Cyprus is an island located in the eastern Mediterranean Sea and is considered one of the most sought-after destinations in the world due to its unique lifestyle, rich and diverse history, as well as its strategic location between the continents of Europe and Asia. In this article, you will learn about obtaining permanent residency in Cyprus through real estate investment.
About the Cyprus Permanent Residency Program
Cyprus offers investors a unique opportunity to obtain residency in the country through its Permanent Residency Program. The government has launched this initiative for those wishing to relocate and live in Cyprus. Below are the program details:
- Fast-track option: Investment starting from €300,000 with processing completed in 6–9 months.
- Regular option: Investment below €300,000 with more flexible procedures over a longer timeframe.
Benefits of Cyprus Permanent Residency
The Cyprus Permanent Residency Program offers the following benefits:
- Permanent European residency for all eligible family members.
- Ease of obtaining a Schengen visa after obtaining Cypriot permanent residence.
- Tax exemptions and privileges.
- Leads to obtaining citizenship in the case of residency (conditions apply).
- Real estate investment with good ROI (Return On Investment).
About the Real Estate Market in Cyprus
When it comes to discussing the real estate market in Cyprus and its attractiveness compared to others, it is considered one of the best markets globally, particularly in Europe. The country has made the process of buying and selling real estate easy and straightforward for foreign investors.
In the first quarter of 2022 alone, real estate sales in Cyprus reached 1.3 billion euros. According to reports from the Cyprus Land Registry, a total of 5,258 properties were sold during this period, The cities of Limassol and Nicosia contributed significantly to the real estate sales, with Limassol recording 1,581 properties sold, totaling 573 million euros.
In the Nicosia district, a total of 1,574 properties were sold, amounting to a total amount of 313 million euros, These figures indicate the flexibility of the real estate market in Cyprus and the high level of trust within the sector between property owners and foreign investors.
If you’re interested in real estate investment in Cyprus, Greece, or the United Arab Emirates, get in touch by clicking the link here.
