PERMANENT RESIDENCY IN CYPRUS THROUGH INVESTMENT IN REAL ESTATE
Cyprus law has some advantageous differences from other EU countries when it comes to immigration. Only in Cyprus is it possible to receive permanent residence by buying real estate.
Foreigners who purchase property in Cyprus can receive the status of permanent resident through an accelerated procedure that takes just 2 months.
Advantages of Cyprus permanent residency through real estate investment
- Permanent residency in an EU country – Permanent residency in Cyrus gives you the ability to live in Cyprus year-round, and after Cyprus joins the Schengen zone, you will be able to freely move around the entire Schengen space.
- Permanent residency for your whole family – Together with the main applicant, also members of his/her family will receive permanent residency: his/her spouse, children – including adult children under the age of 28 – and financially dependent parents.
- There is no obligation to stay in the country or pay taxes – Holders of Cyprus permanent residency through real estate investment do not automatically become Cyprus tax residents and are under no obligation to stay in Cyprus.
- An opportunity to receive EU citizenship – Gaining permanent residency in Cyprus through investment in real estate and then staying on the island allows you to receive Cyprus citizenship in the future.
- An opportunity to become a Cyprus tax resident – By staying within Cyprus for only 60 days a year, a Cyprus resident can legally receive tax residency on the island and enjoy all the advantages of the country’s tax system.
Receiving permanent residency in this European Union country takes only 2 months.
Conditions for receiving Cyprus permanent residency through buying property
- YOUR PURCHASE OF CYPRUS REAL ESTATE 300 000 € MUST BE AT LEAST
- PROOF OF AN ANNUAL 30 000 € INCOME OUTSIDE CYPRUS
- THE APPLICANT MUST DEPOSIT 30 000 € IN A CYPRUS BANK FOR A PERIOD OF 3 YEARS
The piece of real estate must meet the following criteria:
- The property was bought on the primary market from the developer;
- The investor’s own contributed funds amount to at least 200,000 euro;
- The purchase must be made using funds from a source outside of Cyprus.
The applicant must show proof of an annual income outside Cyprus of at least 30,000 euro.
In the event that permanent residency is requested also for family members, this annual income must be even larger: 5000 euro more for a spouse and each child, and 8000 euro more for each financially dependent parent included in the application.
Your possibilities for buying property
- One piece of residential real estate
- Two pieces of residential real estate (apartments or house)
- Residential property plus a commercial space up to 100 m2
- Residential property plus office space up to 250 m2
- The value of two properties must equal at least 300,000 euro
- Both pieces of real estate must belong to the same developer
- The properties can be located in different parts of Cyprus
Who can get Cyprus permanent residency?
- THE MAIN APPLICANT (who must be over the age of 18)
- THE APPLICANT’S SPOUSE AND UNDERAGE CHILDREN
- CHILDREN AGED 18–25 YEARS (provided that they full-time students and financially dependent on the main applicant)
- FINANCIALLY DEPENDENT PARENTS OF THE APPLICANT OR HIS/HER SPOUSE
Note. When children reach the age of 25, they do not lose their permanent residency status
3 steps to permanent residency in Cyprus with Discus Holdings
CHOOSE A RELIABLE INVESTMENT PROJECT
The experts at Discus Holdings continually keep track of the Cyprus real estate market. We can confidently offer you the best investment options that have passed our independent evaluation.
GATHER ALL THE NECESSARY DOCUMENTS
Discus Holding lawyers will help you prepare all the documents you need and fill in the official forms, so the client’s file will be of the highest quality for submitting for residency. This step is a very important one, because the review of the client’s file, together with verifying its contents, has a direct impact on the expected result.
SUBMITTING THE APPLICATION FOR REVIEW
After the client’s file has been drawn up, our experts will track its submission to the Cyprus state authorities. These authorities will examine the client’s file, verify its contents, and make a decision on whether to offer permanent residency in Cyrus, after which the client will receive a Cyprus permanent resident’s card to confirm this.