Cyprus is an island state member of the European Union that is not only a great place for a beach holiday, but also an ideal location for a comfortable life for the whole family. Cyprus is a safe country with high standards of education, medicine, and social insurance. The easiest and most affordable way to obtain an official residence permit in Cyprus is to invest a certain amount in real estate on the island. To obtain a residence permit in only 2 months the investments in real estate must start from 300 thousand euros. For more information on how to obtain a Residence Permit in Cyprus and which are the documents required for it, keep reading.
Permanent Residency in Cyprus: an investor’s guide
- You can apply for a residence permit immediately after purchasing real estate in Cyprus with a total value of at least 300 thousand euros;
- The residence permit in Cyprus is valid for life;
- The applicant must visit Cyprus at least once every two years;
- In order to obtain a residence permit in Cyprus, one has to fulfil some requirements regarding the minimum annual income of the investor. It is 30 thousand euros for the investor's family + 5 thousand euros for each minor. It is imperative that such an income comes from a legal source and can be confirmed by official documents. This can be official wages, income from shares, investments, or property rentals;
- The applicant must also open an account in any bank in Cyprus;
- The documents that are submitted with the application of the investor and his family must be officially translated and certified;
- The documents for obtaining a residence permit in Cyprus are submitted to the Immigration Department in Cyprus, which is located in the capital city of Nicosia. Our hand picked selection of properties for sale in Nicosia can be viewed on our website;
- The applications for a residence permit in Cyprus are approved by the Ministry of Internal Affairs of Cyprus;
- The residence permit may be canceled only if the investor and his family do not visit Cyprus the required number of times (at a minimum once every two years);
- The accelerated procedure for obtaining permanent residency takes maximum two months.
What documents are needed for the residence permit application in Cyprus?
During the filing of documents for the residence permit in Cyprus, the island authorities scan the fingerprints of the investor and of all accompanying applicants, as well as his electronic signature, and take photographs. In addition to the application and the official registration fee for the examination and execution of documents, the investor and his family must submit the following package of documents to the Immigration Department in Cyprus:
- The passport of the country of residence of the investor and of all the members of his family who want to obtain a residence permit. A copy of all the passports is also required;
- The contract for the purchase of real estate in Cyprus, as well as it’s notarized copy. You can view and select properties in Cyprus golf resorts by following the link;
- An official document confirming the minimum annual income of the investor is at least 30 thousand euros;
- Medical insurance issued in Cyprus for all of the family members of the investor;
- Bank account statement from one of the banks in Cyprus;
- The investor's marriage certificate, as well as the birth certificate of all children who want to obtain a residence permit in Cyprus together with the investor;
- In addition, if you have minor children, you must provide an official statement about the enrollment of the children in a preschool or school institution.
The process of applying for and receiving a residence permit in Cyprus is a fairly transparent and easy process, which, however, requires a certain amount of time and making sure you comply with the above conditions. The Cyprus Sotheby's International Realty specialists provide a full range of services and support at every stage of this process - from choosing and buying real estate on the island to obtaining a residence permit for the entire family of the investor!
Do you still have questions about how to obtain a residence permit in Cyprus? Please contact us in any convenient way.