Obtaining and benefits of permanent residence in Cyprus

Residence permit
Cyprus

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Obtaining and benefits of permanent residence in Cyprus

The Republic of Cyprus is located on the island of the same name in the Mediterranean Sea. Since 2004 it has been a full member of the EU. The country has gained wide popularity as a resort for citizens of European countries. The subtropical Mediterranean climate is suitable for recreation and permanent living. The population of the country is more than 1.2 million people. Common languages ​​are Greek, English, and Russian. The economy is based on three industries: tourism, services, and extractive industries.


Find the top 8 places to visit in Cyprus here.


How to get permanent residence in Cyprus

Permanent residence in the Republic of Cyprus gives the right to reside in the country to foreign citizens. Unlike a residence permit, this status does not need to be renewed. However, in order to receive it, several conditions must be met. The following are the possibilities for obtaining permanent residence in Cyprus.


Investments

In 2021, the government of the Republic of Cyprus provided an opportunity for foreigners to obtain permanent residence, subject to their investment in the country's economy (category 6.2). It is proposed to invest in real estate. The minimum price of real estate is 300 thousand euros and VAT to it. A minimum of 200 thousand of the specified amount is invested immediately (regardless of the completion of the construction of the facility), and the remaining 100 thousand are paid in stages. It is important that the settlements are made from the accounts of Cypriot banks.

Types of properties to buy:

  • villa or apartment (apartment);
  • any two residential properties;
  • living space and shop up to 100 square meters;
  • living and office space up to 250 square meters.

It is important that when buying two properties, one developer is involved in their construction. Additionally, you need to submit documents confirming the minimum annual income in the amount of at least 30 thousand euros per applicant.

Similarly, there is category F. The requirements for it are below. The amount for the purchase of real estate is 100 thousand euros and VAT. At the same time, the income per year should be 9568 euros for the applicant himself and for each dependent, 4613 euro. Children and parents act as dependents. They have their own requirements.