Cyprus offers two visa programs through property investment, Cypriot Citizenship and Cypriot Permanent Residency. Last month, Winkworth International explored investment in new developments in Cyprus as a way to secure Cypriot Citizenship.
A Cypriot permanent residency visa includes the whole family
This month, we take a look at the benefits of Permanent Residency (PR). By investing a minimum value of €300,000 in Cyprus property (excluding costs and taxes), buyers from all over the world become eligible for PR - as long as they can also demonstrate a clean criminal record and sufficient income from sources outside Cyprus. PR is granted extremely quickly - within two months in most cases. This status extends to the whole family, including the parents of the main applicant, his/her spouse, plus children up to the age of twenty five. This is just one of the factors which make it such a popular option.
Coming in to land; you and your family only need to visit Cyprus once every two years to remain permanent residents
Other benefits include ease of travel throughout the EU - a huge bonus for business travellers - and just one visit required every two years to retain your permanent resident status, which is valid for life. You’ll also be pleased to know that PR grants you a reduced 5% VAT rate, no inheritance tax and low property tax.
Cyprus also boasts numerous natural assets - sun, sea, locally grown fresh produce, a rich archeological heritage, the list is endless. These are complemented by excellent educational institutions and world-class healthcare at the crossroads of Europe and the Middle East.
So what about the benefits of buying property in an exclusive new development in Cyprus? Well, Winkworth International has been working with leading Cypriot developers for some time and never fails to be impressed by their visionary master-planning, building technique and high-spec finishes.
Your €300,000 will buy you a stylish apartment in Theseus Village - in the Aphrodite Hills resort - with change to spare. Fifteen minutes’ drive from Paphos airport, Aphrodite Hills is a vast sports and leisure resort incorporating luxury hotels, an eighteen hole championship golf course and beach clubs - all with stunning sea views of the coastline. A favourite with international buyers, Aphrodite Hills property makes the ultimate low-maintenance/high-glamour second home.
Invest in a Cyprus new build property in return for permanent residency, a stunning villa and endless sea-views
Planning to spend more time in Cyprus? Then invest a little more. Luxuriously appointed Cyprus villas are readily available at both Aphrodite Hills (pictured above) and Sea Cave Residences, just along the road from idyllic Coral Bay. Or for cosmopolitan living, there’s Central Park Residences, a collection of three bedroom apartments in the centre of bustling Paphos town. Benefitting from secure underground parking and views across Paphos harbour, these stylish properties are testament to Cyprus’ status as a sophisticated destination for today’s global citizen.
If you’d like to buy property in Cyprus and secure a Permanent Residency visa, contact Winkworth’s International Developments office.
Photo Credit: goodfreephotos.com