How to obtain a residence permit in Cyprus and a second citizenship in 2018

Cyprus has developed and implemented a program for obtaining permanent residence permits on the island in exchange for purchasing real estate for a long time.

Cyprus has been an attractive country for foreigners for many years. Accession to the European Union imposed a number of restrictions on applicants for a residence permit, but at the same time added a whole package of positive aspects, one of which is Cypriot citizenship, which automatically makes you an EU citizen. In addition, Cyprus certainly attracts many with its climate, competent legislation and a high level of development of medicine and education.

Cyprus has developed and implemented a program for obtaining permanent residence permits on the island in exchange for purchasing real estate for a long time. At the moment, a foreigner who has acquired one or more real estate objects with a total value of 300,000 euros and more can count on obtaining a residence permit in Cyprus. Moreover, it is not forbidden to combine residential and commercial properties. It is quite possible to become the owner of residential real estate combined with retail space or an office, but they need to be purchased from one developer.

In addition, the applicant for a residence permit is required to open a deposit for an amount of 30,000 euros or more, prove an annual income of 30,000 euros per family of two, plus another 5,000 euros for each child. The applicant must be earning income outside of Cyprus. Those who apply for permanent residence under this scheme must wait 2-3 months for their application to be considered. Cyprus citizenship is usually obtained by the applicant after 7 years. During this time, you will be able to live as an immigrant, but without the need for permanent residence. It will be enough for you to visit Cyprus only 2 times a year. Moreover, the time of stay is not specified.

If you are ready to invest more than 2 million euros in real estate in Cyprus, then you will not have to wait 7 years for obtaining a passport of this country. Entering such a program means the opportunity to become a citizen of Cyprus within 2-3 months for the investor himself, his spouse, as well as children under the age of 28.

The loyalty of the island's authorities allows the applicant for a residence permit, permanent residence and citizenship not to study the history and language of the country. The main criterion is the legality of financial sources and the absence of problems with the law. Having invested the above mentioned amounts in Cyprus, you will have to keep them for three years. In the future, you can only keep in ownership of residential property in the amount of 0.5 million euros.

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