Buying a property in Cyprus and people who are qualified to buy a property
To get a residence permit and citizenship in Cyprus, you do not need a language certificate or a medical test other than buying a property. The applicant must be over 18 years old and also have a certificate of no criminal record. He/she will be interviewed and he/she is not required to be present in Cyprus. In the first plan, which leads you to get the citizenship and a passport of Cyprus the spouse and children up to the age of 28 are included in the person’s file. Parents can also be included in the applicant’s file with an additional investment of € 500,000. In the second plan, which has a lower investment rate and leads to getting a permanent residence permit in Cyprus, children up to the age of 25 and the applicant’s main parents and his/her spouse will also be included in his/her file.
In the Comments section, you can also ask your questions and answer them in a short time.
Topics reviewed in this article:
Buying a property in Cyprus and getting a residence permit
One of the easiest and fastest ways to get the European residency is to buy a property and invest in Cyprus. By investing in real estate you can get the residence permit and citizenship of Cyprus in two ways:
| Two million euro plan | The applicant can invest in commercial and residential properties. Just keep in mind that commercial property costs more. By investing in properties, a person can get a passport and citizenship of a European country in less than 6 months. One of the points in this investment program is that you have to give something around 150 thousand Euros to the government and the organizations of this country and after five years, then you can reduce the amount of investment from 2 million to 500 thousand Euros. |
| 300,000 euro plan | A person can get a permanent residence in less than two months by buying a maximum of two properties which worth 300,000 euros. |
Buying a property in Cyprus and the legal process of buying a property
As mentioned, buying a property in Cyprus does not require a language certificate or a degree, but before applying, you must show your commitment to investment in an interview and present the contracts and documents that are related to investment in that country. You can apply for a visa a few days after the contracts are signed. The process of getting a passport in Cyprus will be completed about six months after you get a visa. In very rare cases, if the visa application is rejected, there is a possibility of full refund of the investment amount or the amount that you paid to the government. After five years, in order to maintain the citizenship of this country, only 500,000 Euros of the investment can be kept and the remaining 1.5 million Euros can be taken out of Cyprus.
Buying a property in Cyprus and the cost of buying and renting a property in Cyprus
About investment in real estate in Cyprus, as in most parts of the world, there are two factors that greatly affect the price of real estate, the first factor is the location and the second factor is the use of the property. Keep in mind that that the tax on a commercial property is higher than residential property. Therefore, the costs of buying a property in Cyprus varies from city to city. Also, the prices of apartments and villas are different. There are also construction projects with luxury designs that are often considered by investors. The average cost of living in Cyprus is 43.13% and the rental price in this country is 44.16% higher than in Iran. For more information on property costs in Cyprus, take a look at the table below:
| monthly rent | Average |
| Renting one-bedroom apartment in the city center | 800 to 350 thousand euros |
| Renting one-bedroom apartment outside of the city center | 250 to 650 euros |
| Renting a three-bedroom apartment in the city center | 520 to 1,500,000 euros |
| Renting three-bedroom apartment outside of the city center | 446.07 to 1,100,000 euros |
| Buying each square meter of an apartment in the city center | 1,200,000 to 3,000,000 euros |
| Buying each square meter of an apartment outside of the city center | 1,000,000 to 2,000,000 euros |
Buying a property in Cyprus and legal advice
Although buying a property in Cyprus leads to getting a residence permit and citizenship in a European country, but for investing, you should consider things like; property prices in different parts of the country, its growth rate, the health of the Judicial system, the risk of confiscation of property and other indicators such as Inflation rates and the country’s economic growth. By knowing these, we can have a safe path and profitable investment.
Leave a Reply
Want to join the discussion?Feel free to contribute!