Cyprus has introduced a fast track procedure allowing individuals to acquire a permanent residence permit on an accelerated basis.

The open invitation for a permanent residency visa means that third country nationals who purchase immovable property in Cyprus for €300,000 or more as their own residence and who can demonstrate an adequate secure income from abroad, will be eligible to apply for a permanent residence card.

The application for residency can be lodged in advance of the applicant’s arrival in Cyprus and if it is successful, the applicant’s spouse and children under the age of 18 years will also be granted the right of permanent residence.

Jeff Randall, editor of The Daily Telegraph, commented: “For anyone prepared to spend €300,000 on a property in Cyprus there is the bonus of eligibility for permanent residency. Once this is achieved, the owner is entitled to move anywhere within the EU. For the price of a shoebox in Shanghai, Cyprus is offering a gold-card travel pass and much more besides.”

Cyprus is already renowned as an attractive place to live due to its warm climate and stress-free lifestyle. Cyprus offers an ideal family environment with excellent schools and universities, state-of-the-art healthcare and a favourable reputation as an International business centre and gateway to the EU.

The benefits of investing in the Cypriot property market are numerous. Taxes in Cyprus are low with Corporation Tax only 10 percent and stamp duty as little as 0.15 percent. Once purchased under the new scheme, properties can be rented out providing that the rentals are long-term (one year or more).

With the new scheme in place, Cyprus is expecting to see a surge in investment in the property market from overseas. International investors are keen to take advantage of the new scheme, particularly Chinese and Russian investors who have already seized the rewarding opportunity.

Rivermead Global have some fantastic properties available in Cyprus please visit our Property in Cyprus page for more details

Source: The Daily Telegraph


About the author: Neil Hollingsworth

Neil left school in 1987 and joined the Royal Air Force (RAF) as a Survival Equipment Fitter, travelling round the world with tours in Northern Ireland, Falkland Islands, Cyprus and Iraq to name a few. In 2005 the government cut the armed forces and Neil had the opportunity to take voluntary redundancy, on leaving he went to work for a UK estate agent before moving on and setting up Rivermead Global. If you are looking at buying a property in Egypt or Turkey you have come to the right people.