Cyprus, also the Republic of Cyprus, is a Mediterranean Island located in the east of Greece, south of Turkey, west of Syria and north of Egypt. The third-largest island of the Mediterranean Sea and one of the most popular tourist spots of the Mediterranean Sea as well. The Cyprus Government has, over the years, helped foreigners (non-E.U. members) to obtain a residence permit and even a Cypriot (E.U.) nationality through various regulations and laws.
Residence permits
The Cyprus Government grants two kinds of Residence Permits:
Temporary residence permit
To apply for this kind of residence permit, the applicant will be required to possess an account in one of the Cyprus banks and an agreement of purchase-sale of the property in the Republic. It is possible to get the Residency permit within one to four years.
Permanent residence permit
The applicant shall be required to earn an annual income of at least Euro 10,000 to be able to apply for this type of residence permit.
Eligible persons who can demonstrate that they desire immigration into Cyprus will be granted a permanent residency permit. To this end, the authorities will have to be “convinced” that the applicant/or his family spends at least 6 months in a year in Cyprus (approximately 185 days). The applicants will not enjoy any rights to demand a Cypriot passport, but will be allowed to apply for and demand a Cypriot passport/nationality after 7 years of residence.
Permanent residence permit in Cyprus
Third-country nationals, who are residing legally and continuously in Cyprus for at least 5 years before the filing of the application and have been issued with valid residence permitsare eligible to apply.
Long-term residence permit nature
The Permit has a duration of 5 years and is renewed after expiry. Long-term resident – EC is appended to the passport or issued as an independent residence permit.
The advantages of the long-term residence permit
- Access to work and self-employment, employment conditions, and working conditions.
- The right to state education, vocational training.
- Professional diplomas, certificates and other qualifications Recognition.
- Tax benefits.
- Social Security: Social assistance and Social protection.
- Cyprus is not on the Schengen List; nevertheless, the owner of the residence permit may be entitled to the corresponding rights. In other EU Member States, under national laws of the particular states.
Living and legally staying in Cyprus for 5 years
Sufficient earnings through employment and/or other sources to take care of themselves and their dependents. Accommodation to accommodate themselves and their dependents in African economic countries
Categories to apply for a permanent residence permit
Assume that you want to have permanent residency in Cyprus, and you would have no objections to investing within the country. At that, you are also able to request a permanent residence permit (Category F) regularly. The program will result in permanent residency in your case within 1 year. You have to buy or lease a property in Cyprus to be able to acquire one. This does not ease the passage of the application. The greater the financial involvement, the more likely it will be viewed positively by the Civil Registry and Migration Department in Cyprus. Normally, such a condition will be met by a property bought for 150,000 Euros. The one that is bought should be residential and should not be rented out.
Moreover, you should receive an annual income of no less than 10,000 EUR obtained through non-Cypriot sources of income, with an additional 5,000 EUR per dependent. Additional income may be needed at the will of the Civil Registry and Migration Department.
In case you get a permanent residency through this program, you will not be permitted to work in Cyprus; however, you can own a Cypriot company and get dividends.
You are required to visit the country at least once in two years to retain permanent residency. Otherwise, your permit can be cancelled. You might have citizenship after 7 years of legal residence. You might be asked to demonstrate a certain connection with the country, i.e. a place of abode and have been a Cypriot tax resident.
Requirements
- Title deed/ contract of sale/ rent (submitted to the Department of Lands and Survey) of a property bought/ rented in Cyprus.
- Evidence of the fact that you have at your disposal the minimum annual income required, acquired in foreign countries.
- A clean criminal record certificate from the authorities of the country of your origin.
- Statement that you are not going to be employed in Cyprus.
In Cyprus, dual citizenship is accepted. There is no need that you to renounce your former nationality to become a Cyprus citizen.
Documents required
- Receipt of Payment of Real Estate.
- Title Deeds or Evidence of Registration of Real Estates.
- A confirmation letter issued by a bank for the deposit.
- Copy of passport and a photocopy of the passport.
- Bank Statement.
- Source of the income statement.
You can also view these posts:
Things to know before immigrating to Cyprus
Cyprus immigration quotas and caps – what you need to know
Immigration to Cyprus from India
