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.

Permanent residence of the EU

It is issued subject to legal residence in the Republic of Cyprus for at least 5 years. The resulting document allows you to freely move around the EU countries. The Yellow Slip is only issued to EU citizens and their families. To obtain the same, you need to live in Cyprus for 5 years.

Residence with the right to work

In this case, permanent residence is issued to people who wish to do business in Cyprus. There are two types of documents available:

• Category C. Designed for investors wishing to open their own businesses in the country. The minimum investment amount is 255 thousand euros.
• Category E. Salaried employees are formally offered a position by local companies. Documents are prepared by employers.

Pros and cons of living in Cyprus

Like any country, Cyprus has its advantages and disadvantages. You need to know about them before moving to live in this country. Advantages:

• Favorable Mediterranean climate. There are no cold winters here. Living conditions are suitable for leisure and business. Due to the fact that Cyprus is a small island, going to rest by the sea is not a problem.
• Opportunity to become a tax resident of the country. This means that it is possible not to pay taxes on interest income and on profits from the sale of securities.
• Free medical care. To do this, you can use the state program General Healthcare.
• Opportunity to obtain Cypriot citizenship after living in the country for a period of at least 7 years.
• Accessible education. In public schools, teaching is conducted in Greek, and in private schools in English and Russian.
• The price of real estate is lower than in many EU countries.

Disadvantages of living in Cyprus:

Despite the favorable climate, it is very hot in summer. A visitor needs a long time to acclimatize. At home and at work, you need to constantly use air conditioning.

High cost of utilities. Depending on the size of the housing and its location, the cost of services ranges from 80 to 220 euros per month. For mobile communications and the Internet, you need to pay another 40 euros.

Summing up the information, we can conclude that living in Cyprus has more advantages than disadvantages. However, it is important that the future emigrant has a permanent income or savings for the first time in the country.