Residence permit

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Obtaining a residence permit through real estate investment in Cyprus offers a number of advantages. One of the advantages of living and working in Cyprus is the lowest corporate tax rate in the EU, which is only 12.5%. In addition, there is no inheritance tax, and the country has agreements with 57 countries to avoid double taxation.

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The accelerated process of obtaining a residence permit is relatively simple and usually takes about 2 months from the date of submission of documents, but at present, due to the large influx of applicants, the deadlines have been extended. With the help of our qualified specialists, we will advise you on all the necessary requirements and documents regarding the accelerated acquisition of a residence permit by investing in residential real estate, as well as help you fill out all the necessary paperwork and advise on any questions you may have.

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Any buyer of property in Cyprus is eligible to apply for a residence permit under the accelerated procedure, subject to the following basic conditions:

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• Payment of at least EUR 300,000 plus VAT on the total value of the property

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• Such property must be new and purchased from a developer. Applicant may purchase up to two housing units (not necessarily from the same developer)

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• Applicant must submit a Certificate of Ownership or Real Estate Sale and Purchase Agreement

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• Buyer's annual income of €50,000 plus €15,000 for a spouse and €10,000 for minor children (This income may come from salaries, pensions, share dividends, interest on bank deposits, foreign rental income, which must be confirmed tax return from the country in which the applicant is a tax resident, or an official certificate of an independent certified public accountant (Applicant's spouse's income may also be taken into account when calculating total income)

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• The source of funds for the purchase of property must be outside of Cyprus

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• Certificate of no criminal record and criminal prosecution, confirmed by the competent authorities of the country of origin, as well as the country of residence, if different.

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• The applicant and his/her spouse must confirm that they do not intend to work in Cyprus, but they may be shareholders of companies registered in Cyprus. They can also hold the position of director without salary in such companies.

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• Certificate from a Cypriot bank confirming the availability of 50,000 euros

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• Declaration that the buyer and his family members are not going to work in Cyprus

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• To obtain a residence permit for children over 25 years of age and their families, the value of the property must exceed 600,000 euros plus VAT.

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Applicants receive a residence permit automatically, as do adult children under 25 who are students.

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A residence permit is a whole group of advantages that become available when investing in property in Cyprus. Qualified specialists of Crona Group will help you deal with all the necessary conditions and documents.

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