Moving to Cyprus for permanent residence is the main decision for any family.
This Mediterranean region offers favorable conditions for running a successful business and living. The excellent opportunities for tax planning will also pleasantly surprise you. The island has a program for registration of permanent residence through the acquisition of real estate. Such a program is ideal for those foreign citizens who will spend most of their time on the island and want to change their tax residence.
Reasons to move to an island in the Mediterranean
When considering whether to move to the “island of Aphrodite” or not, it is worth mentioning the fact that more than 7,000 people have received passports lately.
What attracts people? Why do they decide to stay here forever?
Calm criminal environment
The island’s territory is small, so it is not difficult for law enforcement agencies to protect the peace of their inhabitants. According to the latest ratings, Cyprus is ranked 5th in terms of the safety of living in it.
Affordable property value
To move to Cyprus, you need 300 thousand euros. For this cost you can buy housing in Limassol or a spacious villa in Paphos.
The tax policy in the country will please many, since the income tax is only 12.5%, and the real estate tax has been canceled.
Accessibility of “European education”
For families moving with children, there will be no problems with obtaining an education, since diplomas of local universities are highly rated throughout the territory of the former USSR.
Mediterranean climate comfortable for living
There are no cold winters in Cyprus, so life here will be different. The weather is hot in summer. Autumn weather persists until spring. The winter months are generally windy and damp, but the air temperature never falls below 22 degrees. There are many citrus trees and exotic plants growing in Cyprus. Young children will be especially happy to move to Cyprus, as flamingos live here, which are so pleasant to watch.
What do you need to be prepared for when moving to Cyprus?
To obtain permanent residence, you must be financially independent and stable. For a quick move, you can use the state residency program, in which it is possible to obtain a residence permit for investments.
– you need to spend 300,000 euros and put money in the bank for a deposit.
– according to the terms of the program, it is prohibited to be an employee or to conduct business.
Thus, you need to have a steady income outside the island’s borders. It should also be remembered that life in Cyprus is not cheap when compared to European countries.
European education is available for children.
Preschool institutions and schools are both public and private, you can choose based on the preferences of the parents. In government institutions (schools, kindergartens), teaching is conducted in Greek, in private schools – in English. There are schools where teaching is carried out in Russian. To register a child in kindergarten, you must submit documents in advance (from 3 months to 2 years before admission). To enroll in the school, an interview is required.
Cyprus property is quite affordable, however utilities are not cheap. Utility bills average from 100 to 260 euros per month, this is not taking into account the payment for mobile communications and the Internet, which, in turn, is about 40 euros per month. There is no central heating (due to the climate), but the locals often use air conditioners.
Permanent residence in Cyprus, how to get it?
To obtain a permanent residence on the island of Cyprus, you need to purchase housing worth at least 300 thousand.
According to the updated Cyprus permanent residence program dated March 24, 2021, real estate can be from a developer or secondary. In addition, the investor is no longer required to transfer 30 thousand to a deposit in the Bank of Cyprus, as it was before. The legality of a financial source outside Cyprus will need to be verified. In addition, the applicant must have an annual income of at least 30 thousand euros per year, an additional 5 thousand euros for each unemployed person and 8 thousand euros for the parents.
Investment methods are different. The law allows the acquisition of:
one dwelling (structure, object);
two housing units (villa or apartment);
purchase of an apartment and a shop up to 100 sq. m .
apartments and offices (up to 250 sq. m.).
At the same time, it does not matter how many developers own investment objects and their location.
Main requirements for a depositor
Anyone over 18 years of age with an impeccable reputation, no criminal record can participate in the investment program. Close relatives of the investor can also take part in it, namely: spouse, children (up to 25 years old), as well as parents.
Immigration to the island of Cyprus for 2 or more families
If the applicant has a child who has reached the age of 25, then under the terms of the residence permit program, he / she receives the right to obtain a residence permit for the child’s family.
However, in this case, housing will cost at least twice as much and will amount to about 600 thousand euros. For 3 families, the cost will be more than 900 thousand euros. Each family needs to open a bank account in Cyprus for 30 thousand euros, while the minimum income must also be 30 thousand euros per year.
Permanent residency in Cyprus in just 4 steps
The procedure for applying for permanent residence is quite simple and takes a couple of months.
1. Acquisition of property. Purchase and sale with a private person is prohibited. The second party to the transaction can only be a developer.
2. Submission of the case, while the applicant may not be present in person.
3. Making a decision on the application. Specialists of the Department of Civil Registration and Migration consider the application for no longer than 2 months, then a final decision is made. You don’t have to be for an interview.
4. The final stage. Within 1 year, the investor needs to come to the island to submit biometrics and receive an ID – card.
Why should you get permanent residence in Cyprus?
It is not necessary to reside permanently in Cyprus. Visit the island twice a year.
The acquired property can be profitable for those wishing to rent it.
On average, about 3 million tourists come to Cyprus in need of housing, which in turn increases the demand for renting real estate.
Permanent residence allows a resident to live on the island and change his tax affiliation.
The main thing is that the investor is on the island for at least two months and does not belong to another jurisdiction for up to six months.
Permanent residence in Cyprus: a guarantee of prosperity and new prospects
Having a residence permit, the owner has the opportunity to move to a permanent place of residence with the possibility of obtaining an education. At the same time, a resident does not have the right to work in local firms. Visiting the Schengen area requires a visa. If you live continuously on the island for 7 years, you can obtain Cypriot citizenship. This, in turn, opens up great prospects for the implementation of the applicant’s working resource.