PERMANENT RESIDENCY CYPRUS
Cyprus offers a permanent residency program (PRP) through investment in real estate. The PRP program offers investors a permanent residency to reside and live in Cyprus, which also facilitates travel within the European Union. The PRP program requires an investment of €300,000 plus VAT or more in residential property. The program covers the investor, the spouse of the main applicant, their parents, and their dependent children up to the age of 25. The PRP is valid for life, subject to keeping a property with a minimum acquisition price of €300,000 plus VAT. The rate of VAT charged to first time owners in Cyprus is 5%.
The investment can be made either by an individual or by a company for which the applicant is a beneficial owner. The investment can be either in a single property which costs €300,000 plus VAT or can be broken down in to a maximum of two properties which reach a total of €300,000 plus VAT.
The PRP can be obtained two months after the purchase of the property.