Cyprus residence permit through the purchase of real estate

Roman contacted our agency about six months ago. His main goal was to obtain a Cyprus residence permit when buying real estate. It is worth noting that our client had not yet decided exactly whether he was going to move to another country permanently or was just preparing a “reserve airfield”. Roman is divorced and has no children, so the paperwork was planned for one person only.

Initially, our client had several options. He voiced all of them to us. Together we analyzed all the programs and chose the best options. Roman chose Cyprus residence permit for investment for several reasons:

1. Visa-free entry to 175 countries, among them EU countries, USA and UK.
2. Residence permit for the whole family. In the future, Roman wants to persuade his mother to move.
3. All procedures take place remotely, which saves money and time.
4. There are no additional costs. Our customer was planning to apply for a residence permit North Cyprus, here it is even easier to get a residence permit - you can just sign a long-term contract for rent.
5. Small requirements for the provision of foreigners - 4800 euros per year or 400 euros per month per person.
6. Abundance of quality primary construction from proven developers - villas, houses, apartments.
7. The ability to quickly recoup investments.
8. Preferential tax regime. If you type in the search box “real estate Cyprus taxes”, you can see that there is no tax on income in another country, income tax and income tax. 

We defined the goal: the property would be purchased for ourselves or for rent, we talked through all the important points. Roman showed us several options that he had looked at earlier, and we offered our own versions.

Having chosen the property, we concluded a contract with the client, where the amount of 10 000 dollars was specified to fix the value of the property. Then we made another contract for the purchase of real estate in the amount of 300,000 dollars. Depending on the readiness of the object, the payment is allowed to be made in installments - 30%-40%-30%. Since Roman chose a ready object for purchase, it was necessary to pay the entire amount at once.

The transfer for the purchase of real estate was from the settlement account of Raiffeisen Bank. The money went to the developer within 2 banking days. When sending it, it was necessary to undergo financial monitoring and show where the client's income came from. Roman indicated his share in a business project, funds received from the sale of an inherited apartment, and personal savings.

Roman was also required to go to the land department, where real estate is re-registered. It took no more than 40 minutes.

Registration of residence permit Cyprus - what documents are required?

• A copy of the passport.
• Documents on the right of ownership.
• Bank statement of cash flow and confirmation of the balance on the account.
• Certificate of absence of a criminal record. 
• Insurance policy. 

Cyprus has excellent conditions for doing business. Our client is already analyzing the market and plans to launch several business projects in the future. If desired, he has a prospect of obtaining a residence permit in Cyprus for investments and citizenship.

If you need expert advice on the issue of registration of residence permit, residence permit, visa issues, please contact the consulting agency GARANT IN. Subscribe to us on social networks and read expert materials from a team of professionals. Here you will find cases from practice, non-standard solutions, peculiarities of different programs.