One of the significant benefits of buying property in Cyprus is the eligibility to apply for a permanent residency permit through the Cyprus Permanent Residency by Investment Program.
Here’s How You Can Qualify
Investment requirement: You must invest a minimum of €300,000 (plus VAT) in a property, which can be a house, apartment, or other real estate types.
- Proof of funds: Demonstrate that you have consistent and sufficient income outside Cyprus to support yourself and your dependents. This can include salary, pensions, dividends, or rental income. A minimum annual income of €50,000 transferred from abroad must be evidenced. For each dependent child, the amount increases by €10,000 and for the applicant’s spouse, the amount increases by €15,000.
- Clean criminal record: You and your dependents must have a clean criminal record from your country of residence.
- Medical insurance: Obtain private health insurance coverage in Cyprus for yourself and your family members.
Application Process
- Submit application: Prepare and submit the application along with the required documents to the Civil Registry and Migration Department. Your lawyer can assist with this process.
- Processing time: The application process typically takes 2-3 months. During this time, authorities will review your documentation and conduct necessary background checks.
- Approval: Once approved, you will receive your residency permit, allowing you to live in Cyprus indefinitely. The permit is renewable every five years.
Benefits of Cyprus Permanent Residency:
- Residence Rights: PR holders can reside indefinitely in Cyprus with the right to enter and exit the country freely.
- Family Inclusion: Spouses and dependent children up to 25 years old can be included in the PR application, enjoying the same residency benefits.
- Business Opportunities: PR holders can establish and operate businesses in Cyprus, contributing to the economy and benefiting from the country’s business-friendly environment.
- Access to Services: PR holders have access to Cyprus’ public healthcare and education systems, ensuring comprehensive services for themselves and their families.
- Travel Freedom: While Cyprus is not part of the Schengen Area, PR holders can travel visa-free within the Schengen Zone for up to 90 days in any 180-day period, enhancing travel opportunities within Europe.
Buying property in Cyprus is not just an investment in real estate; it’s an investment in a lifestyle marked by beauty, stability, and opportunity. With the added advantage of obtaining permanent residency, Cyprus stands out as an ideal destination for those looking to secure a future in one of the Mediterranean’s most inviting locales. Whether you’re drawn by the prospect of sunny days, rich history, or economic opportunities, Cyprus offers a welcoming environment for all.
