Obtaining a residence permit through investment in real estate in Cyprus offers a range of benefits.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 nations to avoid double taxation.
The process of obtaining a residence permit is relatively straight forward and typically takes about 2 months from the date of document submission. With the help of our qualified specialists, we can guide you through all the necessary requirements and documents, as well as help you complete all the necessary paper work and provide advice on any questions you may have.
Any real estate buyer in Cyprus has the right to apply for a residence permit, subject to the following main conditions:
- Payment of at least €300,000 plus VAT of the total property cost
- Annual income of the buyer of €50,000 plus €15,000 for the spouse and €10,000 for the minor children
- The source of funds for the purchase of real estate should be from outside Cyprus
- A certificate of clean criminal record
- A certificate from a Cypriot bank confirming the availability of €50,000
- An application stating that the buyer and their family do not intend to work in Cyprus
- To obtain a residence permit for children over 25 years and their families, the value of the property must exceed €600,000 plus VAT.
Applicants receive a residence permit automatically, as do adult children under 25 who are students.
A residence permit is a whole group of benefits that become available with investment in real estate in Cyprus. Qualified specialists of Crona Property will help youto deal with all the necessary conditions and documents.