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Benefits of Cyprus permanent residence

Fast-track obtaining procedure and a life‑long status are not all the benefits of a Cyprus permanent residence permit. The country’s features and prospects make it highly attractive to investors.

Who can apply for permit residency by investment, and what are the disadvantages of a Cyprus residence permit?

Cyprus permanent residency benefits

Why apply for Cyprus permanent residency

The Cyprus permanent residency by investment program is designed especially for Non-EU citizens who can invest a minimum of €300,000 in Cyprus property or business. Investors with Cyprus Permanent Residency are not required to move to Cyprus, but they must visit an island at least once in 2 years.

List of Cyprus permanent residency benefits:

  • visa-free entry to Cyprus, even in case of closed borders;
  • living in Cyprus without time limits;
  • opportunity to get citizenship in 5 years;
  • no tax on global income, inheritance and property. 

Termless status. Once granted, the Cyprus permanent residence permit doesn't need to be replaced. Investors don't need to update their cards every few years compared to temporary residence permits. Once every ten years, the permanent residence card is replaced, for which the holder brings new photos.

Favourable tax system. There is no tax on global income, inheritance, and property. The corporate tax rate is one of the lowest in Europe and is 12.5%. A company also does not pay tax on income from dividends, exchange rate differences, securities transactions, or a foreign branch of a Cypriot company.

Cyprus citizenship prospect.  In five years of Cyprus permanent residency, you can apply for a passport. When investors obtain Cypriot citizenship, they can travel to more than 170 countries, including 27 EU states, without getting visas or other additional documents.

Cyprus is a member of the EU. The Cypriot passport allows living, working and studying in any EU country. In some countries, you will need to get a residence or work permit, but it’s just a formality. For example, staying longer than 3 months in Italy must get registered at the Vital Records office of the municipality of residence.

Advantages of living in Cyprus

Cyprus is situated in the eastern part of the Mediterranean and connects Europe, Asia and Africa. Since ancient times it was a link between Egyptians, Assyrians, Arabs, Greek and Romans. Therefore the region has a rich history and impact of the greatest civilisations.

The Cypriot population is multicultural. Most Cypriot residents speak English, which makes it easier for expats to fit into society and run businesses smoothly and hassle‑free.

Mediterranean climate. Cyprus enjoys a pleasant Mediterranean climate of long dry summers and mild winters. The island has one of the warmest climates in the Mediterranean part of the European Union. Daily temperatures during July and August vary between 24 and 30° C. In January, the daily temperature is 10° C, and 3° C on the higher parts of the Troodos Mountains, while the average minimum is 5° C and 0° C, respectively.

Healthy environment. According to the European Environment Agency, Cyprus's marine and coastal environments are evaluated as Good-High. Also, 74 Cypriot beaches and 2 marinas have been granted a Blue Flag for the excellent quality of bathing waters.

Quality healthcare and education. Cyprus has a modern and effective healthcare system. The average life expectancy in Cyprus is 81 years for men and 85 years for women. 

Cyprus is a hub for quality education. The number of foreigners studying in the country has tripled in the last four years.

Cyprus PR benefits

Limassol Marina extends to 40,000 m². The project comprises 74 villas, 162 apartments and 650 positions for luxury yachts. Marina residents enjoy shopping, visiting restaurants and gyms on the territory

Cyprus permanent residency benefits

Kyrenia Castle was built in the 7th Century by Byzantines to guard the city against the new Arab maritime threat. Due to its unique geographical location, Cyprus has always been a desirable region for conquerors

Cyprus golden visa

There are 160 beaches in Cyprus, approved by the Central Beach Committee. Some of them accommodate people with wheelchair accessibility, and some are dog friendly

Investment in Cyprus property: is it beneficial?

Investors show interest in Cypriot real estate. In the third quarter of 2022, the value of real estate transactions in Cyprus increased by 34% and amounted to €1.65 billion. And this is despite the unfavourable economic conditions. It is noted that interest from Cypriot buyers remains stable while demand from foreign companies is growing.

Comparison of transactions between Cyprus region

Transactions amountTotal value
Limassol 1,781€762 million
Nicosia1,442€363 million
Paphos876€276 million
Larnaca1,147€188 million
Famagusta320€63 million

Real estate purchase is one of the options to obtain Cyprus permanent residency under the investment program.

Immigrant Invest experts offer property options of all types: apartments, villas, hotel shares, townhouses and commercial property. Investors can choose an object to live or rent out. If the property is housing and the investor plans to live there, VAT is reduced from 19% to 5%.

When renting property, investors can get an income of 5% per annum. The average cost of renting a 3‑bedroom apartment in the centre of Limassol is €2,200. Renting a similar object in Nicosia and Ayia Napa costs about €1,000.

What property can you invest in to obtain Cyprus permanent residence?

Cyprus PR benefits

The project is located in a quiet and safe place in the prestigious tourist area of ​​Limassol – Yermasogeia

Cyprus golden visa

Limassol’s best sandy beaches, entertainment venues and restaurants are just in 5‑minute by car

Who can get Cyprus permanent residency by investment

The investment route is the fastest way to obtain permanent residence and allows you to include family members in the application. Spouses, children, parents and in-laws can apply together with the investor.

