The economy of Cyprus greatly depends on the real estate sector. The island’s home ownership is one of the highest in Europe. While having a holiday home on the warm island is an attractive option , it gives the opportunity to receive permanent residency ( PR ) for those, who are not part of European Union.

Buy Property, Get Residency

Purchasing property in Cyprus is one of the fastest ways to obtain residency in an EU country. An investor can purchase one or two principal residences for a total of €300,000 including VAT. The regular VAT rate is 19%, but for a single property purchased for personal use, the rate is 5%.

An application for permanent residence in Cyprus will be reviewed within two months & you can obtain the status with your family.

Permanent residents of Cyprus don’t pay taxes on global income, including dividends and capital gains. The country has no inheritance tax, and income and property tax rates are low.

Why invest in real estate in Cyprus ?

If you buy a property in Cyprus, you will be able to profit from a lower property tax rate than other parts of Europe. With a favorable tax system that makes it more attractive to invest.