ADVANTAGES OF RESIDENCE PERMIT IN CYPRUS
Cyprus is a special jurisdiction, that is rich in its Mediterranean beauty, developed economy and favorable taxation regime, so almost everyone wants to have an opportunity to live in one of the world's financial centers.Cyprus is famous for the following advantages:
- Member State of the EU since 2004.
- High and stable standard of living.
- Excellent infrastructure.
- World famous resort.
- Rich and varied cultural life.
For businessmen who want to get all the benefits listed above, the most profitable options for obtaining a residence permit in Cyprus is investing in local real estate. This residence permit allows an investor not only to have a residence permit, but also to obtain similar permits for his family.
HOW TO OBTAIN A RESIDENCE PERMIT IN CYPRUS?
Residence permit by buying real estate is considered to be the most common, but it has its own characteristics:
- you must visit Cyprus at least once every two years;
- a residence permit does not allow to work in Cyprus, but investors can be shareholders of a local company and receive income from it;
- gives the opportunity to visit Cyprus without a visa yet it does not apply to EU countries.
There are two options for obtaining a Cyprus residence permit by buying real estate:
1) Category 6.2 (permanent residence according to the accelerated procedure);
2) Permanent residence category F.
PERMANENT RESIDENCE IN CYPRUS UNDER THE ACCELERATED PROCEDURE 6.2
The applicant must consider the following conditions to be eligible for this type of permit:
1) Investments:
- investments in a new house/apartment in the amount of over 300 000 EUR + VAT;
- investments in commercial real estate (offices, shops, hotels or similar buildings, or their combination) in the amount of more than 300 000 EUR + VAT;
- investment in the amount of 300 000 EUR in the share capital of a Cypriot company with an activity (physical presence) and a staff of at least 5 people in Cyprus;
- investments in the amount of 300 000 EUR in shares of a Cypriot investment fund (type AIF, AIFLNP, RAIF).
Please note that the financial resources that will be used for investment must come exclusively from abroad. Moreover, it is necessary to annually confirm the further availability of real estate or the functioning of the company.
2) Income - has an annual income per applicant (salary, rent, pension payments) from abroad of 50 000 EUR, with an additional 10 000 EUR per child and 15 000 EUR per spouse.
A feature of this permanent residence permit is its extension to a spouse, children up to 18 years of age, subject to the above conditions. Children 18-25 years old can apply only if they are studying and do not have their own family status.
PERMANENT RESIDENCE IN CYPRUS CATEGORY F
To be eligible for this type of permit, the applicant must consider the following conditions:
1) Real estate. It is required to purchase any property, including secondary, local real estate for the amount of EUR 100 000 or more, excluding VAT.
2) Income. It is also necessary to have an annual income (salary, pension payments) of EUR 9 568, with an additional EUR 4 613 for each unemployed family member.
3) Deposit in a Cypriot bank. 15 000 to 20 000 EUR must be on the bank account at the time of application. This money can be freely used after submitting an application.
Please note that this type of permanent residence permit applies only to children under 18 years, and after their majority it is canceled.
TERMS OF OBTAINING A RESIDENCE PERMIT
There are no deadlines established by law, and all applications are considered on an individual basis.
Estimated time for consideration of an application for a residence permit in Cyprus:
- for category 6.2 - 3 months;
- for category F - 12-15 months.
If you need to obtain a residence permit in Cyprus, contact our specialists for advice:
+38 (098) 737-88-88
We will help you obtain a residence permit in Cyprus, taking into account all legal requirements.
