Property Ownership

Permanent residence permite due to property ownership

The Republic of Cyprus is a popular destination for both tourists and immigration opportunities, this is why many investors and families look at relocating here permanently.

The benefits of living in Cyprus:

• Safe living environment - One of the European Union's (EU) lowest crime rates;
• Over 300 days of warm sunshine;
• Cheaper standard of living;
• Beautiful beaches and countryside;
• Wonderful places to visit;
• Historical sites;
• Vibrant nightlife;
• Large expatriate community;
• Member of the EU - including all the benefits that being a member brings;
• Favorable location situated between;
• Asia;
• Middle East;
• Africa.
• Warm hospitality with healthy lifestyle;
• Excellent Education and healthcare facilities.

The Cyprus Residency by Investment program allows foreign investors and their family members to obtain a Cypriot Permanent Residence Permit (PRP) in just 2 months by investing €300,000 + VAT @ 5%  in real estate with proof of an annual income of at least €30,000 from wages, pensions, dividend income from share, rental income etc.

Purchasing a property whether it is a house or apartment must be financed by funds from abroad with confirmation of legitimacy of the source of income.

Investments can be in the form of:

• Investment in residential property;
• Two investment properties may be purchased.
• Commercial investment;
• Shops;
• Offices;
• Hotels;
• Real Estate developments (excluding houses and apartments);
• Or a combination of the above.
• Shares within a Cypriot Company or investment fund;
• Must be based in Cyprus;
• Company to have a minimum of 5 employees, evidence of personnel via Social Insurance Service payments;
• Organisation Collective Investments AIF, AIFLNP, RAIF.

Family members are welcome to join the applicant in Cyprus but the amount of €5,000 per each additional dependant (spouse or child) and €8,000 per parent will be required.

As with all applications there is documentation required at the time of submission, this is where  experienced colleagues at Rideo Group are able to assist and apply on your behalf.

The complex and time consuming process follows the criteria below:

• Form MIP1 to be submitted electronically to the Civil Registry and Migration Department (CRMD) in Nicosia;
• The applicant and spouse must submit a clean Criminal Record Certificate from their country of residence, this is to prove that the applicants are not considered a threat to public order or public security in Cyprus;
• Marriage and Birth Certificate duly certified and officially translated to Greek or English;
• Children's Birth Certificate (if applicable) duly certified and officially translated to Greek or English;
• The applicant confirms that they do not intend to undertake any sort of employment in Cyprus with the exception of their employment as Directors in a Company that they have chosen to invest in;
• In cases where the investment does not concern the Company's share capital, the applicant is allowed to be a shareholder in a company registered in Cyprus and the income from dividends may not be considered negatively when obtaining an Immigration Permit;
• Open a Cypriot Bank Account and keep €30,000 deposited in it for 3 years;
• Applications to be submitted to the CRMD in person or through Rideo Group, upon submission a fee will be required, one of the team will advise of the cost at the time of application;
• Authorisation of Representative, signed and certified.

The expected time frame required for each application if all criteria are met is approximately 2-3 months.

The benefits of Cypriot Citizenship via the Residency program include:

• Cypriot Passport allows visa free travel for over 160 countries worldwide; As an EU Citizen, the applicant has the right to live and work in any EU member state;
• Multiple Citizenship, allows the applicant to keep their original Citizenship;
• Access to healthcare under the General Healthcare System (GHS);
• Enter and stay in Cyprus with no limitations;
• High income tax exemption bracket of €19,500 with zero tax on overseas rental income;
• Tax exemption and credit on foreign income which prevents double taxation; Corporation tax of 12.5%;
• Zero gift or inheritance tax with capital gains tax limited to assets in the Republic.

Rideo Group professionals will look at the options available to you and decide the best plan of action, we will arrange the relevant forms and advise on the documentation required. Allow us to assess your situation, firstly with an informal chat with a view to working together for a swift and successful outcome. Please contact us for further information.