Cyprus immigration from non-European Union nations is not only possible, but it’s also an excellent choice for your next home. With the help of a lawyer, you can purchase property and receive permanent residency.
Investing in property in Cyprus is an excellent choice because of its location, attractions, amenities, and rich culture. Surrounded by the Mediterranean Sea, the sunny Republic of Cyprus provides citizens with breathtaking scenery and a relaxed lifestyle.
Cyprus Immigration and Property Investment
Real estate investors can obtain permanent residency in Cyprus upon meeting specific requirements. Once accepted, qualified non-EU citizens gain the legal right to enter and live in the country without restrictions.
Permanent residency by investment is granted to people with sufficient income. Ask a legal representative which category best suits your needs.
Permanent Residency Categories in Cyprus
Cyprus offers different types of permanent residency statuses to apply for. The following residency types reflect the welcoming nature of the region:
- Long-term residence permit
- EU citizens who have lived in Cyprus for five years
- Property investors
Non-EU citizens looking to invest in property can select between two categories. Get a head start by making a more significant investment to acquire a category 6.2 residency permit. For those willing to wait longer, a smaller investment in Cyprus provides a category F residency.
Fast Track Property Investment for Non-EU Citizens
Get Cyprus immigration quickly with the category 6.2 fast-track permanent residency. Investors who meet the requirements are welcome to apply. Fast track permanent residency takes about two months to process and complete.
To qualify for category 6.2 residency, investors must:
- Purchase Cyprus real estate valuing at least €300.000
- Have an annual income of €30.000
- Increase income requirement by €5.000 annually for each dependent
- For dependent parents and in-laws, add €8.000
- Register the real estate agreement with the land registry for €200.000 plus VAT
- Transfer €30.000 to a Cypriot based bank and pledge the sum for three years
- Prove they have a clean criminal record in the country of residence
The application procedure is reasonably laid out in easy to follow steps. Upon completion of the fast track permit’s successful attainment, investors can eventually become eligible for citizen status.
Category F – for Smaller Investments
While the F permit’s processing time is longer, the minimum investments for non-EU citizens are smaller. The only necessary investment needed to qualify for the F permit is a bank deposit to a Cyprus bank account of €15.000 to €20.000.
While property investment isn’t necessary to qualify for the F class permanent residency, it’s highly recommended. To make it easier, funds for the real estate purchase don’t have to be from abroad. The differences between the 6.2 and F permits include:
- 6.2 considers dependent children as permanent residents even when they turn 25 years old
- F permit doesn’t allow parents and in-laws to apply as dependents
- Permit F only considers dependents until the age of 18
- The annual salary required for the F permit for one applicant drops to €9568
- Add a lower amount per dependent for the F permit — €4613
Expect a processing time of 18 months before you and your dependents can begin to enjoy Cyprus residency.
Types of Real Estate Investments in Cyprus
Foreign Investors wanting permanent residency are welcome to purchase a maximum of two properties. Both properties must be bought from the same developer. It’s permitted to mix property types. Examples of allowable property include:
- Two houses
- Two apartments
- One house and one apartment
- One house and one shop
- One house or apartment and an office
It’s permissible to purchase properties that are under construction. A company name may invest in real estate as long as it’s registered in Cyprus; the applicant and their house must be listed as shareholders of the company.
The Benefits of Living in Cyprus for Non-EU Citizens
Cyprus attracts foreign investors’ attention for many good reasons, including financial, high living standards, and location.
English Speaking Cypriots
Communication with Cypriots is easy since citizens can speak English sufficiently to receive all the services you need.
Cyprus Ranks as the Fifth Safest Country in the World
Residents and visitors of Cyprus feel safe in their surroundings. Various news reports rank Cyprus as being one of the top five safest countries to live in worldwide. Nations rate according to the levels of:
- Natural disasters
- Epidemics
- Terrorism
- Violence
- Air quality
- Water quality
- The ratio of police to civilians
- Life expectancy
During the Covid-19 pandemic, Cyprus also ranks as one of the safest countries to live and travel to. Stringent measures helped flatten the curve, and businesses are operating as usual. It’s also another reason why professionals trust bringing their families to Cyprus.
Get More Value With a Property Purchase in Cyprus
Compared to the rest of Europe, real estate is less expensive in Cyprus. Investors can get more with their money with special incentives offered by development companies. The most expensive properties exist in the resort neighborhoods.
Types of property for sale include:
- Apartments
- Town houses
- Detached houses
- Condos
- Penthouses
- Villas
- Office space
- Shops
Non-EU citizens must apply for permission to register the property in their name from the District Office of the City. All properties are registered in the land registry department.
Family-Friendly Neighborhoods and Amenities
Cyprus provides the services necessary for families’ day-to-day life. Upon the approval of permanent residency, household members gain access to free health care. It’s permissible for an entire family to apply for a residence permit.
Expert Legal Help For Cyprus Immigration
Lawyers in Cyprus help investors navigate the immigration process with ease. Immigration lawyers help prepare the documents for application and give guidance to non-EU citizens seeking permanent residence. Talk with an expert to learn how to begin your move to Cyprus.
