Yes, it is possible to obtain residency in Cyprus through various programs such as the Cyprus Permanent Residency Program, the Fast-Track Permanent Residency Program, and the Cyprus Investment Program.
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Yes, it is possible to obtain residency in Cyprus through various programs. Cyprus has become an increasingly popular destination for individuals seeking residency due to its warm climate, beautiful beaches, and favorable tax system. One of the most popular programs for obtaining residency in Cyprus is the Cyprus Permanent Residency Program. This program allows individuals to obtain residency by investing in real estate in Cyprus. The minimum investment required is €300,000 ($360,000), and the process usually takes around two months.
Another program for obtaining residency in Cyprus is the Fast-Track Permanent Residency Program. This program is designed for individuals who do not want to make a significant investment in real estate but still want to obtain residency quickly. The minimum investment required for this program is €30,000, and the process usually takes around two weeks.
Lastly, the Cyprus Investment Program is a program designed for individuals who want to obtain residency in Cyprus and also invest in the country’s economy. The minimum investment required for this program is €2,000,000, and the process usually takes around six months. However, this program has been suspended since November 2020.
According to Bloomberg, “Cyprus’s property market is booming as it attracts investors seeking a gateway into the European Union.” In addition, Cyprus offers several benefits to individuals who obtain residency, such as no inheritance tax and a 50% reduction in personal income tax for highly paid individuals.
Here is a table summarizing the main requirements for each program:
| Program Name | Investment Required | Timeframe |
|---|---|---|
| Cyprus Permanent Residency Program | €300,000 | Two months |
| Fast-Track Permanent Residency Program | €30,000 | Two weeks |
| Cyprus Investment Program | €2,000,000 | Six months (suspended) |
In conclusion, obtaining residency in Cyprus is possible through various programs, and each program has its own unique requirements and benefits. As stated by Forbes, “Cyprus purchases have become a key component of many affluent investors’ global real estate portfolios.”
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The video provides a comprehensive overview of various options available for obtaining a residence permit or citizenship in Cyprus. The country, located in the eastern Mediterranean, is a member of the European Union and offers several programs such as the Golden Visa and Cyprus Pink Slip for entrepreneurs, investors, and retirees looking to relocate. Dual citizenship and citizenship by naturalization are also possible after residing in the country for at least seven years. While there are downsides such as limited job opportunities and higher costs of living, Cyprus has flexible tax rates, a stable economy, warm weather, and English widely spoken, making it a worth considering location for relocation.
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Benefits. Permanent residency in Cyprus is valid for life. The whole family can apply to get a residence permit. A Permanent resident of Cyprus after completing five years (total of 1825 days) of legal stay in Cyprus is entitled to apply for Cyprus Citizenship.
The Cyprus immigration process is nothing like that. In fact, the legal aspects of the immigration procedures in Cyprus are straightforward and you can complete the process of obtaining a residency in a short time. Thanks to that, moving to Cyprus is relatively stress-free for both the EU residents and visitors from non-EU countries.
There are several avenues for gaining residency in Cyprus: the traditional application and the golden visa scheme. Find homes in Cyprus via our property portal.
If you wish to obtain permanent residency in Cyprus and you are willing to invest in the country, you may apply for a permanent residence permit (Category F) through the standard procedure. This scheme leads you to permanent residence in 1 year. To be eligible, you must purchase or rent a property in Cyprus.
Any foreign national who wants to live in Cyprus has to obtain a Cyprus residence permit. The Cyprus residence permit is what allows foreigners to legally live in Cyprus for longer than three months. Before you get the residence permit, you must get an entry visa depending on your purpose of travel, such as a student visa or work visa.
Immigration to Cyprus is in great demand, as permanent residence permits are available there when buying a newly-built property for at least €300,000 (+VAT). Visas Cyprus has been an EU member state since 2004, but it is not yet a part of the Schengen area.
