Cyprus Investment Program 2020
On the 18 of August, 2020 the Council of Ministers of Cyprus accepted the following amendments in legislation..
Cyprus is a paradise island with a mild climate and beautiful nature. And it is not surprising that today so many residents of other countries come there not only for vacation, but also for permanent residence. If you decide to settle in this southern place for a long time, and you need to obtain a residence permit, then this can be done by buying housing in Cyprus.
The procedure is as simple and convenient as possible, because the Government of Cyprus is interested in attracting residents of other countries to the island to receive foreign investment, which will help improve the economic condition of the state. A residence permit can be obtained subject to the following conditions:
The process of obtaining a residence permit based on the purchase of real estate in Cyprus begins with the submission of an application. To do this, you must pay a fee of 500 euros, as well as pay 50 euros for biometric surveys. Your application will be submitted to the relevant Ministry for consideration. The term for processing an application for a residence permit based on property ownership in Cyprus is 2 months.
After the application is approved, the applicant, together with all members of his family, must visit the island for 1 year to obtain actual permission. Nicosia has a migration office, which collects biometric data from the entire family. You can provide biometric data when applying for a residence permit based on the purchase of an apartment in Cyprus, as well as in the process of its consideration or immediately after approval.
If you have invested in real estate in the south of Cyprus and are going to apply for a residence permit, then you need to prepare a package of documents consisting of:
– copies of your passport and birth certificate;
– a document on your guaranteed income from abroad of at least 30,000 euros per year;
– a signed statement that you are not going to do any work in Cyprus;
– health insurance document;
– original criminal record;
– other documentation, the list of which can be consulted in the migration service.
you can get a residence permit based on the purchase of a villa in Cyprus (or another type of housing) promptly – within 2 months. In this case, the entire procedure can be completed remotely. The only thing you will need to come as a family to Cyprus for biometric photography;
to obtain a residence permit, you can buy housing in Cyprus not for permanent residence, but for temporary (for example, on vacation). But it is necessary to visit the island at least once every two years;
Dependents can be enrolled in high-quality private schools, where they teach in English;
the residence permit applies to the whole family (the applicant is a residence permit for which Cyprus property is registered by the developer, as well as his husband (wife) and minor children). This also includes the applicants’ parents and his adult children, who for some reason are dependents;
Due to the fact that the sale of real estate in Cyprus today is organized very conveniently and a large number of profitable housing options are offered, you can easily become the owner of a house on the island and apply for a residence permit. You are provided with sea, sun, a wonderful climate and all the privileges of residents with the status of permanent residents.