The residency program that offers Citizenship and Permanent Residence in Cyprus to non-EU citizens has been in place for a couple of years. We can now look back and see how the program is doing for those that took advantage of it. We can also take a look at the benefit to the Cyprus economy.
From the local news reports and within the industry it has been a huge success and maybe the most residency scheme program out of all the EU countries where such programs are available. According to the Cyprus interior Minister Sacrates Hasikos the program has added an estimated 2 billion euros to the economy.
If you look at the billboards and all the developer’s signs around the island you will see that most of their advertising efforts are directed towards potential clients who are looking for the citizenship. You will also see that many of the new buildings are now higher end properties.
It seems that many individual homes are being built now compared to the huge projects that were the norm a decade ago. Most projects being developed are starting around the 300, 000 Euro price point that is required to aquire permanent residency. What you get for your 300K is not always the same depending on the developer and the project but, a wise investor might be able to negotiate with the help of a professional estate agent. It would be wise to have a licensed agent represent you to guide you through the process and that’s where we can help.
An experienced lawyer is very important from the begining to ensure you understand that you have a full grasp of the law and what it will take to acquire permanent residency and/or Cypriot Citizenship. Both require a different level of investment. Click here to view a blog post that explains the requirement and differences between the two options on Mr. Paul Efthymiou’s website. Mr. Efthymiou has been a lawyer in Cyprus since 1988 and his firm is one of the leading practices in Paphos.