Settle in Cyprus with real estate investment options

Property Investment Options in Cyprus

Property investment options in Cyprus are diverse, meeting different needs and goals of investors:

Residential Properties

Luxury Villas: Often located in beautiful coastal areas such as Limassol, Paphos, and Larnaca, luxury villas offer classy living spaces, high-end amenities, and stunning views of the sea. This is an ideal choice for those who want to enjoy resort life or invest in rentals.

Modern apartments: Concentrated in big cities, modern apartments are suitable for a dynamic and comfortable lifestyle and are close to commercial and entertainment centers. This is an attractive option for young professionals, small families, or investors who want to make a profit from leasing.

Traditional stone houses: Imbued with local culture, traditional stone houses are often located in peaceful villages, creating a cozy living space and close to nature. This is an interesting option for those who love traditional architecture and want to experience a peaceful life.

Affordable housing: Inland cities like Nicosia offer a variety of housing options at more affordable prices, suitable for long-term investment or rental needs.

Commercial Real Estate

Office Space: The demand for modern and comfortable office space is increasing in business hubs such as Nicosia and Limassol, creating attractive investment opportunities for investors.

Retail Units: The growth of the travel and retail industry creates a huge demand for shops, malls, and other retail spaces, especially in popular tourist areas.

Hotels: Cyprus’ thriving tourism industry drives demand for hotels, resorts, and other accommodation facilities, providing high profit potential for investors.

Mixed-use developments: Mixed-use projects that combine residential, commercial, and leisure are gaining popularity in Cyprus, attracting the interest of major investors.

Settle in Cyprus with real estate investment options

To qualify for residency by investment in Cyprus, you must purchase a new property with a minimum market value of €300,000 (plus VAT) in the country.  You have flexibility in your investment options, which can include:

• One or two residential areas.
• A residential property and a commercial property (e.g., a shop) up to 100 square meters in size.
• A residential property and a commercial property (e.g., an office) with an area of up to 250 square meters.

However, it is important to note that all assets must be purchased from a single developer. Therefore, if you want to invest in a residential and commercial real estate complex, you will need to find a developer that offers both. Diversifying your real estate portfolio is a good thing to do to minimize risk.

For example, if tourism declines, your housing rental may become less profitable, but a combination of residential and commercial properties can help offset the loss. It is worth noting that all purchased property must be new; resold assets that are not eligible for the Cyprus Immigrant Investment Program – Residence by Investment.

Step-by-step guide to buying property in Cyprus

Step 1: Make an investment

Decide what type of real estate investment you want to pursue, whether residential, commercial, or mixed.

Seek advice from an experienced immigration investment advisor, such as Portico and Bridge, to determine the best investment strategy for you.

Once you’ve decided, finalize the legal transaction, which may include visiting Cyprus to see the assets arranged by your advisor/expert and opening a local bank account with a deposit of €30,000 (which can be done remotely if needed).

Consider authorizing an attorney to handle the investment and application process on your behalf.

Step 2: Submit your residence application

Gather the necessary documents, including passports, marriage certificates, birth certificates, criminal record certificates, resumes/CVs, documents of property ownership or sales contracts, proof of income from abroad, health insurance.

Fill out the application form and submit it along with the required documents to the Bureau of Civil Registration and Immigration.

Wait 8 – 12 months for your application to be processed.

Step 3: Get your permanent residence permit

Once approved, you will receive a residence permit that allows entry into Cyprus.

Come to Cyprus within a year to obtain a permanent residence permit by going to the local immigration office to collect biometrics.

Once processed, you will receive a permanent residence permit (PRP) and only need to travel to Cyprus every two years to maintain it. Note that selling your investment asset(s) or becoming a permanent resident elsewhere may result in the revocation of the license.

Step 4: Apply for citizenship

If interested in obtaining Cypriot citizenship, maintain permanent residency status for at least seven years.

To apply for citizenship, it is required to be a tax resident in Cyprus for only one year before applying.

For more detailed information and specific advice on investment options as well as the process of applying for a residence card, you should contact immigration consultants so that all procedures and immigration processes take place most effectively.