Cyprus is eager to join Schengen and also sign a Visa Waiver with US. It took a long time to get any results but here’s a sign of progress. Back in late 2023, the Minister of Foreign Affairs of the Republic of Cyprus, Constantinos Kombos, announced two priority areas of work: new steps towards joining the Schengen area and simplified entry into the United States. It is obvious that the solution of at least one of the two issues will greatly affect the demand for the Cyprus Permanent Residence Permit (CPRP) program by investments.
Cyprus’ Path to Visa-Free Travel
Let us note the preliminary results of this work. Firstly, on 25 July 2024, Cyprus was granted the third, final, level of integration into the Schengen area. This means that the police and a number of other departments have gained access to the Schengen Information System (SIS).
Secondly, on 11 July 2024, the Parliament of the Republic of Cyprus ratified the Cyprus-US Travel Information Exchange Agreement. This decision was a precondition for the country’s inclusion in the Visa Waiver Program. Under the agreement, the United States will provide Cyprus with software for collecting and analyzing passenger data free of charge. If all conditions of the agreement are met, Cyprus will be able to join the American Visa Waiver program as early as 2025.
What does this mean for the Cyprus Permanent Residence Permit by Investment program?
According to the terms of the program allows investor to obtain permanent residence status (not a temporary residence permit, but an irrevocable permanent residence permit) for the purchase of real estate worth €300,000 + VAT.
Despite its attractiveness, the program did not have such advantages as a visa-free entry into the Schengen zone. And now that the agreement is becoming a reality from a dream, it is worth expecting that Cyprus may in the near future increase the cost of participation or completely remove the option with real estate, as Portugal did in a similar program.
We invite investors to pay attention now to the possibility of obtaining permanent residence in Cyprus by investments, we provide an example of projects from reliable developers in Cyprus. All of them are eligible for the program “Cyprus Permanent Residence by Investment”.
New boutique project in Limassol
Cyprus Permanent Residence Permit
24 designer apartments with full finishing and electrical appliances (hob, oven, dishwasher, washing machine) with a large shared pool of 65 m2. The location is within walking distance of restaurants, shops and recreation areas, 20 minutes to the sea on foot (5 minutes by car). Nearby there is a green park, schools, universities.
For example, a one-bedroom apartment, covered area 51 m2 + covered terrace 10 m2 for €320,000 + VAT.
Real estate in the golf resort near Limassol: apartments, townhouses, villas
Cyprus Permanent Residence Permit
The residential property is part of the largest and most ambitious residential, golf and spa resort in Cyprus. This is an incredible opportunity to own part of this major development project and enjoy a truly unique community lifestyle. The project is located next to the Limassol Mall, Limassol Central Clinical Center, Fasouri Water Park, private international schools, the world-famous Limassol Marina, one of the most beautiful beaches in Cyprus, Lady’s Mile. And next to the project territory is the City of Dreams Casino Resort, which was officially opened in July 2023.
There are two-bedroom apartments with a total covered area of 135 m2, including a 21 m2 terrace, priced at €620,000 + VAT. There are also townhouses, for example, with two bedrooms, with a total covered area of 141 m2, including covered terraces of 26 m2, on a plot of 402 m2, priced at €910,000 + VAT. And villas, for example, with three bedrooms, with a total covered area of 246 m2, including covered terraces of 49 m2, as well as uncovered terraces of 76 m2, on a plot of 660 m2, priced at €1,560,000 + VAT.
Residential complex in Kato Paphos
Cyprus Permanent Residence Permit
A luxury residential complex in the tourist area of Paphos, 600 meters from the sea. This is an ideal example of mixes-used real estate: there is a private fitness center, a spa area, a coworking space, several swimming pools with elegant sun loungers. The entrance to the building is closed to outsiders, each property has safe entrance doors and video intercoms. Within walking distance there are sandy beaches, a promenade with a string of cafes and restaurants, the largest shopping center in Paphos Kings Avenue Mall, the prestigious school Aspire, the Archaeological Park.
The cost of apartments from €290,000 + VAT. Сcommissioning is scheduled for 2026 year.
The apartment can be rented out through a management company. Market analysis of Kato Paphos allows us to estimate the profitability of two-bedroom apartments in such a project at 6.5% with an income of €35,340 per year.
Apex Capital Partners has been working in Cyprus for a long-time helping investors understand the local real estate market.
We will help you choose an object in a good project from a reliable developer, and apply for investment permanent residence.
The processing time, including the registration of the contract for the purchase of real estate, is now about 8 months. Of course, there are many nuances regarding bank transfers and candidate checks. That is why we recommend getting a free consultation from APEX online or offline to get started.
