How to get a residence permit in Cyprus based on a home purchase

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.

What is required to obtain a residence permit

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:

1. To obtain the right to reside, you must buy real estate in Cyprus, which has a total market value of 300,000 euros (plus VAT) and (or) more. The option of buying two residences for this amount is allowed, but they must be in the same project. Another way is to buy a plot in Cyprus with an area of up to 4000 sq. M. for building your own mansion;
     It is also possible to obtain a temporary residence permit. To do this, you need to buy a house in Cyprus worth from 100,000 euros, and after 5 years of owning such housing, you can apply for a permanent residence permit;
2. Deposit a minimum amount of EUR 30,000 from abroad into an account that you cannot use for 3 years;
3. Have a secured annual income from abroad of at least 30,000 euros.

The procedure for obtaining a residence permit

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.

What documents do you need

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;
– summary;
– 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.

What is convenient for obtaining a residence permit in Cyprus?

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.