Expertise in Real Estate Market
We provide advice on real estate market as well as cooperate with professional real estate lawyers who will help you with any matter related with purchase, sale, rent or tenure of real estate.
Real Estate and Immigration
Real estate is generally a very valuable asset and a considerable investment option. Investing in Cyprus real estate has become increasingly popular among foreign citizens. Owners and possessors of Cyprus real estate can spend their vacations in Cyprus enjoying its climate and resort or conduct business having numerous benefits provided by the regulatory policy.
Besides Cyprus is a very popular tourist destination and its real estate, especially located close to the sea, is in a great demand. The increasing demand for housing has caused a significant rent increase in Cyprus big cities. Having bought a property, by renting it out to holidaymakers a landlord can potentially regain what was paid for it and earn a significant profit.
Investment in Cyprus property has been stimulated by various incentives given to foreign investors such as two Cypriot immigration investment schemes: an immigration permit and a Cyprus citizenship.
Cyprus citizenship through investment in real estate
Under the Cyprus Investment Programme there are several investment options by which an investor can apply for Cyprus citizenship through naturalization by exception – among them there is an investment in real estate that may be justly regarded as one of the most cost-effective option. This is due to the fact that all investment options imply that investment should have been made of at least € 2 million, whereas the investment options not related to contribution in a residential real estate raise an additional requirement to have a permanent privately owned residence in Cyprus, the purchase price of which must be at least € 500.000 (plus V.A.T.). Provided that the applicant for Cyprus citizenship has invested in a residential real estate, the purchase of another permanent residence in Cyprus may not be required on the condition that at least one of the property is worth at least € 500.000 (plus V.A.T.) and such a residence is kept by the applicant for life.
Immigration Permit of the Regulation 6 (2)
A person can apply to obtain an Immigration Permit of the Regulation 6 (2) provided among other requirements that he / she submits to the Cyprus migration authorities title deeds or a sale agreement of a real estate of total market value of at least € 300.000 (V.A.T. is not included therein) and official payment receipts of at least € 200.000 (excluding V.A.T.).
Other Types of Immigration / Resident Permits
Whatever immigration / resident permit is required at the Cyprus Migration Department an applicant should have proven that he / she has a permanent residency in Cyprus. Submission of a rental contract can be enough for the most types of such permits. However availability of ownership to Cyprus real estate raises your commitments in estimation and increases chances of a favorable decision on your application for an immigration permit. Besides investment in Cyprus real estate is a very good solution taking into account an ongoing increase of prices in real estate market.
We render consulting services associated with investment in real estate issues providing advise on requirements on residency related to every type of immigration permit.
It should be stressed that the related documents submitted to the Cyprus Migration Department such as title deeds and sale contracts of real estate should have been officially filed at the Department of Lands and Surveys as well as rental contracts are subject to duly certification. We assist in providing of necessary certification of documents and filling them to the Department of Lands and Surveys.
For a consultation contact us at 00357 70000771 or fill out our contact form.