Strategically located near Asia, but politically considered part of Europe, Cyprus has been a haven for travellers, adventurers, and settlers for thousands of years. Maybe it has something to do with the windswept beaches. Or maybe it’s the stunning Troodos Mountain range. Or perhaps even the laid-back island way of life that revolves around artfully prepared meze. Whatever it is, this beguiling Mediterranean island has a lot to offer.
But perhaps what makes Cyprus so attractive to investors is that it offers permanent residency, not temporary residency as other programs in the EU. It’s a small thing, but it can mean a big difference in terms of the benefits of investment.
For residents of Asia and the Middle East, Cyprus is the perfect holiday home destination thanks to its close proximity and easy access through strong transportation networks. It’s just an added bonus that in this case, additional property can come with the possibility of a second passport.
Cyprus offers two steams for investment—full citizenship and permanent residency. While both options require an investment in real estate, one of the primary difference is cost. Full citizenship requires a real estate investment of at least €2 million. Permanent residency, by comparison, can be obtained for a more modest real estate investment of €300,000.
The program is even set up to benefit those looking to invest in an income property (or two). The program rules state that a married couple can invest in two different properties, one being residential, from the same developer, provided that the combined value is more than €300,000. Though it should be mentioned, investors who choose to invest in just one property can still benefit from the potential of turning their investment into an income property.
But it’s not just about the bottom line—in fact, it’s things like the Green Line that make Cyprus such an alluring place to settle in for a second citizenship.
Running through the capital city of Nicosia, the Green Line is the dividing line between Turkish and Greek Cyprus making it the only capital city in the world to technically span two countries. Though the border isn’t officially recognized by all, the warm Mediterranean sun and crystal blue waters that make Cyprus so famous can be found on either side.
For full program details on either permanent residency or full citizenship in Cyprus, contact us today for more information.