To sell property in Cyprus to Golden Visa buyers, you will find the information in this article quite useful. Cyprus is a member of the European Union, but not a member of the Schengen Zone, that’s the only disadvantage of applying for a Golden Visa in Cyprus. Otherwise the nation has several benefits to offer, such as one of the lowest tax rates in the world.
Like its neighbor, Greece, Cyprus offers easy temporary residency rights to high net worth individuals from non-European Union nations. The most important targets of the Golden Visa policy are rich Chinese investors, who have been buying properties across Europe and North America, particularly as China lays more extensive curbs on speculation.
China has over 3 million millionaires and over 150 billionaires. Many of China’s millionaires are looking at escaping their high stress working environment in China and enjoy the tranquility, zero-stress life and high standard of living in Cyprus.
Luis Hortelão, who is a real estate broker with Re/Max in Lisbon, says his rich Chinese clients “know exactly what they want: a modern property to rent out during their absence and a visa to travel in Europe.”
Nikolas Michalias, who is a real estate appraiser at G&P Lazarou, says, “Cyprus is already booming with Chinese investors. Every day there are more than 20 Chinese nationals landing in Cyprus to search for property.”
Golden Visa in Cyprus – The Details
If you are looking to sell property in Cyprus to Golden Visa buyers, it would be very helpful to have a proper idea of what the scheme entails. The Golden Visa in Cyprus may be obtained by buying property for 300,000 Euros.
One may buy just one property that’s worth 300,000 Euros or 2 or 3 properties that are collectively worth 300,000 Euros. This would qualify them for the residence permit.
The other consideration to be kept in mind is that the Golden Visa in Cyprus requires a certain minimum income. The applicant for the visa should prove that he or she has an income of at least 9400 Euros a year, plus 4700 Euros per family member. On proving this, the applicants and their immediate family members are given residence permits in Cyprus.
The Golden Visa in Cyprus is issued for a period of 5 years. Following that, one may apply for a permanent residency. And 2 years later, one gets the highly desired EU passport. One drawback of the Cyprus Golden Visa is that Cyprus is not a part of the Schengen Zone, so this is something that should be considered by applicants.
Another option is to directly apply for Cyprus citizenship. This requires an investment of 5 million Euros in Cyprus real estate or a 2 million donation to the Cyprus Government Investment Fund. While direct citizenship is easy to get, it’s only for those who are really quite wealthy. That’s why, if you’re looking to sell property in Cyprus to Golden Visa buyers, you will have to target the marketing of the property at high net worth Chinese, Russian, Brazilian and Middle Eastern buyers.