Permanent residence

Permanent residence

Obtaining Cyprus permanent residence

Are you seeking the best way to obtain residence? Cyprus offers you excellent terms, which will allow you to make a fast, convenient and relatively cheap deal, not to mention the opportunity to easily start your own business while enjoying your magnificent property.


Pros of getting Cyprus residence

Applying for residence in Cyprus, you’re gaining:

  • Warm, stable climate and fortunate geographical situation able to cater for the most demanding tastes;
  • Lowest crime rate in Europe – keeping safe won’t be an issue;
  • Really low taxes – the perfect choice for citizens from all over the world, especially the ones with problematic economies (and, judging by statistics, prices keep reducing);
  • High-quality healthcare and excellent education;
  • Convenient transport and well-developed infrastructure;
  • Efficient assistance provided by the best lawyers with in-depth knowledge and years of practical experience;
  • Ability to speak English which is a considerable convenience (choosing Spain, France or Italy obviously would create some difficulties for people who are only fluent in English, which is quite a number).

Once you’ve made your decision, it’s important to understand the basics of the procedure. There were some recent changes which allowed certain countries to benefit from some relaxations on their travel restrictions and, by that, ensured that their experience will be more pleasant. Particularly, some of the Russia and China issues have been successfully resolved, therefore a wider range of people is now participating in this universal, customer-friendly program.


Procedure

Primarily, keep in mind that you can apply for either temporary or full residence by taking the following steps:

1. Obtaining a temporary residence includes investing 100.000 € in property in Cyprus. In 5 years you’ll have the means to get a permanent residentship. This option would be suitable for those whose purpose is to take a short holiday or a tour around the island to just enjoy the view or to search for the full-time settlement options. Each case will be closely studied and all the circumstances will be taken into consideration.

2. Invest 300.000 € for a full residence.
There are several categories of aliens divided accordingly to the following job-gaining purposes:
a) agriculture, bird or fish culture;
b) mining enterprise involvement;
c) academic field (degree is needed);
d) working due to being offered a position;
e) no employment or intention of getting one (a secured annual income which must contain at least 30.000 euros, most applicants under this category are pensioners or retired persons).

Make sure your finances are in order by opening a deposit bank account – it’s a good way to keep your money safe.

There are also some conditions on purchasing a property:

  • You are allowed to buy up to 2 properties in order to make up the 300.000 € (there are no restrictions as for the type, but they have to be adjoined to each other – for instance, you can buy 2 flats or efficiently start your own business by buying an office or a shop, the choice is yours).
  • You are allowed to buy a land up to 4.000 m² to build your own house if you’re feeling adventurous.

It’s important to remember that a married couple is considered to be a single legal entity, so it won’t be possible for the spouses to buy items separately (maximum of 2 remains).

There exist some additional benefits, among which are:

  • The unique possibility of obtaining a permanent residence in Cyprus is obvious if to compare it with the same process in other European countries;
  • It’s life-long, so you won’t require any annual renovation;
  • It doesn’t take too much time – you will only have to spend about 2 months for your application to be approved (all the family members are covered, including children under 25 years old while in other countries they have to be under 18);
  • you can keep your residence by making short visits once two years, not 3 months a year like in other countries.


As you can see, the procedure is quite easy and convenient, which makes buying a property in Cyprus even more attractive.