Buy a Cyprus Property & Get a Permanent Residency
Obtain Your Cyprus Permanent Residence Permit with Fox Realty
Are you interested in securing a Cyprus Permanent Residence Permit? At Fox Realty, we provide expert assistance in navigating the Cyprus Permanent Residency Program to help you fulfill all requirements seamlessly, especially if you are considering property investment in Limassol or Paphos.
The renowned Cyprus Permanent Residency Program (Fast Track) underwent significant positive reforms in March 2021, making it easier than ever to obtain residency. Here’s a summary of the key changes and how we can help you through the process.
Key Changes to the Cyprus Permanent Residency Program
- No Deposit Requirement: The requirement to maintain a €30,000 deposit in a Cypriot financial institution has been removed, simplifying the application process.
- Expanded Investment Options: Applicants can now invest not only in residential properties but also in commercial properties in Cyprus, including offices, shops, and hotels, whether new or resale.
- Diverse Investment Avenues: Beyond real estate, you can invest in the share capital of a Cyprus company or in shares of Cyprus Collective Investment Funds (types AIF, AIFLNP, RAIF).
Comprehensive Support for Your Cyprus Residency Application
At Fox Realty, we collaborate with leading international law firms and reputable Cypriot auditing companies to ensure your investment and acquisition comply with all regulations set by the Republic of Cyprus. Our experienced team is committed to guiding you through every step of the Cyprus residency application process.
Legal Framework for Cyprus Permanent Residence
According to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations, the Minister of Interior, with Council of Ministers notification, issues an Immigration Permit to third-country applicants meeting specific criteria. Here's what you need to know:
Investment Criteria for Cyprus Permanent Residence
To qualify for a Cyprus Permanent Residency Permit, applicants must make a minimum investment of €300,000 in one of the following categories:
- Investment in Residential Property:
- Purchase a new residential property, such as a house or apartment, from a developer for at least €300,000 (plus VAT). This includes options in Limassol and Paphos.
- Investment in Commercial Real Estate:
- Invest in commercial properties like offices, shops, or hotels, with a total value of at least €300,000 (plus VAT if applicable). These properties can be new or resale.
- Investment in Cyprus Company Share Capital:
- Invest €300,000 in a Cyprus company's share capital, ensuring the company is based in Cyprus with a physical presence and employing at least five persons.
- Investment in Cyprus Investment Funds:
- Invest €300,000 in shares of Cyprus Collective Investment Funds (types AIF, AIFLNP, RAIF).
Additional Income Requirements
In addition to the investment, applicants must demonstrate a secure annual income of at least €30,000. For each additional dependent family member, this amount increases by €5,000, and by €8,000 for each dependent parent. Income sources can include salaries, pensions, dividends, and rental income.
Quality Criteria for Applicants
Applicants and their spouses must submit a certificate of no criminal record and ensure they do not pose any threat to public order or security. They must also certify that they do not intend to work in Cyprus, except as directors in companies where they have invested.
Required Legal Documents
When investing in real estate, applicants must submit the title deed or contract of sale, officially deposited with the Department of Lands and Surveys, with a minimum market value of €300,000 (excluding VAT). Payment proof of at least €200,000 must be provided, showing funds were transferred from abroad.
Timeframe for Residency Approval
Once all criteria are met and no criminal record or public security concerns exist, applications are forwarded for consideration by the Minister of Interior. The estimated review period is approximately two months from the submission date.
Benefits of Cyprus Permanent Residency
- No Residency Restrictions: Permanent Residency allows you and your family to live in Cyprus with ease, enjoying the island's beautiful climate and lifestyle.
- Travel Flexibility: Permanent residents can travel throughout the EU with ease, taking advantage of Cyprus's strategic location.
- No Withholding Taxes: Enjoy financial benefits such as no withholding tax on dividends paid to non-residents and access to Cyprus's Double Tax Treaty network.
Contact Fox Realty for Expert Assistance
If you're considering investing in Limassol properties or Paphos properties for residency purposes, Fox Realty is here to help. Our multilingual team of real estate professionals is ready to assist you with every step of the application process, ensuring a smooth and successful transition to life in Cyprus.
Contact us today to learn more about obtaining your Cyprus Permanent Residence Permit and explore the incredible opportunities awaiting you on this beautiful island.