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May 18, 2021

Obtain Cyprus Residency by Buying Property

For those who are looking for more than 320 sunny days a year, beautiful beaches, and a mild climate, Cyprus is an ideal destination. As property investment is the most popular program investment option, Mann’s Solutions team decided to explain how applicants can obtain Cyprus Residency through investment in real estate.

Cyprus Residency program is one of the fastest and easiest in Europe. What is required by the applicant is an investment of just €300,000 into the property. The residency visa will be granted in 2 months and will be valid for life. Moreover, residency can be passed down to dependents and spouses.

Cyprus Residency by Investment Program grants the applicant a 5-year residency permit and let’s apply for permanent residence and citizenship after this period. The Program does not require to reside in Cyprus, however, the permit holders must visit the island at least once in 2 years to keep the permit. In addition, Cyprus Residency Program lets investors obtain regular rental income from letting property.

Why Cyprus?

Cyprus offers a favorable tax regime for residing individuals and local companies. In addition, over 80% of the country speaks English, which makes communication much easier and there are excellent education facilities for children. Besides, Cyprus’s crime rate is the lowest in Europe. Located at the crossroads of three continents, Europe, Asia, and Africa, Cyprus is set to join the EU Schengen zone soon. Also, for those who choose to obtain Cyprus Residency by Property investment, there is a low property tax and reduced VAT on the property of just 5%.

Cyprus Residency Program Overview

Cyprus Residency program is an ideal route for obtaining a PRP (Cypriot Permanent Residence Permit) in just 2 months. The investment is safe and and profitable, the property can be rented and investor can gain regular rental income. The Residency program does not require physical presence and lets the whole family apply for Cyprus Citizenship in 5 years. Cyprus offers more than 320 days a year of sunshine, beautiful scenery and beaches and mild climate.

Entrepreneurship also thrives in the country as government officials are working tirelessly to curtail government bureaucracy. Procedures for business owners have been streamlined and made easy to remove delays and excess costs. Beside, Cyprus offers favourable tax regime, as there are no tax on worldwide dividends, interest, inheritance or income tax.

Investment Options

1.     Property investment from €300,000

– Brand new residential property purchase from property development company (property can be rented)

– It is also possible to invest in commercial properties, including offices, shops, and hotels (which can be new or resale).

2.     Invest in the share capital of a Cyprus company

– This will require having a physical presence and activities in Cyprus

– At least 5 people should be employed

3.     Investment in compartments of Cypriots UCITS

– UCITS is a mutual fund based in the European Union

– The investment can be made in AIF, AIFLNP, RAIF

More requirements:

– Clean criminal record

– Secure annual income evidence (including salaries from employment, pensions, dividends, fixed deposits, rentals) of at least EUR 30,000, increased by EUR 5,000 for every dependent person (spouse and children) and by EUR 8.000 for every dependent parent or parent-in-law

LONDON BASED SOLUTIONS ADVISERS – Cyprus Residency by Investment

Full Support with our Immigration Advisers & Property Consultants:

– Property search based on your requirements (from residential properties to high-value luxury developments)

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com or call +44 207 993 63 46.