How to obtain a residence permit through the purchase of real estate: step-by-step guide
Cyprus has long established itself as one of the most comfortable places to live, vacation and invest in the EU. Thanks to its stable economy, warm climate and loyal migration policy, the island has become particularly popular with foreigners. A legal, transparent and relatively quick way to live in Europe is to obtain a Cyprus residence permit through the purchase of real estate.
Conditions for obtaining a Cyprus residence permit through the purchase of real estate
Foreign citizens have the opportunity to obtain a passport for investment by fulfilling several key conditions. The main one is the purchase of real estate in the amount of 300,000 euros or more (excluding VAT). The property must be new, purchased from a registered developer. In addition, it must be registered with the Land Registry Department. Secondary real estate, unfortunately, is not suitable for this program.
Stable income is also an important requirement. At the time of application, it is necessary to confirm financial solvency. Requires at least 30000 euros of annual income for the main applicant and an additional 5000 euros for each dependent. All funds must come from abroad and be of proven legal origin as specified in the Prevention of Money Laundering Act 188(I)/2007. Health insurance, a criminal record certificate and a minimum presence on the island will also be required. It is sufficient to visit at least once every two years to maintain status.
Stages of processing: from choosing an object to receiving a residence permit card
The path to a Cyprus residence permit starts with choosing a suitable property. It can be an apartment, a house or a townhouse. The main thing is that the object was new and cost from 300000 euros. After the selection of suitable housing is important to conduct a legal review of the transaction. It is necessary to make sure that there are no encumbrances, the presence of all permits, as well as register the contract of sale. Here it is highly desirable to enlist the support of a licensed attorney who knows the legal aspects of the purchase and will protect the interests of the client.
The next step is to open an account in a Cypriot bank. Payment for the property must be made from the personal overseas account of the buyer. This condition is strictly observed, as it refers to the procedures within the framework of the European anti-money laundering legislation. After signing the contract, registering it in the cadastre and fulfilling all financial obligations, it is possible to submit the documents to the Migration Service. The kit includes:
passport;
copies of all real estate documents;
certificates of income;
bank statements;
insurance;
criminal record certificate;
MIP1 application form.
The application itself is submitted either in person or through an authorized representative in Nicosia. The state fee varies between 500 and 700 euros. It will take from two to four months for consideration. After approval, it is necessary to undergo the biometrics procedure and receive a document confirming the residence permit. Having received a residence permit of Cyprus, a person can live on the island for an unlimited amount of time, without being obliged to stay here permanently. It should be borne in mind that the residence permit does not give the right to employment in Cyprus. Those who want to be employed will have to apply for a visa.