Property investors in Cyprus can apply for permanent residency through the Cyprus Permanent Residence Program, sometimes known as the Golden Visa or Investor Visa. Since the termination of the Cyprus citizenship by investment programme in late 2020, the Cyprus residency by investment program is now the best way to enter the country. The Cyprus Permanent Residency By Investment offers an excellent opportunity for non-EU nationals to become residents of Cyprus. You are eligible for Cyprus citizenship after 7 years of residence in Cyprus. To be eligible, you must spend at least €300,000 in a home and put down a minimum of €200,000.
Cyprus residents are entitled to dwell anywhere in the European Union as a member of the European Union under the Freedom of Movement Act. Under the Visa Waiver Agreement agreed with the EU, the Passport is expected to allow visa-free travel to the United States. This is not the case right now, but it is expected to change because the US is obligated by law. Cyprus has a relatively favorable tax system. Non-domiciled residents do not have to pay taxes on their capital income earned in Cyprus or elsewhere. With only 60 days of residence in Cyprus every year, you can gain tax residence.
A property in Cyprus with a market worth of at least €300.000 before VAT must be purchased by the applicant. A minimum down payment of €200.000 before VAT is required on that amount.
Regardless of the real estate’s delivery date. It is important to note that the whole payment of the real estate value must be made in a Cyprus financial institution’s account.
The above-mentioned sums must be demonstrated to have been moved from another country to Cyprus.
It should be noted that a real estate purchase can be accepted even if it is made in the name of a legal entity, as long as the applicant and/or his/her spouse are the sole shareholders or ultimate beneficial owners of the legal entity and it is legally established in a Republic or other member state of the European Union or European Economic Area.
The applicant may purchase up to two housing units (apartments or houses) for the purpose of implementing this policy, which can be independent but must be purchased from the same development company, or one housing unit and a shop of up to 100 sq.m., or a housing unit and an office of up to 250 sq.m., provided that the total market value meets the conditions in paragraph. In the case of a couple, these constraints apply to the relationship as a whole, rather than to each individual involved.
A property (including the combinations indicated above) sold for the first time by a development business must be the subject of the purchase. If you buy two houses, they must both be sold by the same development company. Applications for the re-sale of residences will no longer be accepted for the purposes of this policy as of May 5, 2013. It is important to note that sale contracts for resales of dwellings that were officially filed with the Lands and Surveys Department prior to 07/05/2013 (the date of filing the sale contracts must be confirmed by the Department of Lands and Surveys) will be accepted for the purposes of implementing this policy.
It should be noted that the alienation of the purchased property without an immediate replacement with another property of the same or greater value and in line with the conditions of this procedure, as specified in par.2.3, is not permitted. (i.e., sold for the first time by a development company), will result to the cancellation of the Immigration Permit pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations.
An Immigration Permit may also be issued to the applicant’s children above the age of 18, provided that the market worth of the acquired real estate attributable to each such kid is at least €300.000 (excluding V.A.T.), as described in para. 2.3 hereinabove, (e.g., in the event the applicant has a child that is 30 years old and wishes to obtain an Immigration Permit, the applicant must purchase real estate valued at €600.000, if the applicant has two (2) adult children, financially independent, he/she must purchase real estate valued at €900.000 etc.).
In this case, a payment confirmation for 66 percent of the real estate’s market value must be included with the application, for example €400.000 for real estate of a market value of €600.000. It should be emphasized that real estate purchases must be conducted simply in the name of one or both parents, or solely in the name of the kid, or both parents and the child. Assuming, however, that each child submits the requisite papers with his or her application, such as a secured yearly income of €30.000 and a deposit in a Cyprus financial institution.
Gather all of your documentation and close your real estate deal. You can then travel to Cyprus to apply for your resident permit once you have that. You can also submit an application using a Chipriote representation.
The application for an Immigration Permit can be submitted in Cyprus at the Civil Registry and Migration Department or at your local representation. You will submit your biometrics when you arrive.
The CRMD or the Cyprus consulate might take up to 2 months to process your application. Once you are approved, you will be notified to pick up your resident permit.
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