendly program. Your spouse and children can also obtain permanent residency through this program. It is a family-friendly investment option, allowing investors to secure a bright future for relatives in one of Europe’s most sought-after destinations.

6. Low crime rates making Cyprus a safe place to live and invest. You can enjoy peace of mind knowing that your family and investments are secure.

7. Opportunity to get citizenship. Five years after receiving Cyprus golden visa, investors may apply for citizenship by naturalisation. You will need to throw a test on knowledge of the language and culture of the country and pass an interview.

Investors continue to show interest in Cypriot real estate. In the third quarter of 2022, the total number of sales in Cyprus increased by 27%, compared to the same month last year.

Real estate purchase is one of the options to obtain Cyprus permanent residency under the golden visa program. Investors can choose an object to live or rent out. If the property is housing and the investor plans to live there, VAT is reduced from 19% to 5%. When renting property, investors can get an income of 5% per annum.

Property options of all types are available:

• apartments,

• villas,

• hotel shares,

• townhouses,

• commercial property.

Investors who are granted a Cyprus golden visa may apply for citizenship five years later. You will need to pass an interview, a test to see how well you know the language and culture of the nation. The applicant will not have to give up his original citizenship because Cyprus accepts second citizenship.

Residential and commercial real estate in Limassol and Paphos will be the most lucrative investment in Cyprus. Both locations provide a wide range of housing at affordable costs.

The most resilient part of the market relates to the residential property segment in the range of €100,000— €300,000.

Residential properties between €100,000—€300,000 reached 7.600 in volume during 2022, representing a 19% annual growth and a 41% increase compared to 2019. This is mainly a result of strong demand for increasing investment activity in private-rented housing apartments, combined with the growing levels of relocators to Cyprus.

To be eligible for the Cyprus investment program foreigners must be:

• over 18;

• with a stable source of income;

• with a strong moral standing;

• not barred from entering the EU or the UK, be on any penalty lists, or have any criminal histories.

Individuals, who invest €300,000 or more have been eligible for permanent residence in Cyprus. The funds may be used to purchase residential and commercial real estate.

The investor can add their spouse and children under 18 to the application. Children between the ages of 18 and 25 can also apply if they are:

• financially dependent on the investor;

• unmarried;

• enrolled in a university outside Cyprus.

Residential Property Investments. An investor may purchase one or two brand-new apartments for more than €300,000. The regular VAT rate is 19%. However, if an investor buys a home to live in, the VAT tax is only 5%. Property purchases by investors are prohibited in the secondary real estate market.

Diversifying your investments helps minimise risk while maximising potential returns on capital, making it an ideal strategy for securing permanent residency within two months.

Commercial Property Investments. If you’re business-savvy, consider commercial properties like offices or shops as they offer potential high returns on investments.

One or two commercial properties costing more than €300,000 can be purchased by an investor. On the primary or secondary real estate market, investors buy buildings for offices, stores, and hotels.

The cost of obtaining permanent residence by real estate investment includes property value and additional fees:

• VAT — 19% for the purchase of new properties;

• transfer tax when buying a resale property — 3 to 8%;

• legal support — 1%;

• administrative fees, depending on the investor’s family composition.

Applicants must provide the following documents:

1. Completed applications under the special forms.

2. Valid passport.

3. Biography of the main applicant.

4. Tax return confirming the annual income in the amount of at least €30,000.

5. A certificate of ownership of the real estate.

6. Testimony about unemployment in Cyprus.

7. Certificate of no criminal record.

8. Marriage, divorce and birth certificates.

9. Medical insurance for investors and all family members.

Investing in real estate or securities is a great way to obtain permanent residence in Cyprus. The Golden Visa Program offers unlimited duration immigration permits and low corporate tax rates for those who meet the minimum investment amount requirements and provide the necessary documentation.

Through this program, investors can choose from commercial or residential property investments. Permanent residents must prove their income sources and provide health insurance certificates.