Cyprus has continued to be a strong EU-based Residence-by-Investment option. Lead by the formerly available Citizenship-by-Investment option the Permanent Residence Program has seen many who are looking to take up residence on the island engage in the Program. With a required real estate purchase of EUR 300,000 which must be a first-time sale/build. The minimum threshold of EUR 300,00 can also be spread over two separate pieces of real estate developed by the same developer. Chestertons Global ensures available developments are accurately assessed granting our investors maximum value.
- Permanent Residence can be granted within 2 months
- No physical residence is required prior to having PR granted
- Possible Citizenship eligibility after 5-years of continued Residence
- No Donation requirement, purely asset-based real estate investment required
- Highly favorable tax structuring available
Process & Timelines
The relevant Government fees are payable prior to submission, a minimum of EUR 200,000 is also payable to the developer towards the EUR 300,000 purchase, proof of the transfer will need to be included. Once approval is granted the remaining funds will then need to be purchased. Permanent Residence will then be granted, and applicants will be required to visit Cyprus within a year to complete the required biometrics. Applicant must retain the real estate to retain PR and should not spend more than 2 years out of Cyprus without any form of entry. There is also a mandatory bank deposit of EUR 30,000 into the main applicants Cyprus based bank account, these funds must be maintained for a minimum period of 3-years.
- Application Fee: EUR 500 per applicant
- Health Insurance: EUR 185 per applicant
- Biometric appointment: EUR 50 per applicant