1. Preliminary Due Diligence occurs before starting work on the appliance. Anti-Money Laundering experts estimate an investor’s chances for successful participation in Cyprus golden visa program.
2. Buying residential property to fulfil investment options. Emma and Jonatan were planning to reside in Cyprus. So they decided to buy real estate to live in. Immigrant Invest has a database with reliable objects.
Jonatan and Emma came to Limassol to select an apartment by themselves. They liked the one in the new building. If the property is housing and the investor plans to live and not rent it out, VAT is reduced from 19% to 5%.
Examples of properties in Cyprus
Jonatan opened an account in a Cypriot bank to pay under a sale contract. The bank conducted the Due Diligence, which our client passed successfully. In general, expenses for Due Diligence cost no more than 1% of the object value.
At the same time, Jonatan deposited €35,000 in a Cypriot bank account to confirm an annual income outside the country. After bank approval and fulfilling payment, property transactions were completed. Jonatan spent 1% of the transaction amount on the cost of legal services.
3. Collection of documents for personal identification and papers confirming the sources of the invested funds. Immigrant Invest lawyers helped the couple translate and apostille documents and got medical insurance.
4. Submitting the required documents to the Civil Registry and Migration Department (CRMD). Immigrant Invest lawyers in Cyprus submitted all the documents. The government considered the application for 2—4 months.
5. Receiving a residence card. In two months, the government department issued a letter of approval for the application. Emma and Jonatan visited Cyprus to submit biometrics. The Cyprus permanent residence cards were issued within 40 days after that.
Jonatan spent 5 months and $506,140 to obtain Cyprus PR
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January 13th, 2022Signing a contract with Immigrant Invest
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+ 1 dayPreliminary Due Diligence check
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+2 weeksBuying investment property
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+ 2 weeksPreparing and sending documents
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+2 monthsApplication approval
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+ 40 daysIssuing permanent residence cards
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June 6th, 2022Getting permanent residence cards
182 m²
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