Buying real estate in Cyprus gives an opportunity to become a holder of Permanent residence permit of Cyprus (Fast track) by investments, so called “Golden Visa”. The key requirement of the Cyprus permanent residence program is 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). Basically, purchase of selected real estate and residence are processed simultaneously. As soon as at least €200,000 is paid for the property, the ownership contract is registered in the land register, and the apartment or villa is assigned to the buyer, the investor’s documents are submitted for permanent residence.
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).
Permanent residence permit of Cyprus gives the right to live in Cyprus, since this country is not included in the Schengen zone. Therefore, in fact, allowing certain investors to get the right to live, Cyprus decides only for itself, giving access to its territory. The holders of the of Permanent residence permit of Cyprus (Cyprus “Golden Visa”) are not required to reside in Cyprus; but one visit every two years is sufficient.
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Who is applies for the Permanent Residence Permit of Cyprus
- 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.
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.
The application for permanent residence of Cyprus under a special program does not give an automatic temporary residence permit of Cyprus (pink slip/Temporary residence permit). If an investor wants to stay on the island while waiting for permanent residence in Cyprus, he needs to enter there on the basis of an existing Schengen visa or an internal Cypriot visa.
Processing of Permanent residence permit of Cyprus would take about 4-6 months, because immigrational services on Cyprus are overloaded by requests.
How to choose real estate fulfilling all the requirements?
It is almost impossible to find real estate for the program, which will be commissioned in the next three to four months. Better look for projects at the pit stage, that will be commissioned within a year. Because of growing demand boutique real estate projects for five – ten apartments are sold out in 1-2 months after the start of sales. That is why the decision must be made quickly. Apex Capital Partners works in partnership with all main developers on Cyprus and therefor will offer most adequate real estate options.
“Now is a very good time to acquire real estate to obtain the status of permanent residence of Cyprus. This is a good asset, both for living and for renting through management companies. Moreover, many IT companies choose Cyprus for the relocation of employees, therefore there is good potential for concluding long-term lease agreements, “— Nuri Katz, Founder and President of Apex Capital Partners.
A premium apartment on the grounds of an existing golf resort, near Paphos
Permanent residence permit of Cyprus
The project includes several 2-3 story buildings that will be built on a heights next to the resort’s golf academy with views of the Mediterranean, golf courses or large free-form pools. Location on the coast, 20 km from the city of Paphos
Apartments on the first floors have private gardens, and apartments on the upper floors have spacious balconies. The complex is within walking distance of restaurants, spa, golf club and tennis academy.
In November 2022, it was this golf resort that became the base for the start of the local stage of the Tour de France cycling race.
Apartment with 2 bedrooms, 2 bathrooms total area 125 m2 from €489,500 + VAT.
The Cyprus permanent residence program is the purchase of primary residential real estate directly from the developer in the amount of €300,000 + VAT.
Apartments in a mountainous area near Limassol, Cyprus
Permanent residence permit of Cyprus
The new project in the Agios Tychonas area (east of Limassol) will produce more energy than it uses thanks to solar panels. So, the developer expects tenants to have zero energy bills. There are only two buildings in the project: first has 6 apartments by plan, the second has 9.
A location in one of the most privileged places in the city, combined with access to the entire infrastructure, when the sea is only 1600 m. High three-meter ceilings, spacious balconies, each apartment has its own covered parking. Completion of the construction is scheduled for the end of 2023.
The second-floor apartment has two bedrooms and a total area of 102.5 sqm. Cost — €302,000 + VAT.
The Cyprus permanent residence program is the purchase of primary residential real estate directly from the developer in the amount of €300,000 + VAT.
Villa with swimming pool in golf resort, Cyprus
Permanent residence permit of Cyprus
Private villas with their own pools in one of the most famous golf resorts in Cyprus. The resort complex is located in a strategically ideal location between the cities of Limassol and Paphos with convenient access to the motorway and only a 10-minute drive from Paphos International Airport and 3 minutes from the sea.
A 4-bedroom villa with a covered area of 189.72 sqm (including 35.93 sqm outdoor verandas) on a 540.44 sqm plot. Cost – €680,000 + VAT.
The Cyprus permanent residence program is the purchase of primary residential real estate directly from the developer in the amount of €300,000 + VAT.
Cyprus was unable to revoke passports from investors
In Larnaca, early November 2022, the first court hearing was held on the legality of granting investment citizenship to three Iranian citizens. As a result, all the defendants were found not guilty. This once again confirms that in fact there is no procedure for revoking citizenship as such. Once a decision has been made to naturalize a candidate, to issue citizenship, in practice irreversible.
We remind you that now in Cyprus you can get only permanent residence for investments, the passport program was closed in 2019.
