Cyprus Residency by Investing Delta Luxury Projects
On March 24, 2021, the government of Cyprus announced that the new rules for participation in the Cyprus Permanent Residence by Investment Program came into force. According to the updated terms of the program, published on the website of the Ministry of the Interior of the Republic of Cyprus, the requirement to open a savings bank account of €30,000 with a local bank for 3 years is excluded. Also, the Cypriot authorities have introduced other investment channels that can be used instead of buying real estate.
Permanent residence status in Cyprus allows you to visit various countries of the European Union without applying for visas and you can freely live there. Status holders are not required to reside permanently in the country but must visit the island every 2 years.
Property Investment Options for Obtaining Permanent Residence in Cyprus
In order to obtain permanent residence in Cyprus by investing in real estate, investors need to make at least €300,000 in one of the following options:
1- A home or an apartment
- The applicant can purchase up to two residential units. The purchase of a secondary property is not allowed before participating in the accelerated permanent residence program,
- The property needs to be newly built and sold by a developer. It is possible to buy real estate through a company, provided that the company is registered in the name of the applicant and/or the applicant and the spouse, and that they are the only shareholders with full ownership rights,
- Proof of ownership or the contract of purchase has to be provided,
- Proof that the amount of investment comes from abroad,
- At the time of applying for permanent residence in Cyprus, an amount of 200,000 euros must be paid (excluding VAT),
- The property can be rented out.
2- Investing in other real estates
- Offices, shops, and hotels. These properties can be newly built or resold.
One of the great projects for investing in real estate in Cyprus is Luxury Delta Projects. The units of this beautiful project located in a green and quiet area start from 75 square meters.
From 270,000 Euros
Advantages of the Cyprus Permanent Residence Program by Investment
- With permanent residence in Cyprus, you get the freedom to travel within the EU,
- Unlike other investment programs in the EU countries, Cyprus immediately issues an unlimited, (not a temporary) residence permit,
- The processing time is only 2-3 months,
- It is possible to apply for a resident card in Cyprus by a lawyer, without the presence of the applicant.
- There is no need to permanently reside in Cyprus – it is enough to visit Cyprus once a year from the date of approval of the application, and then once every 2 years,
- The investor can bring the whole family. A residence permit is granted to spouse, children, and parents without age restrictions,
- No language proficiency is required,
- When living in Cyprus, it is possible to obtain citizenship after 7 years.
For more detailed information on the requirements for obtaining Cyprus Residency by Investment, please contact one of our advisers in the UAE, Denmark, or Canada, we will accompany you and your family until you obtain Cyprus Residency.
If you have any questions or comments about Cyprus Residency by Investment, you can share them with us in the comments section.