Is it worth buying property in Cyprus?
If you are considering buying a property in Cyprus, we advise you to study the..
Cyprus attracts not only with its mild climate and gentle sea, but also with favorable conditions for investors and businessmen. For example, taxes in this country are among the lowest. In addition, a double taxation agreement has been concluded between the republic and Russia. However, the main advantage can be considered the possibility of obtaining Cyprus citizenship in exchange for investment in the country’s economy.
Money can be invested in government bonds, alternative investment funds, opening your own business. A popular way to obtain Cyprus citizenship is to buy or build real estate. In this case, the following investment options are available:
- purchase of one or more residential properties worth at least 2 million euros
- purchase of housing worth more than 500 thousand euros and one or more commercial real estate objects, the total value of which is at least 2 million euros.
An additional 19% VAT is paid if the property is taxed. At the same time, the main investment can be sold in 5 years. Only residential property worth at least 500 thousand euros will have to be retained for life.
Features of the investment program in Cyprus
- The legislation of the Republic of Cyprus allows for dual citizenship.
- Together with the investor, the spouse of Cyprus receives a spouse, financially dependent children under the age of 28 years, parents.
- No need to take an exam on knowledge of the language and history of the country.
- It is not necessary to reside in the country before, during and after the paperwork.
- Only one obligatory visit to the republic is required – to submit biometric data.
- Having obtained the citizenship of Cyprus, you can travel to 171 countries without visas.
- Citizens of the republic can live, work and study in the European Union.
- There are special conditions for studying in the EU countries – preferential cost, access to student funding and scholarships.
How to get Cyprus citizenship in exchange for investment
To participate in the investment program and obtain a passport in Cyprus, you must perform the following steps:
- Choose a property. This can be done remotely or when visiting the country. Having picked up the object, you need to sign the contract of sale and pay its full cost.
- Prepare documentation. When concluding a real estate purchase and sale transaction, you need to submit biometric data. It is also necessary to prepare a standard statement of the investor, a copy of a valid passport, birth and marriage certificate, a certificate of absence of a criminal record and the fact of criminal prosecution, photographs. The documentation is translated into English or Greek and certified by a notary. In addition, stamps of the Ministry of Foreign Affairs and the corresponding embassy are affixed.
- Apply for citizenship.
- Submit documentation to the Ministry of Internal Affairs. In this case, it is necessary to pay the state fee. It is charged for applying for each adult job seeker.
- Obtain citizenship of Cyprus. The applicant is required to sign a certificate within 3 months. Then the passport will be issued to the investor and his spouse.
After this, the investment program in Cyprus allows you to apply for the children and parents of the investor. They also need to visit the country within 3 months in order to obtain passports.
Our company Estate of Cyprus is involved in the preparation and submission of documents for obtaining Cyprus citizenship. We also provide customer pre-screening. Due to this, the probability of failure at the stage of filing and reviewing the document is reduced to zero.
