New Rules for Permanent Residency in Cyprus via Investment in 2021
Cyprus is a living museum of world history. It lies at the maritime crossroads of the eastern Mediterranean basin, a region with a rich and varied history. Over the centuries, countless invaders, settlers, and immigrants have sought to seize Cyprus for themselves, including Greeks, Romans, Byzantines, Lusignans, Genoese, Venetians, Ottomans, British, and British Turks. There is something for everyone in Cyprus, from the quiet backwaters of the western peninsula to the lively resorts in the east. The countryside in Cyprus is home to both natural and artificial wonders and rich cultural heritage. Cyprus’s traditional villages and architecture contribute to its unique natural beauty, which lends the country a distinctive identity and ensures a warm and hospitable welcome for the visitors and settlers. If you like beach life, there are plenty of options for you as well. This kind of ambiance brings humans and nature together in harmony, something people can immediately sense as soon as they arrive in Cyprus.
During the skiing season, it is a popular resort for skiers. Locals and tourists head to the mountains in summer to escape from the scorching heat at sea level. The scents and aromas of the forest, waterfalls and surrounding views will enchant you as you stroll through one of the many nature trails. The Greek Cypriot people are characterized by hospitality, friendly faces, genuine smiles, loyal to family traditions, culture, and good food. They also love a good party. All these features make Cyprus an ideal place to settle down. If you have permanent residence status in Cyprus, you can live and travel to any country within the European Union without a visa. Permanent residents of the island are not required to reside there permanently but should visit the country every two years.
Investors can now obtain permanent residency in Cyprus under new rules. It is now possible to invest in many ways, including houses, businesses, and investment funds. Here’s how you can become a Cyprus resident in 2021.
- An investment of 300,000 euros in residential real estate (excluding VAT)
Purchases may include:
- A house or apartment;
- Two apartments or two houses/an apartment and a house;
- An apartment or house, and an office or warehouse (with a maximum of 100 square meters);
- One apartment or home and one office space (with a maximum of 250 square meters).
- A developer must provide you with a new property, and if an investor wishes to buy two properties, they can buy it from different developers.
- It is not possible to purchase a secondary property before completing the permanent residence program
- If the applicant and the applicant’s spouse are the only shareholders with full ownership rights, they can purchase the real estate through a company.
- For permanent residency in Cyprus, the applicant must pay 200,000 euros (without VAT) at the time of application.
- It is possible to rent out the property.
- Commercial investment activities of a total value of at least 300,000 euros (excluding VAT)
- You can combine more than one object
- Both primary and secondary markets offer commercial real estate for sale.
- An investment of 300,000 euros in Cypriot businesses
- In addition to being registered and operating in Cyprus, the company must have a physical office in Cyprus.
- The company requires a minimum of five employees
- In Cyprus, shareholders and their spouses can own companies and receive dividends. In such companies, they may also serve as directors (without salary).
- A 300,000 euro investment in Cyprus investment funds
- Types of funds allowed for investment are AIF, AIFLNP, RAIF
- A residence address in Cyprus is a requirement for obtaining a permanent residence permit. If a commercial property investor purchases shares or units in the form of funds, the investor must still own or lease a residence on the island, regardless of investment funds. A permanent residence permit application must accompany a confirmation document such as a contract of sale, lease agreement, or transfer documents.
- Participation terms for the investor’s family
The new rules dictate the conditions under which an investor’s family members may apply for a visa. These conditions deal with a family’s age, income, employment prospects, and residency on the island. If a person wishes to obtain a Permanent Residence Permit along with the investor, then they should fall under the following categories:
- Children under 18 years, adult children under 25 years of age, if unmarried, are students and financially dependant on the investor.
- Also, the investor’s parents & spouse qualify for the permanent residence permit.
- Adding a financially independent adult child to the application requires an additional €300,000. Each adult child must independently confirm their income in Cyprus.
- Investors must have an annual income of at least €30,000; if several family members of a given family receive permanent residency permits, the amount increases.
- Cypriot citizens are allowed to live, do business, and study in Cyprus as they have all rights that the residents enjoy.
So permanent residence by investment is the best option if you want to move to Cyprus and live in a country with a mild climate and good environment. After living in Cyprus for five years, residents can also apply for citizenship in Cyprus. With a Cypriot passport, you can travel freely to 173 countries worldwide. As of April 1, 2021, the Cyprus border was re-opened to foreigners. Upon the return of tourism, the country’s economy will begin to recover from the pandemic slowly. According to experts, there will be an increase in real estate prices, and it is best to wait until the second half of 2021 to buy commercial or residential properties. More properties are now available for sale at attractive rates for investors. Additionally, the permanent residency will add value to the purchase. After obtaining permanent residence, an investor may rent out the property and earn profits through their investments.
To know more about Cyprus citizenship by investment programs, visit the Passport Legacy website. They provide a range of professional services to clients, including acquiring alternative residences or citizenship and real estate. As a boutique firm, Passport Legacy offers tailored solutions to meet the specific needs of their clients, with attractive professional fee structures – ensuring clients receive a superior experience at an economical rate. The company offers the highest level of customer service, providing a smooth and efficient process to obtaining citizenship or alternative residency