Permanent residence permit (Fast track) by investments (Cyprus “Golden Visa”) gives the right to live in Cyprus, since this country is not included in the Schengen zone. And with the residence permit of Portugal, for example, you can stay without a visa in the territory of other European countries included in the Schengen Agreement for 90 days every six months. Therefore, in fact, Cyprus, allowing certain investors to get the right to live, decides only for itself, access to its territory.
The key requirements of the Cyprus permanent residence program (Cyprus “Golden Visa”) are the purchase of primary residential real estate directly from the developer in the amount of €300,000 + VAT (the rules for buying commercial real estate for permanent residence in Cyprus differ).
Please note that in March 2021, the requirement to open a Cypriot bank account and block a deposit of €30,000 for participation in the Cyprus permanent residence program was canceled for three years. However, it is required to show an annual income outside Cyprus of at least €30,000 per main applicant and + €5,000 per spouse (a) and each child, as well as €8,000 per parent of the applicant and spouse (a).
The Permanent Residence Permit applies to:
- The applicant;
- The spouse;
- Unmarried and financially dependent children up to the age of 25 who are studying for a bachelor or master’s degree;
- The applicant’s parents and parents-in-law.
The purchase must be made at the expense of funds received from sources outside Cyprus. The possession of permanent residence does not in itself affect tax obligations in Cyprus. The possession of permanent residence in Cyprus does not give the right to be an employee in a local company, but the investor and/or spouse is allowed to have shares in a Cypriot company and even take the position of director of such a company, but not receive a salary.
The holders of the residence permit (Cyprus “Golden Visa”) are not required to reside in Cyprus; one visit every two years is sufficient. With the permanent residency status the holders can live freely in Cyprus or continue to live in their home countries and use the permit whenever they need to travel to Cyprus.
The application will be processed by the CRMD and shall be forwarded for the examination and final decision by the Minister of Interior, provided that all criteria are met. The procedure described for the examination of the application shall take around 6 months from the date of the submission of a complete application, depending on the workload of the CRMD.
For the issuance of the Residence Permit Card the collection of the applicant’s biometric data (fingerprints and photograph) and signature is mandatory. As such the applicant must be present at this stage at the Cyprus Migration Department for the collection of the biometric data. The biometrics can be given during the applicant’s visit to Cyprus within one year from the date of approval of the application or in advance, during the submission of the Residence Permit application.
Apartment in the centre of Paphos
€365,000 + VAT
Location in the very “heart” of Paphos, a chamber project near the Geroskipou area. There are 6 apartments, two on the floor. Apartments with 3 bedrooms, terraces with panoramic sea views, covered area – 100 m2.
Only 5 minutes by car to the beach, 15 minutes to Paphos International Airport and 10 minutes to the international school. The price includes one parking space (outdoor parking).
Apartments in a finished building near Limassol
€529,000 + VAT
Two blocks of 3-bedroom apartments in the prestigious Panthea district, within walking distance of the famous international school Grammar School. Quiet area with all the necessary infrastructure, panoramic views of Limassol.
Spacious verandas at each apartment, underground parking, an individual storage room and a common “infinity” pool are the hallmarks of this complex.
Example: A three-bedroom apartment on the second floor with 125 m2 of covered space, with a closed veranda measuring 28 m2 and an open veranda of 7 m2.
Apex Capital Partners has its own office in Cyprus and all competencies for the provision of services of a full package of services, both for the acquisition of real estate and for the preparation and application for permanent residence in Cyprus (Cyprus “Golden Visa”).
