The most popular way of obtaining permanent residence in Cyprus is the purchase of real estate. In order to obtain permanent residence, you should buy properties in the primary market worth minimum € 300,000 -VAT, provide the source of funds proof and a clean criminal record and reserve € 30,000 as a deposit in a Cyprus bank. 2-3 months after submitting the documents, the main applicant and all the members of his family become permanent residents.
Choosing properties suitable for the permanent residence programme is quite easy. The market offers a variety of options from premium villas to apartments with the latest engineering solutions and high service. There is no property tax on the island while rental income can easily generate a stable 4% per year.
What does a property suitable for a permanent residence program look like? Watch our video to get an idea. This is a penthouse located in a modern apartments block just 200 meters from the sea and the tourist area of Pafos. The total covered area is 87 m2. The open plan kitchen and living room, two bedrooms and two bathrooms are fully furnished and equipped with household appliances. The gem of this apartment is its huge terrace of 28 m2, which offers magical views to the sea and the mountains.
If you are interested in acquiring this or a similar property and obtaining a residence permit, please contact us.