At the end of April 2023, the Cabinet of Ministers of the Republic of Cyprus approved amendments to the rules for issuing immigration permits to investors from third countries. The amount of investment for The Cyprus Permanent Residence Permit (CPRP) has remained unchanged – minimum €300,000 + VAT. However, the authorities decided to tighten the checks in the process and after the granting of Cyprus Permanent Residence Permit. And also increase the annual minimum amount of income for main applicant and dependents.
Here are the main requirements for obtaining The Cyprus Permanent Residence Permit announced:
- The holder of Cyprus Permanent Residence Permit must certify every year that he still owns real estate or shares in companies in which at least €300,000 + VAT have been invested.
- The amount of the minimum annual income should be €50,000 (not €30,000, as it was before). For a spouse – €15,000, for each minor child – €10,000 per year. Previously, for spouses and children it was €5,000 per year. Financially dependent parents and children (under 25) may obtain permit together with investor. Note that children must not be married.
“If the main applicant fails to provide supporting documents, then the immigration permits for him and his family members will be canceled,”– said Mr. Constantinos Ioannou, Head of the Cypriot Ministry of Interior.
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.
Note that there is no list of accredited real estate projects to obtain a Cyprus Permanent Residence Permit. The choice is very wide.
Official statistics say that in 2022, a total of 220 properties in the luxury segment were sold in Cyprus for more than 1.5 million euros.
However, to participate in the Cyprus Fast Track Permanent Residence Permit program, you can select projects whose real estate value will be close to the investment threshold. However, these properties sell out quickly. Especially if they have not yet been completed, but the commissioning of the object is not far off.
Let’s take a look at a few properties from the Apex Capital Partners selection. All of them are eligible for the program “Cyprus Permanent Residence by Investment”.
New premium property in Cyprus, in a prestigious suburb of Paphos
The villas will be of four standard layouts, with all of them having 3 bedrooms, 2 floors. Each villa will have covered parking, a Mediterranean garden near the house, a private swimming pool. Some villas have very high ceilings and additional interior options. For example, a dressing room instead of a built-in wardrobe.
For example, a villa with 3 bedrooms, 2 bathrooms, with a covered area of 137 m2, a covered balcony of 14 m2, an open balcony of 35 m2. Plot of 320 m2 with swimming pool. The cost is €655,000 + VAT + title. Townhouses are all the same layout with two bedrooms, a garden, a covered veranda on each floor and a covered parking.
For example, a townhouse with 2 bedrooms, 2 bathrooms with a covered area of 102 m2, balconies of 10 m2 and 16 m2. The total covered area is 112 m2. The cost is €385,000 + VAT + title.
Apartments, townhouses and premium villas to be built on the territory of a large golf project
Property will be ready for moving in November 2024. The Western area of Limassol is just 10 minutes’ drive from Limassol Marina and the historic city center. And also, from the casino-resort City of Dreams Mediterranean. The first stage of apartments in the project is sold out.
For example, a 2-bedroom apartment. Internal covered area – 88 m2, covered terraces – 24 m2. The total covered area is 136 m2. Garden – 38 m2. The cost is €550,000 (+VAT 19%).
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.
