Why Many People Are Getting Cyprus Residency

Today’s world is more and more global with people traveling and moving to live in countries away from their place of birth

Why Many People Are Getting Cyprus Residency

Today’s world is more and more global with people traveling and moving to live in countries away from their place of birth. With countries also being more open and lenient to immigrants moving in, the processes for long-term residency have become easier. Having said that, the Cyprus residency process is one of the simplest ones. This is easily the case if you choose to follow the residency by investment. Then, the first step on your Cyprus residency will be to launch your search for property in the region. The fun part is finding out where you might want to live. To give you an idea, pafilia.com has a great portfolio of various luxury properties across the island.

Why Apply for Cyprus Residency?

There are many perks to having a Cyprus permanent residence permit, some of which are described below:

  • Easy and efficient process
  • Include your spouse and children
  • Access to the European Union
  • Valid for life and easily maintained
  • The first step towards Cyprus Citizenship

Easy and Efficient Process

Even if you’re not a huge traveler and you simply want to settle in Cyprus then getting your permanent residency is a must.  Basically, it’s valid for life. The permanent residence status allows you to live without having to ever do any more paperwork. It’s a huge relief living in a place and knowing that there’s no risk of being thrown out because of some future policy change.

Another great advantage is that the Cyprus permanent residency process is very efficient. In fact, it only takes on average 2 months, although it can go up to 4. Either way, your residency permit application goes through the Civil Registry and Migration Department. Although, remember that it’s important that you hold a clean criminal record as this will be a critical check.

Include your Spouse and Children on your Cyprus Residency

Once you’ve been approved, you and your family can travel visa-free across Europe. You can even include your parents and your spouse’s parents on your permanent residency application if they’re your dependents. It’s worth noting though that this assumes you’re opting for Category 6.2 or Category F. Both of these processes involve proving a minimum annual income and that you can support your dependents.

Access to the European Union

Europe offers great getaway weekends with a wide range of cultures, history, and food to choose from. Of course, you won’t need to be away all the time once you have your permanent residency. Bear in mind also that you’re bound to fall in love with Cyprus and its coastal lifestyle. Then again, it’s useful to be part of the European Union if you’re an investor. This is because you’ll be able to work more easily with people across the continent due to having a European business in Cyprus.

Valid for Life and Easily Maintained

As mentioned, the Cyprus permanent residence permit is valid for life. Even if you later decide to move away from Cyprus then you can still maintain your permanent residency status. You only need to visit for one day every two years to keep your residency permit which is actually very generous.

The first step towards Cyprus Citizenship

The Citizenship by Investment program ended in 2020 but you can still follow the traditional process. This means holding your residence permit for 7 years and actually living in Cyprus during that time uninterrupted. Depending on what other passport you hold, you might find it useful to have a European one as well. Either way, start by getting your permanent residency and then see what you feel like doing.

Fast Track Residency by Investment

  • Invest 300,000 euros in Cyprus property
  • Deposit at least 30,000 euros into a local bank account
  • Once approved, submit your biometrics at the Civil Registry and Migration Department

The most common approach for investing in your permanent residency permit is to apply for category 6.2 which means investing at least 300,000 euros in the property. You also have the other option of applying for category F that requires a minimum investment in property of 100,000 euros. In addition, though, you’ll have to prove a minimum annual income of 9,568 euros and an extra annual income of 4,613 per dependent.

You can also consider category C for permanent residency if you own a company that can also conduct activities in Cyprus. This option is perhaps less obvious to work with though so if in doubt, you might want to double-check with a lawyer.

Of course, there are some forms to fill in to get your residence permit. You’ll also have to deposit at least 30,000 into a local bank account. Once everything is approved though, your final step will be to submit your biometrics, with your family members, to the Civil Registry and Migration Department.

Final Recommendations for Getting your Cyprus Residency

Investing in Cyprus real estate also means you can invest in getting your residence permit and support your long-term life plans. Whether you’re looking for a more relaxed lifestyle or you want to set up an online business working from home overlooking the Mediterranean sea, you don’t want to have to worry about residency status. The great news is that the Cyprus permanent residency process is easy to follow and efficient. Consider that by the time the kids go back to school after the summer break, you could be all set up in your dream home both comfortably and legally.

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