The Investment program of Cyprus is no longer valid for those who seek citizenship but you may still get the permanent residency of Cyprus by investing in real estate. Let’s look at two projects you may enter now before construction is over for a good price. And mind that the deadline for processing applications for those wishing to apply for a residency permit in Cyprus is about 2 months (the deadline may be longer due to the pandemic).
What are the requirements and benefits of the Permanent Residency of Cyprus?
The Cyprus Fast Track Permanent Residence Permit applies to the applicant’s spouse and his unmarried children under 25. As well as a permanent residence permit for Cyprus can be issued for parents of spouses.
The applicant wishing to obtain a permanent residency of Cyprus and dependent members of his family indicated in the application must, when submitting documents to the program, officially declare self-employment in Cyprus. That is, you can work after receiving a permanent income from Cyprus only in your own company established in Cyprus, or receive income exclusively from foreign assets. The holder of a permanent residency permit of Cyprus can open his company in Cyprus and pay tax on corporate income at a rate of 12.5%.
With a permanent residency of Cyprus, you may live in Cyprus, but you cannot travel around the EU. Since Cyprus is not part of the Schengen zone, although it is part of the EU.
Within 5 years of receiving the permanent residency of Cyprus, the applicant will be able to enjoy all the rights of EU citizens. That is, it will have access to education, jobs and wider business management opportunities. This status is called Long-term residency.
The main requirement
Return investment from €300 000 (plus VAT) for the purchase of real estate. The requirement to make a deposit in the Cyprus bank was canceled on March 24, 2021 for three years.
Sunset Gardens in Limassol
Sunset Gardens is a first of its kind gated community in Limassol. Very smart location in the heart of Limassol for those who prefer secluded projects with their own infrastructure. For this area, this is the first closed eco-friendly residential complex. In total, according to the plan, it includes 315 apartments: for one, two, three bedrooms. Sunset Gardens Apartments are located next to the City of Dreams Casino Resort (not just a casino), which is the largest investment facility in Cyprus. Also, with My Mall shopping Centre, new golf course, famous Lady’s Mile beach and water park.
Therefore, you can predict an increase in interest in this environmentally friendly residential complex and the subsequent increase in prices for apartments here. Since October 2020, 100 apartments have been sold in the project (Eastern phase).
The residential complex consists of 20 residential blocks of 8-15 apartments in each and will be built in 2 phases with a difference of 6 months. Phase A will be commissioned in the summer of 2022, simultaneously with the opening of the City of Dreams Casino Resort (as it is planned by far), and Phase B in late 2022 — early 2023.
Two-bedroom, two-bathroom apartment, 92 sq meters indoor, 16 sq meters veranda costs €349,000 + VAT.
Location of Sunset Gardens — view on the map
Limassol Greens – Robin Apartments
The apartments will be built on the grounds of a large golf project, Limassol Greens. This is a promising and sought-after developing western region of Limassol. Located just 10 minutes from Limassol Marina and the historical center of Limassol. And also, from the casino resort City of Dreams Mediterranean. At the moment, Limassol Greens is the largest project in Cyprus. Among other things, it includes an 18-hole championship-class golf course with a track length of 6,404 meters by Cabell Robinson. Tennis courts, basketball court and bicycle paths, state-of-the-art club house, panoramic restaurant and rooftop bar.
The Robin Apartments complex consists of two four-story sections with 2 elevators. Views from the windows will open to golf courses and gardens. Spacious terraces emphasize the grace of the facades, expanding the living space. The Robin Apartments infrastructure includes a common 30-meter swimming pool, recreation area and picnic area. And apartments located on the ground floor have their own garden.
Only a few unreserved apartments for purchase left. For example, two-bedroom apartment in the A building, 89 sq meters indoor + 21 sq meter terraces costs €475,000 +VAT.