Cyprus has become a popular destination for travellers and investors alike, with more and more people looking to obtain permanent residency on the island.
One of the many ways foreign individuals can reside on the island is through the Cyprus Permanent Residence program which allows applicants to acquire an Immigration Permit through property investment.
Keep reading below to find out more.
What is the Cyprus Permanent Residence Program?
The Cyprus Permanent Residence Program allows non-EU citizens and their families to obtain permanent residency in Cyprus.
To qualify, individuals must make an investment of at least €300.000 in real estate or securities. Here are the investment criteria:
- Investment of at least €300.000 (plus VAT) in a primary residential property, such as a house, villa, or apartment.
- Investment of at least €300.000 (plus VAT if applicable) in other types of property such as offices, shops, and hotels.
- Investment of at least €300.000 in the share capital of a Cyprus company which operates in the Republic of Cyprus.
- Investment of at least €300.000 in shares of a Cyprus Collective Investment Organisation, in the form of AIF, AIFLNP or RAIF
In addition to the investment, there are also additional requirements to be met including a clean criminal record and proof of a secured annual income of at least €30,000.
What are the benefits of the Cyprus Permanent Residence Program?
With a permanent residency in Cyprus, you are free to live on the island for an indefinite time. Plus, it offers you and your family freedom of movement within the EU.
The examination of the application is easy and will take approximately 2-3 months. Moreover, residence permit holders are eligible for Cypriot citizenship after 5 years of actual stay in Cyprus within a 7-year period.
Buying property in Cyprus
Surrounded by the crystal clear waters of the Mediterranean, Cyprus is known for its beautiful beaches, great weather, and friendly people. Moreover, the island has very low crime rates, making it an attractive option for families and those seeking a safe place to live.
But apart from the high-quality life, Cyprus also offers a plethora of business opportunities for investors. More specifically, it offers a favourable tax system with competitive tax rates and a solid double tax treaty network, as well as an exceptional regulatory structure.
Buying property in Cyprus
It’s now time to take the next step. Our property consultants at Hestia are here to understand your needs and help you find your dream home.
Check out our projects below and get in touch for more information.