5+1 Things You May Not Know About the Cyprus Residency Program
In addition, the Cyprus Residency program allows foreigners, especially people interested in investing in property in Cyprus, to acquire permanent residency status and enjoy the full benefits of living in this wonderful country.
This article presents 6 interesting and important facts about the Cyprus Residency Program that you may not know. Let’s see them together.
1. Highly Efficient Application Procedure
Applying for a permanent residency scheme is a breeze: aside from submitting the necessary application and certain documents to the Civil Registry and Migration Department or the District Offices, the applicant must also present a Title of ownership or contract of sale (already submitted to the Department of Lands and Surveys) of a property in Cyprus of a minimum market value of €300.000, and proof of payment for at least €200,000.
The property could be a house, an apartment or any other building. If all the necessary documentation is provided and the application is properly applied, the whole procedure could be concluded within just 2 months, with the applicant’s spouse and children (under the age of 18) also acquiring permanent residence.
Note that the approval rate is considerably high when all criteria are met.
2. Not Necessary to Reside in Cyprus
One of the most convenient aspects of the Cyprus Permanent Residency Program is that it doesn’t require the applicant to reside in Cyprus.
He or she just need to visit Cyprus at least once every 2 years and provide evidence of a stable minimum annual income of €30,000, from sources other than employment in Cyprus (e.g. pensions, stock shares, rents, etc.). The minimum annual income raises by €5,000 for each dependent person, and by €8,000 for each parent of the main applicant and/or the spouse.
Presence in the country is not required even for the application process, which can be performed by a representative of the applicant. However, at least a short visit is required for biometric capturing.
The applicant must not be employed or engaged in any form of business in Cyprus, but may own shares in Cypriot companies and receive dividends, or income/rents from commercial real estate properties.
3. Clean Criminal Record
One of the most important requirements for any applicant is to submit a clean Criminal Record Certificate.
4. Enjoy Benefits of European Residency
Permanent residency in a European country affords numerous and coveted privileges, including:
- Permission to reside and travel anywhere in Europe.
- There are no language, education or medical examinations requirements.
- All permanent Residency holders can apply for citizenship after seven years.
- Dependent children between 18–25 and parents of the applicant are also eligible.
- Dependents can be enrolled in high-quality private schools, offering English language courses.
5. The Permits Don’t Expire – No Renewal Required
The permanent visa is valid forever or for as long as the holder owns the property in Cyprus. If the holder wishes to sell the property, he/she can retain the status by purchasing another one of at least the same value.
6. Permanent Residency Holders Can Apply for Citizenship After Seven Years
As already mentioned, all permanent residency holders are eligible for full citizenship after seven years. Since Cyprus is an EU member-state, its citizens are also EU citizens, with all the privileges and benefits bestowed by that status.
The Cyprus Investment Residency program is an excellent choice for property investors with an eye for win-win opportunities, allowing them to invest in an excellent real estate market while enjoying the benefits of European residency.
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