Cyprus is one of the few EU countries that provide the opportunity to obtain a residence permit when buying real estate for a certain amount. Any foreign citizen who meets the requirements can apply for a residence permit in Cyprus, the main of which are financial solvency and no criminal record. The fastest and most common way is to buy from an official developer a new residential property worth over 300 thousand euros, regardless of its location and further intended purpose - long-term residence, periodic visits or renting.
Thus, you can immediately become the owner of permanent residence in Cyprus - a permanent residence permit, the main advantage of which is that, unlike many European countries that offer immigration programs of this kind, it does not require regular renewal after a year, two or five years. but is lifelong. It applies to family members and immediate relatives - spouse, children and parents. At the same time, this type of residence does not give the right to work and visa-free travel in the Schengen area.
Before applying for permanent residence, a new owner of a Cypriot property must open an account with a local bank and deposit at least 50 thousand euros into it. In addition to the account statement, the package of documents submitted to the migration department includes certificates of income and no criminal record. To maintain resident status, you do not need to be on the island for a certain period, but you must visit it at least once every two years.
There are other ways to obtain a residence permit in Cyprus (Pink Slip), although not all of them are suitable for foreigners. In particular, we are talking about family reunification with a Cypriot citizen, confirmation of Cypriot roots or circumstances that would make it possible to apply for refugee status for religious / political reasons, for which there must be good documented reasons. Only highly qualified specialists in demanded specialties with excellent knowledge of English can count on a work contract from a local employer, provided that Cypriot citizens are not going to take this vacancy.
Based on this, other suitable options for obtaining a Pink Slip are admission to study at a University of Cyprus, starting your own business, buying a home for less than 300 thousand euros or its long-term lease. Business investors can act not only as founders of the company, but also hold leadership positions in it.
At the same time, for everyone, except for students, the condition of financial independence must be met, which consists in the presence of a permanent source of income outside the country in the amount of 30 thousand euros per year for the applicant and 5 thousand for each family member. In this case, it will not be possible to spend more than 90 days in a row outside Cyprus and more than 180 days a year, and the residence permit will need to be renewed every year.
A residence permit of the Republic of Cyprus, granted to foreign buyers or tenants of real estate who conduct their business here, makes it possible to obtain the status of a tax resident of the island.
with our Cyprus property catalog
APL Alexander Real Estate Ltd