Permanent residence in Cyprus for property owners
Since 1992, Feod Group has been providing a full range of services for obtaining permanent residence in Cyprus, both at the stage of choosing and buying real estate, and at the stage of immigration status obtainance.
The company has accredited Cypriot lawyers.
Cyprus provides the most flexible conditions in the European Union for a permanent and unlimited residence permit based on the purchase of real estate.
It should be noted that such a residence permit not only makes it possible to reside in Cyprus, but also greatly simplifies visa processing for trips to other countries of the world.
In Cyprus, there is an expedited procedure for obtaining permanent residence for foreign citizens – buyers of Cypriot real estate price value worth from 300 thousand euros.
Feod Group has extensive practical experience working with immigration obtainance of residence permit, permanent residence and citizenship of Cyprus, working in a team of English and Cypriot lawyers, also working with leading property developers, Cypriot banks and financial institutions.
Advantages of the accelerated procedure for obtaining permanent residence in Cyprus:
- Only 2 months for permanent residence;
- The residence permit is granted to the applicant’s spouse (s), their minor children, financially dependent adult children under 25 years old (if they are not married), as well as the applicant’s parents;
- There is no requirement for permanent residence in Cyprus. The only condition is that you need to visit Cyprus at least one time every two years.
- Persons holding a permanent residence permit are free to enter and reside in Cyprus without a visa;
- Permanent residence does not mean tax residency, 0% on income received outside Cyprus;
- Actual residence in Cyprus leads to citizenship of Cyprus
- The island offers a high standard of living, education and health, as well as a clean environment and a Mediterranean climate.
Criteria for obtaining permanent residence in Cyprus under the expedited procedure
- acquisition on the primary real estate market, the minimum purchase price of which is 300,000 euros (excluding VAT), while at the time of submitting the application, an amount of 200,000 euros must be paid (excluding VAT);
- a minimum deposit of €30,000 in a Cypriot bank for a period of 3 years;
- the applicant must prove that he and his spouse have at their disposal a stable annual income coming from abroad, the minimum amount of which is 30,000 euros, this amount increases by 5,000 euros for each dependent person.
- lack of criminal record;
- lack of intent to direct or indirect employment in Cyprus;
- the applicant and his family members included in the residence permit are required to visit Cyprus at least once within 1 (one) year from the date of approval of the application and thereafter at least once every 2 (two) years. Since there is no minimum time requirement in Cyprus, visits may be one-day.
How can Feod Group support you for obtaining permanent residence in Cyprus?
Over the years, Feod Group has assembled a team of professionals who can assist and support you in obtaining Cypriot citizenship or residence permit.
Our knowledge of Cyprus law and current practice in Cyprus and professional experience are at your disposal.
The Feod Group provides its clients with a full range of services for obtaining a permanent residence permit in Cyprus, both at the stage of choosing and buying real estate, and at the stage of immigration registration:
- discussion of the conditions of the program with a Cypriot lawyer, signing a contract;
- selection of objects according to client’s criteria, full legal verification of transaction cleanliness: the seller has ownership rights to the property, no debts to banks, compliance of building permits with the real estate condition;
- organization of real estate visits with an independent broker / appraiser of Feod Group;
- meeting with a client in Cyprus and providing detailed explanations regarding: procedures, documents for the purchased property, legal verification of the purity of the transaction, discussion of the contract of sale, clarification of the law and protection of the interests of the client during the purchase procedure until the rights of the property owner;
- final verification of the transaction cleanliness of the selected property to obtain guarantees by the buyer on the transfer of ownership in his / her name;
- preparation of preliminary and main sales contracts;
- transaction support by a Cypriot lawyer;
- signing a sales contract and registering a contract with the Land Administration;
- Stamp Duty and other obligatory transaction payments;
- filing and obtaining permission of the Council of Ministers of the Republic of Cyprus for the purchase of real estate by a client;
- transfer of the Property Title (Title) in the name of the buyer;
- preparation of documents for submission to the immigration services of the Republic of Cyprus and other state and commercial authorities
In addition, our Clients can receive the following services:
- Preparation of tax reduction schemes with the help of our tax experts and corporate lawyers when buying real estate, also when transferring money and creating a corporate international tax planning scheme.
- Representation of client’s interests in Cyprus by lawyers of Feod Group;
- assistance in all matters during visits to Cyprus and relocation services to Cyprus, if necessary;
- real estate management;
- services of brokers, accountants, financial and tax experts, company registrars and trust services.
We do not limit the client to the choice of residential or commercial real estate from one developer or company, however, we only provide carefully selected objects and companies, check the developer thoroughly, the object itself for violations in obtaining permits, for compliance with documents, absence of threats, bankruptcy, outstanding loans, thereby providing the client with complete security of the transaction and obtaining property rights to real estate.
Cyprus is an island with its own specifics, where in order to solve all the issues you will need qualified professionals with reliable relations with public and private institutions and an excellent reputation. The Feod Group guarantees and will provide you with this.
To receive more detailed information about the program for obtaining a residence permit in Cyprus, please contact us for a consultation conducted by the Feod Group, Cyprus Director – Chryso Christothidou.