Temporary residence permit (residence permit and permanent residence) in Cyprus

More than 40,000 Ukrainians live on the Mediterranean island, while a significant number of tourists who come on vacation are considering the possibility of moving to Cyprus.

EU member state with high standard of living, developed infrastructure, rich history and picturesque sea coast… What other benefits attract foreign citizens, encouraging them to immigrate to Cyprus:

  • low interest rates;
  • Mediterranean climate;
  • good ecological condition;
  • low crime and corruption.

In Cyprus, both a temporary residence permit (residence permit), known here as the Pink Slip, which is limited in time and requires renewal, and a permanent residence permit, which is valid for life.

Among the ways to obtain a residence permit and permanent residence in Cyprus:

  1. Marriage to a citizen of Cyprus. In this case, the person applies to government agencies for a marriage certificate.
  2. Obtaining refugee status. Authorities divide this category into political refugees and humanitarian refugees, who have left the country during the fighting and are committed to returning to it after the war.
  3. Employment on the basis of an official invitation from the employer. To obtain a residence permit, you must also apply for a work permit.
  4. Studying at a university in Cyprus. The residence permit is issued not only to students, but also to parents who accompany their children to study.
  5. Implementation of entrepreneurial activity. Opening or buying a company in Cyprus is also attractive at favorable tax rates. In addition to registering a company, you will also need a work permit and confirmation that the funds on its account came from foreign sources.
  6. Status of a pensioner who is financially independent or has arrived in the country under a family reunification program. Foreigners who do not need employment, receive an annual income of € 1,000 and have a € 20,000 account with a Cypriot bank are considered financially independent. Family reunification needs to be confirmed by providing a passport to a close relative living in Cyprus.
  7. Buying real estate. The residence permit is received by its owner, the second spouse, as well as their children under the age of 25 if they are studying. To issue it to adult children, the value of the real estate must be from € 600,000 if the child is one and from € 900,000 if there are two.

In the case of the purchase of a new real estate worth more than 300,000 Euros, there is an accelerated procedure for obtaining a permit, which takes less than 2 months. Otherwise, the acquisition of real estate, the time of receipt of the document, as practice shows, will be up to 12 months.

The procedure for obtaining permanent residence in Cyprus under the accelerated procedure in the case of purchase of real estate includes the need for documentary evidence:

  • purchase of real estate worth more than 300,000 Euros excluding VAT with the funds received from foreign sources;
  • availability of funds on the account of the Cypriot Bank in the amount from 30,000 Euros;
  • no criminal record of the real estate owner and members of his or her family;
  • statements from all family members, including adult children, that they are not applying for a job in Cyprus.

VigoLex is ready to provide advice on any issue of all types of residence permits in Cyprus.

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