Financial Criteria & Conditions

Minimum of €300,000 in property net of Tax

• Can be one or two new properties.
• Must be sold for the first time from the same development company.
• At least 1 must be residential with the other one can be residential, a shop of a surface of up to 100m² or an office of a surface of up to 250m².
• Payment must be a transfer from abroad to a Cypriot financial institution.

Create a long term deposit of €30,000

• Minimum of €30,000.
• Transferred from abroad to a Cypriot financial institution.
• Must be pledged to a Cypriot financial institution for at least a three year period.
• This requirement is increased by €5,000 for every dependent person.

Secure annual income of at least €30,000

• Investor must prove secure income over €30,000 per year from businesses outside of Cyprus.
• Income may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc.
• This requirement is increased by €5,000 for every dependent person.
• This requirement is increased by €8,000 for every for every parent of the applicants.

Benefits of the Program

The Permanent Residency VISA is forever

• There is no need for renewal as long as the applicant still owns the property/ies worth €300,000 in Cyprus.

This VISA allows the holder to travel to Cyprus

• No extra documentation is required.

The whole family can be issued the Permanent Residency VISA

• Married couples, children under the age of 18 and parents of the applicants are also eligible for the PR VISA.
• Unmarried children between the ages of 18 and 25, provided they are students or undergraduates and are financially dependent on the applicant. The VISA permit is still valid even if the holder has exceeded the age of 25 years old

Property can be resold

• The investor can sell the property/ies if he/she wishes to dispose of his VISA

The VISA is issued within 2 months

• Swift and simple procedure

Timing is everything - Taxes and tax benefits for property purchasing

• For a limited time 5% VAT on the first property purchase (first 200m²) - Standard VAT rate is 19%
• For a limited time there are no Transfer fees if VAT applies - Standard Transfer fees are 3%-8%
• For a limited time there are no Capital Gains tax - Standard Capital gains tax is 20%
• Additional taxes and duties apply (approximately €5,000)