What are the requirements to obtain a PR in Cyprus?
A minimum investment of €300.000 plus VAT in a new property, €50.000 annual income for the main applicant plus €15.000 for the spouse and €10.000 for each dependent child and a clean criminal record.
Can I finance my purchase with a loan?
You can finance any amount over €300.000 plus VAT that needs to be paid from your personal funds from a loan coming from abroad.
How long does a PR approval take?
While the examination should be 2 months, due to the demand, the government may take around 6 – 9 months from the day of submission. This is subject to continuous changes as to the government increasing capacity and demand growing.
What documentation do I need to provide?
The basic documents are (1) a clean criminal record (2) income certificates (3) proof of funds coming from abroad to Cyprus (4) Title deed of the property purchased. This is a non-exhaustive list as other documents and forms need to be signed.
Can I qualify for the PR by buying a re-sale (second-hand) property?
For residential properties it’s only for new ones. For commercial properties one can buy resale.
I am from the UK do I have to get a permanent residency to relocate to Cyprus?
You need to get a permanent residency in Cyprus or a temporary residency in Cyprus to be able to relocate. For your options, you can contact us.
Can I get 5% VAT on my purchase?
Yes, provided you intend to use the property you purchase as your home; in other words, you are not allowed to rent it out if you take 5% VAT.
Can I buy a property with a Cypriot company I am the shareholder of?
You can purchase a property directly through your Cypriot company, where you are listed as a shareholder.