Cyprus permanent residence for a Brazilian to ease moving to Europe

Felipe contacted Immigrant Invest, and the in-house Compliance Department checked whether there were any refusal risks if the investor applied for Cyprus permanent residency.

The investor passed the preliminary Due Diligence check and signed a Service Agreement with Immigrant Invest to proceed with obtaining Cyprus PR.

Immigrant Invest lawyers prepared documents for Felipe’s application for Cyprus permanent residency. All documents were translated into Greek and certified with an apostille.

Felipe’s package of documents included the following:

• an application for permanent residency;

• the investor’s national and international passport;

• a birth certificate;

• a certificate of good conduct;

• a contract for the purchase of an apartment, in which Felipe was indicated as a buyer;

• confirmation of a bank transfer from a Brazilian bank to a Cypriot bank to the developer’s account; 

• a receipt for payment of €200,000;

• Felipe’s bank account statement, which confirms the regular receipt of income in the amount of at least €50,000 per year;

• a certificate of registration of Felipe’s company in Brazil;

• an agreement on the establishment of a company, which states that Felipe is the owner of the business;

• investor’s tax returns.

Felipe also visited the Consulate of Cyprus in São Paulo and issued a power of attorney for Immigrant Invest’s lawyer. A power of attorney was needed if the investor wanted to avoid spending time submitting documents for permanent residency.

While the lawyers prepared documents for the PR application, Felipe chose a property for purchase — an apartment in Limassol. He transferred the first payment for real estate to the developer — €200,000. Besides, he paid:

• €3,500 for legal support of the property deal;

• €607 of stamp duty; 

• €50 to register the sale and purchase agreement with the Land Department of Cyprus.

Immigrant Invest’s lawyer submitted Felipe’s documents to the Cyprus Civil Registry and Migration Department, CRMD. Felipe’s presence was not required as the lawyer acted under the power of attorney.

The application was processed within four months. At the end of July, the Department sent a letter to Immigrant Invest approving the application.

After approval, Felipe paid the remaining amount under the real estate purchase and sale agreement — €150,000. He also paid VAT. 

The basic VAT rate is 19%. But if only one property in Cyprus is purchased and it’s the sole property for the owner to use for permanent residence, the rate is reduced to 5%. Besides, the total property area must be under 190 m², and the price must not exceed €475,000 for the reduced rate to apply.

The 5% rate applies to the first 130 m² worth under €350 000. 

Felipe’s apartment met all the criteria, so he paid €10,000 of VAT.

Once approved, the investor has a year to visit Cyprus and submit biometrics. Biometrics are required to print permanent residence cards. 

Felipe flew to Cyprus and submitted his fingerprints in mid-August. He also paid a €70 fee for issuing a residence permit card.