To obtain a residence permit for investment, is it necessary to buy new property? Is it possible to buy an apartment or house on the secondary market? Lawyer Alexey Rudenko gives answers to these questions as part of the project “Lawyers answer questions from readers of Vestnik Kipra.”
Special category of residence permit
For wealthy foreign citizens to obtain a residence permit in Cyprus, there is a special category 6.2. According to its terms, it is necessary to purchase new real estate from the developer, which is subject to VAT.
300,000 euros plus VAT
For new residential properties, the minimum transaction amount is EUR 300,000 plus VAT, which can be reduced from 19 to 5% when applying for the benefit. The benefit is provided if housing is purchased exclusively for the personal residence of the owner and his family members.
Secondary market
The purchase of secondary residential real estate does not give the right to obtain a residence permit under category 6.2. If an investor wants to buy real estate on the secondary market, then it must be commercial real estate.
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