Who can be included in the application for a Cyprus permanent residency:

  • an investor with a legal income;
  • their spouse;
  • children under 18;
  • children under 25, unmarried and financially dependent;
  • children of any age with physical disabilities;
  • investor’s and their spouse’s parents.

The investor’s children maintain Cyprus permanent residence, even if, after obtaining it, they have reached the age of 25, got married, graduated from a university or ceased to be dependent on the main applicant.

The number of relatives does not affect the amount of the investment. The investor bears additional fees for the registration process and card issuing.

Cyprus residency by investment: program overview

Cyprus golden visa is the other name for the Cyprus resident permit program, which means quickly obtaining residency exchange on investment.

The minimum period for getting a permit is 3 months. The PR status is life-long lasting, allowing one to live in Cyprus and apply for citizenship after five years of residence.

To obtain Cyprus permanent residence, investors can choose from four investment options.

  1. Purchase of residential real estate.
  2. Purchase of commercial property.
  3. Buying shares in a Cypriot company.
  4. Purchase of securities.

The outlay for each option is at least €300,000. 

After receiving a Cyprus golden visa, investors may apply for citizenship in five years. You will need to throw a test on knowledge of the language and culture of the country and pass an interview. Cyprus allows second citizenship, so the applicant will not have to give up his original citizenship.

Relocation from the US to Cyprus to optimise the living cost

Growing crime rates in some US regions led Jonatan and his wife Emma to look for a quieter place to reside. Besides, the euro exchange rate dropped to parity with the US dollar, which impacted the decision to move to Europe.

After relocation to Cyprus, the spouses spend two times less on utilities and car maintenance. A large selection of excellent medical clinics is within walking distance, and medical services are three times cheaper than in the US.

Case story

Disadvantages of Cyprus permanent residence

No right to work in Cyprus. Those who obtain Cyprus residence by investment do not get permission to work in the country. Yet, if they get Cypriot citizenship afterwards, they acquire the right to employment. Moreover, Cyprus citizens can find jobs not only in Cyprus but in other EU countries, too.

Cyprus is not in the Schengen Area, so holders of Cyprus residence permits have to apply for visas to travel to Schengen. Yet, Cyprus has started the process of acquiring membership in Schengen. It may make Schengen states a visa-free destination for investors with Cyprus permanent residency.

There are several investment routes that can open up the possibility of travelling freely to Schengen right now.

Investment programs in countries with access to Schengen Area

Investment programCostsTerm of obtainingInvestment options
Citizenship
Malta citizenship€690,000+1 or 3 yearsInvestors fulfil mandatory investment conditions:
  • contribute to the National Development and Social Fund;
  • donate to a non-governmental organisation;
  • buy or rent residential real estate
  • Permanent residency
    Malta permanent residence€150,000+
    When renting real estate in the south of Malta or on the Gozo island
    4—6 months is the application processing timeInvestors fulfil mandatory investment conditions:
  • buy or rent a residential property;
  • pay administrative and state fee;
  • donate to a Maltese organisation
  • Residence permit
    Malta residence permit€30,000+3—4 monthsRenting real estate

    Purchasing real estate
    Portugal residence permit€250,000+ 2—6 monthsBuying a property

    Purchase of units of investment funds

    Support for culture and art

    Investments in scientific projects

    Capital transfer

    Business investment
    Spain residence permit€500,000+ 2—3 monthsInvestment fund contribution

    Buying a property

    Bank deposit

    Buying government bonds
    Greece residence permit€250,000+ 6 monthsBuying a property

    Hotel rental

    Buying securities or opening a deposit in a bank

    Purchase of land for construction or agriculture

    Timeshare for 10 years

    Receipt of real estate by inheritance or under a donation agreement
    Austria residence permit€100,000+
    The applicant’s expenses
    3+ monthsNo investment is needed. You need to proof of sufficient funds and having housing in the country

    Frequently Asked Questions

    What are the benefits of Сyprus permanent residence by investment?

    You have the right to reside indefinitely in Cyprus, but it is not a requirement. Family members can be included in the application. Investors have access to education and can own a business in Cyprus. In five years, you can apply for citizenship if you fulfil the criteria required based on the days of staying in Cyprus.

    Can I travel to Europe with a Cyprus residence permit?

    To travel to Europe, you must apply for a Schengen visa.

    Cyprus is now in the process of joining the Schengen Area. As an EU nation, it will eventually enter the border-free travel zone. Whilst not yet a member, the visa policy of Cyprus is based on the Schengen acquis.

    How to get permanent residency in Сyprus?

    To obtain Cyprus permanent residence, investors can purchase real estate and buy shares in Cypriot companies or units of Cypriot investment funds. The minimal cost for all options is €300,000.

    How long does it take to get a Cyprus permanent residency?

    It normally takes 3 months. The time frame may differ depending on the investor’s background and investment options.

    What are the benefits of a Cyprus passport?

    The Cypriot passport allows its holder to travel without visas to more than 170 countries, including the Schengen Area states, the UK and Canada, and live, work and study in any EU country freely.

    Does Cyprus permanent residency have an expiration date?
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    Benefits of Cyprus permanent residence