Your Route to Cyprus Permanent Residency
Many people dream of moving overseas for a better quality of life and greater opportunities in a country with a more pleasant climate. From business people who want to step away from the rat race to families looking to spend more quality time together in a safe environment. You may be surprised to hear that making this move is not as difficult as it may seem, thanks to the Cyprus Permanent Residency Programme. There are two options when it comes to applying to live in Cyprus. One is the Cyprus Citizenship by Investment Programme and the other is the Cyprus Residency by Investment Programme. It is the latter we will be looking more closely at here.
What are the requirements for Cyprus Permanent Residency?
In order to take advantage of this fast track route to Cyprus residency, you will need to fulfil certain criteria. The process is not too complicated or lengthy, and there is a high level of acceptance so it’s likely that your application will bring you the desired results of permanent residency in Cyprus. The first requirement is a purchase of real estate property. This must have a minimum value of €300,000. Secondly, you must deposit a minimum of €30,000 in a Cyprus bank account and that sum must remain there for at least three years. You will also have to prove that you have an annual income of a minimum of €30,000 per year. If you are seeking residency for your family too, then you’ll need to prove a higher income. So to that $30,000 you must add on €5,000 for your spouse and each child and if you are also including your parents or parents in law on your application, then you must prove an additional €8,000 of annual income. Finally, you must not have a criminal record.
What are the benefits of Cyprus Permanent Residency?
There are some wide ranging benefits of taking part in the Cyprus Permanent Residency Programme that go beyond simply allowing you to reside in the country of your choosing. Once your application is successful, your permanent residency is valid for life, there is no requirement to renew or reapply. With Cyprus residency you and your family will gain the freedom to travel visa-free throughout the European Union. To keep your residency, there is no requirement for you to live full time in Cyprus, in fact, the only stipulation is that you visit Cyprus for at least one day every two years. This gives you lots of flexibility for any life changes that may occur over the years, without jeopardising your residency. Should you need to return to your home country to work, or for personal reasons such a caring for an elderly relative, you can do so knowing you can return to Cyprus whenever you want to. With permanent residency in Cyprus, you can also make the move to being a Cyprus passport holder once you’ve lived in Cyprus for at least seven continuous years.