As a destination, Cyprus boasts many stunning aspects that its compatriots lack. The nation is truly a dream locale with a tropical Mediterranean climate, beautiful beaches, and exquisite landmarks. Apart from these pertinent points, the favorable tax regime attracts investors and companies to the flourishing country.
Also, voted as the 5th safest country in the world, immigrants have much to look forward to if they plan to settle down in the nation. Thus, for all who are in a quandary about the residency program in Cyrpus, this blog below addresses essential points in detail.
How To Get Permanent Residency in Cyprus?
Cyprus, in general, offers two types of Golden visas for people willing to settle down in the country. One leads to citizenship, and the other is a scrutinized route to permanent residency. The Cypriot Residency program is very much in line with the government’s intention to attract foreign investment. Although the earlier requirements for residency were quite strict, the government has shown slight leniency in the past few years. The Cyprus residency program is open for all non-European countries provided the following laid down conditions are met:
- Applicants are required to purchase immovable property worth €300,000 plus VAT. All you need to do is submit the application form and proof of sale.
- Immigrants can also purchase two new or used immovable properties, including offices, shops, and hotels, worth €300,000 plus VAT.
- The investor can also buy the share capital of companies operating in Cyprus.
- A total contribution of €300,000 to the Cyprus Investment Funds Association can also be made.
- You must have no history of existing criminal records.
- An annual income of €30,000 for yourself and another €5000 and €8000 for your spouse and parents is also required.
What Is The Procedure and Time Frame Taken For The Application To Get Processed?
The entire procedure for the Cyprus residency program follows a different route than the other countries. Applicants are willing to take up the program deposit a fee of EUR 500 and an extra amount of EUR 50 for biometric processing. Once the application is submitted, it is reviewed thoroughly at the Civil Registry and Migration Department for at least two months. However, once the approval gets through, the applicant and his family must visit the country within one year to acquire the permit.
During this visit, the biometric data for all members is collected and then submitted to the migration office in the capital city Nicosia. This is an important step in the finalization of the residence. After the application is forwarded, investors obtain a six-month residence permit. The Naturalization certificate is issued after the application is finalized, after which you can apply for a Cypriot passport and ID card at a local office.
Benefits of Residency by Investment in Cyprus
Although the benefits of earning a Cyprus residency are enormous, a few of the advantages are mentioned below:
- Applicant and their family members are granted travel access to all other countries on the European continent.
- Cyprus Permanent residence card is valid for life.
- Investors are not bound to live in the country to maintain the residence permit. Visiting the country one day every two years is enough.
- Immigrants are granted Cyprus passports after living uninterrupted for seven years in the country.
- Family members, including the spouse, the spouse’s parents, your parents, and children, can also be included in the application. Adult children up till the age of 25 who are financially dependent on their parents are also welcomed in the country.
- Your application has a high approval rate if all criteria are duly met.
- The entire process takes 60 days to complete.
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