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 an opportunity for individuals interested in obtaining permanent residency in the country through its Permanent Residency Program, The government has launched this program for those who wish to move and live in Cyprus by purchasing real estate with a minimum amount starting at 300,000 euros, within a period ranging from 3 to 5 months, under what is known as the fast-track process. The investor is required to maintain ownership of the property to retain permanent residency in Cyprus.
Furthermore, after obtaining permanent residency, the investor and all eligible family members can apply for Cypriot citizenship, provided they meet the required conditions and criteria. Additionally, investors can also pursue permanent residency through the regular path by investing in real estate with a amount lower than 300,000 euros. However, the processing time for obtaining residency in this case is extended and lasts for a period of no less than two years.
Advantages of the Permanent Residency Program in Cyprus
The Permanent Residency Program in Cyprus offers numerous benefits and advantages to potential investors, including:
Obtaining permanent residency for yourself and all eligible family members.
Ease of obtaining a Schengen visa after acquiring Cypriot permanent residency.
Obtaining financial returns on investment, which may vary depending on the type of investment and the region.
The Real Estate Market in Cyprus: Among the World’s Most Attractive
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 are interested in real estate investment in Cyprus, Greece, Spain, or the United Kingdom, contact us by clicking on the link here.
