- Permanent residency based on real estate acquisition
- 2 month long application process
- 0% tax on income made outside of Cyprus
Potential applicants who wish to receive a permanent Cyprus residency must know that the resident status does not only allow its holders to permanently reside in Cyprus, but also permits them visa-free travel to all European Union countries.
Migration Group is a licensed immigration agent, and we have a lot of experience helping our clients get permanent Cyprus residencies.
We work with experienced lawyers and agents, and we are in contact with the best real estate brokers and bankers in Cyprus.
Stages for receiving a permanent Cyprus residency
of the contract
the real estate
of the contract
Connect with us
General conditions for receiving a permanent Cyprus residency
Permanent Cyprus residencies can be given to entire families. After recent program changes, children who turn 25 no longer lose their right to holding a permanent residency status.
However, the status does not give its holders the right to work or vote in Cyprus.
Application length – 2-3 months. Price — €5,000.
The following family members can receive a permanent Cyprus residency along with the main applicant:
- Children under 25, who are not married, and are completely financially dependent on the main applicant
- Spouse’s parents
Migration Group’s specialists will make a specific calculation for your family within 30 minutes, and they will send the program conditions to your email address
Taxes on the purchase of real estate
VAT is 19% when you buying a new property.
It should be noted that this rate may vary, since there are a number of exceptions for which the 19% VAT can be significantly reduced.
5% discount rate is charged in the following cases:
— an individual over 18 years old buyer;
— the property must be the residence of the owner during his stay in Cyprus;
— the owner should not have other real estate acquired earlier with a preferential VAT rate;
— preferential VAT rate applies to the first 200 m2 of residential property acquired in Cyprus.
Resale property is taxed when you buy Transfer Fees:
— cost up to 85 000 € — 1,5%;
— the cost of 85 000 — 170 000 € — 2.5%;
— the cost of more than 170 000 € — 4%.
Documents for real estate:
- A copy of the purchase and sale agreement.
- A document or a registration contract that proves the conclusion of the purchase and sale agreement.
- Payment bills that confirm the payment of the fee previously agreed upon in the agreement;
- A Swift-type bank confirmation.
- An evaluation certificate given by a licensed real estate analyst, requested by the Ministry of Finance.
Why you should turn to Migration Group to get your permanent Cyprus residency?
Cyprus’ permanent residency by investment program is government mandated.
Prior to beginning the application process, we thoroughly check all of the applicant’s documents, in order to prevent a rejection.
We only work with reliable real estate agents and analysts, as well as the most professional lawyers. We guarantee the best results from our work.