The Cyprus Permanent Residence Permit (CPRP) is a popular program for investors who want to reside in the Mediterranean. Moreover, it is also known as a Cyprus immigration permit or unlimited residency. The legal basis of the permanent residence scheme is Regulation 5 and 6(2) of the Aliens and Immigration Regulations. Note that this program doesn’t guarantee citizenship unlike Cyprus Citizenship by Investment program (closed in 2020).
Cyprus is a member of the European Union since 2004, and a Eurozone member since 2008. Nevertheless, Cyprus is not in the Schengen agreement. Accordingly, Cyprus Permanent Residence Permit holders may live on Cyprus. But they don’t have a right to travel visa-free to European countries. Balanced against the fact that investor may reside on Cyprus with three generations of family members.
So, this residency can cover the whole family and does not expire.
The applicant and dependents indicated in the application must officially declare self-employment in Cyprus. After obtaining Cyprus permanent residence permit, investor can only work for his own company established in Cyprus. Or receive income exclusively from foreign assets. The holder of Cyprus Residence Permit can open local company and pay corporate income tax at a rate of 12.5%.
To obtain a Cyprus Permanent Residence Permit with the Fast Track option, the applicant must invest at least €300,000 in real estate. According to requirements, investor makes choice from primary properties on the market. Legally it could be commercial real estate but market is very limited for such offers. So, 99% of applicants buy primary residential properties.
Cyprus Permanent Residence. Apex Capital Partners services
For many years, Apex Capital Partners has been building network of partnerships with the best developers in Greece and Cyprus. Practically, that will allow the investor to choose from the most interesting offers, only premium properties.
BENEFITS OF CYPRUS PERMANENT RESIDENCE PERMIT
– The status is renewed automatically.
– Financially dependent parents and children (under 25) may obtain permit together with investor. Note that children must not be married.
– Possession of a permit does not affect tax obligations in Cyprus.
– Investor may apply for permit remotely.
– Processing takes about 6 months only.
REQUIREMENTS FOR CYPRUS PERMANENT RESIDENCE PERMIT. FAST TRACK
The investor must have an annual income* outside Cyprus of at least €50,000 for the main applicant + €15,000 for the spouse and + €10,000 for each child.
*New requirements since 21st of April 2023.
– Funds for the purchase of property must be transferred to Cyprus from abroad.
– Prove legitimacy of the source of income.
– Show certificates of no criminal record.
– Visit Cyprus at least once every two years.
– Own real estate as long as permit is valid.
The requirement to make a deposit in a Cypriot bank has been canceled for three years – until March 21, 2024.
INVESTMENT OPTION
Real estate investment residential or commercial:
€300,000 + VAT
The rate of VAT may differ from one location to another. But usually, it is 19% if investor plans to have an income from rent and 5% if property is for personal use only.
Please note that mandatory government fees will be added to the declared investment amounts. As well as legal support services. APEX will provide a full cost calculation.
HOW TO OBTAIN CYPRUS PERMANENT RESIDENCE PERMIT BY INVESTMENT WITH APEX. STEP-BY-STEP
- Book a free consultation from APEX experts. You may request total calculation of costs for obtaining Cyprus Permanent Residence Permit by providing a list of family members you want to include on your application. info@apexcap.org, atannous@apexcap.org
- Pass a special pre-check procedure from APEX. Such a step will allow you to get to know at the initial stage what are the chances of successfully obtaining a Permit.
- Sign an agreement with Apex Capital Partners.
- Choosing real estate in Cyprus with APEX. Investor may take time to visit Cyprus to view properties and sign a contract or do everything remotely. When buying a property, it is enough for an investor to have a tourist visa.
- Sign an agreement (contract) with developer.
- Passing bank compliance check.
- APEX prepares documents and provides full support to the investor. And then application will be submitted to the Civil Registry and Migration Department in Cyprus. It is possible to file a title deed or a contract of sale. For that reason, the contract must have been submitted to the Cyprus Department of Land and Surveys.
- Main applicant and dependents must pay visit to the migration office in Cyprus in order to capture the biometric data. And also obtain Cyprus Permanent Residence Permit.
CARIBBEAN CITIZENSHIP BY INVESTMENT
Caribbean citizenship by investment is allowed in Antigua & Barbuda, Anguilla, Dominica, Grenada, Saint Lucia, and St. Kitts & Nevis. Acquiring a second passport in Caribbean countries has many benefits.
CITIZENSHIP BY INVESTMENT IN REAL ESTATE PROJECTS
Apex Capital Partners has experience in the real estate market. This allows you to find reliable developers around the world whose projects allow you to obtain citizenship for real estate.
ABOUT APEX CAPITAL PARTNERS
Apex Capital Partners Corp. is a full-service government mandated advisory firm specializing in second citizenship and investor immigration programs for a multinational clientele.
APEX provides services with end-to-end execution for many HNWI, representing them to Citizenship by investment programs in countries around the world.
- More than 30 YEARS of investment consulting
- More than 3 BILLION USD in investments
- More than 3000 CLIENTS served internationally
NEWS
Greece Golden Visa 2024: changes for real estate option
From September 1st, 2024, the Greek Golden Visa program (aka Greece Golden Visa) accepts applications from investors under new conditions. In fact, the changes affect only the option to purchase real estate. Here are some examples of such real estate projects under program requirements.
Portugal Golden Visa for investing in a fund as a path to EU citizenship
To obtain a Portugal Golden Visa, investors need to fulfill one simple condition. Namely, invest in an authorized fund that will pay dividends and return the invested amount after an agreed period (from 5 years). APEX recommends its clients an authorized closed-end fund dedicated to hotel assets and residences with a strategy focused on operating assets seeking expansion and modernization. In this article we will consider in detail the terms and conditions for obtaining Portugal Golden Visa.
Lubov Ivanova,
Business development director, CIS
«APEX has been present in Cyprus since 2008. We are constantly working with real estate transactions. We know the market, developers and current offers well. APEX helps clients to quickly weigh the pros and cons when deciding whether to participate in a particular project. The investor will receive a wide range of properties throughout Cyprus. And also a guarantee of the quality of the purchased property»..
