Cyprus citizenship and residence permit through the purchase of real estate
Are you considering moving to Europe with your family to develop your business and access quality education and healthcare? This article explains the intricacies of obtaining Cyprus citizenship when buying real estate.
Cyprus Residence Permit Program
In Cyprus, obtaining a residence permit based solely on owning a home is impossible. However, a foreigner can obtain permanent residency in the republic by purchasing real estate. The applicant must purchase a house, apartment, office, store, hotel, or other commercial property (one or more) for at least EUR 300,000. The same requirements apply to applicants as to other investors. The applicant must also confirm that the funds for purchasing the property were not taken on credit in Cyprus but came from abroad.
What real estate properties are suitable for obtaining status?
A foreigner can purchase a maximum of two houses or apartments and must be on the primary market.
Types of real estate for purchase:
villa or apartment (flat);
any two residential properties;
residential premises and a store with an area of up to 100 square meters;
residential and office premises with an area of up to 250 square meters.
It is important that when purchasing two real estate properties, their construction is carried out by one developer. Additionally, you must submit documents confirming a minimum annual income of at least 30 thousand euros per applicant.
Similarly, there is category F. The requirements for it are that the amount for the purchase of real estate be 100,000 euros and VAT. At the same time, the applicant's annual income must be 9568 euros and 4613 euros for each dependent. Dependents are children and parents. There are special requirements for them.
Advantages of living in Cyprus for residents
Like any country, Cyprus has its advantages and disadvantages. You need to know about them before moving to live in this country. Advantages:
Favorable Mediterranean climate. There are no cold winters. Living conditions are suitable for recreation and business. Because Cyprus is a small island, going on holiday to the sea is not a problem.
The opportunity to become a tax resident of the country. This means there is an opportunity not to pay taxes on interest income and profits from the sale of securities.
Free medical care. For this, you can use the state General Healthcare program.
The opportunity to obtain Cypriot citizenship after living there for at least 7 years.
Affordable education. Teaching is conducted in Greek in public schools and English in private schools.
The price of real estate is lower than in many EU countries.
Cyprus speaks Greek. However, the country was a British colony for a long time and became an international tourist center. It is easy to find lawyers, doctors, tax consultants, and other specialists who speak English. In large cities, you can live comfortably without knowing Greek. The language is worth learning for those who plan to obtain citizenship in a few years. Without it, you will not be given a passport.
Living in Cyprus has more advantages than disadvantages. However, the future emigrant must have a steady income or savings for the first stay in the country.
