Cyprus, with its mild climate, high standard of living, and stable economy, remains a popular destination for investors and those seeking the opportunity to obtain a residence permit (residence permit). In 2024, obtaining a residence permit in Cyprus through real estate investment remains one of the most attractive and accessible ways. In this article, we will review the updated rules and requirements for obtaining a residence permit in Cyprus, the application process, and the benefits that this status provides.
Main Requirements
To obtain a residence permit in Cyprus through real estate investment, several key conditions must be met:
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Minimum investment amount: To obtain a residence permit, you must invest at least €300,000 (excluding VAT) in the purchase of new property. The property must be purchased from a developer and should not be a resale.
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Income verification: The investor must prove a stable income from abroad of at least €50,000 per year. For each dependent family member (spouse or child), additional income of €10,000 per year must be demonstrated.
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Additional expenses: Besides the property cost, investors should consider additional expenses such as VAT (19%, but can be reduced to 5%), administrative, and registration fees.
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Health insurance and a clean criminal record: Investors and their family members must have valid health insurance and provide a certificate of no criminal record from their country of residence.
Process of Obtaining a Residence Permit
The process of obtaining a residence permit in Cyprus involves several steps:
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Property selection and purchase: The investor chooses suitable property and signs a contract with the developer. The property must be new and purchased directly from the developer.
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Document preparation: After selecting the property, all necessary documents must be collected, including proof of income, a clean criminal record, health insurance, and other documents proving identity and marital status.
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Application submission: The application for a residence permit is submitted to the Cyprus Department of Citizenship and Migration.
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Application processing: The Migration Department reviews the application over several months. Once approved, the investor and their family receive a residence permit.
Benefits of a Residence Permit in Cyprus
Obtaining a residence permit in Cyprus through real estate investment offers several benefits:
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Freedom of movement: Residence permit holders can freely move around Cyprus and live in any part of it. However, the residence permit does not grant the right to free movement within the Schengen Area.
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Tax benefits: Cyprus offers favorable tax conditions for residents, including no inheritance tax and low income tax rates.
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High standard of living: Cyprus is known for its high standard of living, safety, good environment, and well-developed infrastructure.
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Family residence: The residence permit can also be issued to the spouse and children under 18 years old. Children aged 18 to 25 can obtain a residence permit provided they are unmarried and in education.
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Education and healthcare: Residence permit holders have access to quality educational institutions and medical services.
Obtaining a residence permit in Cyprus through real estate investment in 2024 is a profitable and accessible opportunity for those who want to enjoy a high standard of living on the Mediterranean island. By following the steps and meeting all the requirements, you can successfully obtain a residence permit and open up new opportunities for living and working in Cyprus.
Disclaimer: This article is intended solely for general acquaintance and informational purposes. It is not a substitute for professional advice. You should not rely on the information in this article without obtaining independent advice that takes into account the specific circumstances of your case. The authors and publishers are not responsible for any loss that may result from actions or inactions based on this article.