Under this programme, you can obtain a Cypriot permanent residence permit (PRP) in just 2 months through a property purchase from €300,000 (plus VAT). If you have questions or need more information about your residency through investment options, contact us via our Advice page, we will be happy to help.
Cyprus permanent residency | George K. Konstantinou Law Firm George K. Konstantinou Law Firm +35725368683 EN Category 6.2 Fast Track Permanent Residency can be obtained by investing at least €300.000 (plus VAT) in a brand-new house or apartment in Cyprus ().
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Can you get permanent residency in Cyprus? Cyprus Permanent Residency can be obtained through purchasing property or legally residing in Cyprus for a continuous period of more than five years.
In this manner, How much does it cost to get residency in Cyprus?
As a response to this: Purchase of residential property
| Investor | Family of 3 or more people | |
|---|---|---|
| Immigration submission fee | €500 | €500 + €500 per child over 18 |
| Registration fees | €70+ | €210+ + €70 per family member starting with the fourth one |
| Fee for a permanent residence card | €70 | €210 + €70 per family member starting with the fourth one |
In this way, How can I legally live in Cyprus?
You must apply for a visa at your home country’s nearest Cypriot embassy or consulate. Upon arriving in Cyprus, within seven days, you must apply for a temporary residence permit at: The Civil Registry and Migration Department if you will be living in the Nicosia District.
Similarly, Can I get residency in Cyprus if I buy a house?
The reply will be: To qualify for the Cyprus Permanent Residency by Investment program, applicants are required to buy a first-time sale residential property or sets of properties to the minimum value of €300,000 (plus VAT, if applicable). First-time sale stands for new properties and not for resales.
Who can get permanent residency in Cyprus? Response: Those EU and non-EU residents who have continuously legally resided in Cyprus for 5 years can be granted permanent residency. An individual who invests €300,000 or more (plus VAT) in buying a new house or apartment from a property developer can be granted permanent residency.
Can a foreigner get citizenship in Cyprus?
Answer will be: The foreigner must be a permanent resident of Cyprus and must have been living in this country for minimum 7 years before the application for citizenship is started. A person must be a permanent resident in order to obtain citizenship (permanent residency is usually acquired after 5 years of stay).
Do I need a property if I move to Cyprus?
As a response to this: Those moving to Cyprus applying for a permanent residence permit through the F category will not need to purchase a property, but if they want to do so, it will be an advantage for their relocation and an advantage during the process of Cyprus immigration.
Similarly one may ask, Can a foreign student work in Cyprus? The response is: Prior to travelling to Cyprus and obtaining the residence permit, you must also get a Cyprus work permit and work visa. Foreign students who come to Cyprus on a Study Visa have to register their stay and get a temporary residence permit upon arrival. They are not allowed to work full-time, and even so, only in certain sectors of employment.
Simply so, Who can get permanent residency in Cyprus?
Those EU and non-EU residents who have continuously legally resided in Cyprus for 5 years can be granted permanent residency. An individual who invests €300,000 or more (plus VAT) in buying a new house or apartment from a property developer can be granted permanent residency.
Beside this, Can a foreigner get citizenship in Cyprus? The foreigner must be a permanent resident of Cyprus and must have been living in this country for minimum 7 years before the application for citizenship is started. A person must be a permanent resident in order to obtain citizenship (permanent residency is usually acquired after 5 years of stay).
Simply so, How to get a home in Cyprus?
The answer is: Here is how. If successful, your immediate family have the right to be employed or self-employed in Cyprus. There are several avenues for gaining residency in Cyprus: the traditional application and the golden visa scheme. Find homes in Cyprus via our property portal.
Herein, Can a foreign student work in Cyprus?
Prior to travelling to Cyprus and obtaining the residence permit, you must also get a Cyprus work permit and work visa. Foreign students who come to Cyprus on a Study Visa have to register their stay and get a temporary residence permit upon arrival. They are not allowed to work full-time, and even so, only in certain sectors of employment.