How to obtain Cyprus residency?
Published at: 20/09/2019 10:25 am
You can become a permanent resident in Cyprus by real estate investment only in two months. Cyprus is an EU Member State.
Benefits of the Cyprus permanent resident status
- Permanent residents of Cyprus can live and work there, and after the Mediterranean island nation joins the Schengen zone, its residents may move freely and stay in the entire EU Schengen space.
- The family members of the investor will receive the permits as well (spouses, children up to 28 years and financially dependent parents).
- Permanent residents of Cyprus do not have to pay their taxes there. The holders of the Cypriot resident permit do not become tax residents of the EU Member State automatically and don't have to stay there to maintain their resident status.
- Permanent residents of Cyprus may become citizens later through their real estate investments.
- The permanent residents may become tax residents of Cyprus (a European low-tax jurisdiction) if they stay more than 60 days there. Cyprus is one of the last European low-tax financial centres.
How to apply for the Cyprus permanent residence permit?
The Cyprus residency by investment program allows applicants from third countries (non-EU nationals) to become permanent residents in exchange for a real estate investment.
- The minimum amount of investment is 300,000 euros.
- The primary applicant must also prove of an annual income of 30,000 euros from foreign sources.
- The applicant must deposit 30,000 euros in a Cypriot bank for three years.
Additional requirements for the Cyprus permanent residency permit through investment:
If the primary applicant requests the permanent resident status for the family members as well, the proof of annual income will increase:
- 5,000 euros more /spouse and each child
- 8,000 euros more for each financially dependent parent
- The applicant must buy the property on the primary market from the developer.
- At least 200,000 euros from the investment must be owned by the investor.
- The investor's funds must arrive from sources outside of the country.
Do you want to become an EU permanent resident in Cyprus? Click here for all the detailed information!