Финансово-консалтинговая компания CYWORLD WEALTH

Residence Permit in Cyprus

Residence Permit in Cyprus

Because of the popularity of Cyprus in tourism and investment, this state is an attractive goal for obtaining a residence permit for many foreign citizens.

Each investor who has invested a sufficient amount of funds in real estate in Cyprus, gets the opportunity to obtain a residence permit. The procedure itself is quite simple, and it takes about 2 months (the procedure time is counted from the date of transfer of documents to the relevant authorities).

Pros of obtaining a residence permit in Cyprus

This procedure provides foreign investors with a large list of advantages, among which the following are particularly noteworthy:

  • Constancy of residence permit. This privilege is granted to foreign investors for life.
  • The residence permit applies to the members of the entire family of the investor.
  • A non-resident who has obtained residence permits in Cyprus should not be on the island’s territory. The only exception is the need to visit Cyprus every 2 years.
  • If you reside in Cyprus for 7 years, a citizen who has received a residence permit receives a passport of that state (if desired).
  • Members of the investor’s family can be educated at the European level in the leading institutions of higher education in the island.
  • In addition to social benefits, an investor with residence permit gets access to the best resorts in Cyprus at any time.

Types of procedures for obtaining a residence permit in Cyprus

Currently, the current legislation of Cyprus provides for two schemes for obtaining a residence permit:

  • Accelerated.
  • Ordinary.

To obtain a residence permit in Cyprus on an accelerated scheme from a candidate, the following actions will be required:

  • Purchase real estate on the territory of the country, making a payment of not less than 200 thousand euros (VAT not included) of the total price of the building.
  • Present to the supervisory authorities evidence of the receipt of funds to pay for the purchase of real estate from banks that are located outside the jurisdiction of the island.
  • Present a certificate from a banking institution in Cyprus for the presence of at least 30 thousand euros on the investor’s account.
  • The investor (and all members of his family – the wife and children) is required to produce a certificate proving the absence of a criminal record.
  • An investor, his wife (and also children, provided they are of legal age) are required to sign a certificate of no intention of engaging in employment in the territory of Cyprus.
  • If the investor wishes to provide residence permits for his adult children, he must purchase a property worth at least 600,000 euros (for one child), and 900,000 euros for two children.

Important note: the size of the annual income of the investor should be at least 30 thousand euros (spouses and dependent family members – not less than 5 thousand euros). The income of the parents of the person applying for a residence permit (each of them) is not less than 8 thousand euros. Accelerated receipt of residence permit takes about 2 months.

To obtain a residence permit in the usual way, the following conditions must be met:

  • Acquisition of immovable property for an amount not exceeding 300 thousand euros.
  • Acquisition of secondary real property (no specific amount).
  • The annual income of the applicant must be at least 10 thousand euros. Each dependent member of the family must receive at least 5 thousand euros.
  • The applicant must present documents confirming the ownership of the property acquired.
  • Also, the investor is required to demonstrate the availability of sources of income located outside Cyprus jurisdiction.

Clearly specified terms of consideration of the application for obtaining residence permit according to the usual scheme does not exist. But, as practice shows, the passage of all stages of the procedure takes 8-11 months.

Please note that we provide support for obtaining a residence permit in Cyprus through our partners.