The Perks of Having A Cyprus ResidencyFebruary 2, 2022
Cyprus is a mini-paradise with gorgeous beaches, beautiful hikes, and stunning properties. You’ll fall in love with it almost immediately. Also, if you want to invest in property, the good news is that it’s easy to get your Cyprus residency. Not only is it easy but the fast-track overall process takes only a couple of months. If you’re still not convinced about Cyprus though, why not check out Pafilia and its stunning portfolio of different property types across Paphos and the rest of the island? If you haven’t already been then you must visit Cyprus because you’re bound to be blown away.
Top Perks of a Cyprus Residency
One of the main concerns when moving to a new country is the visa process. No one likes paperwork. Luckily, Cyprus makes it very easy to gain residency, such that you’ll even enjoy the following perks:
- Access to Europe
- Include dependents
- Permanent residency is valid for life
- Helps you get the Cyprus passport
Access to Europe
Your Cyprus permanent residency status allows you to easily travel through Europe. If you don’t already know Europe then you’ll love exploring its many countries rich in history and culture and all with an amazing variety of great food. There is also a wide range of inspiring and exceptional festivals and music concerts to go to. Remember also that everything is within a short flight away. Your weekend breaks will take on a whole new meaning. You’ll finally be able to visit the Eiffel Tower, the Leaning Tower of Pisa and so much more.
Another useful perk that your Cyprus permanent residency gives you is that you can include your spouse and children on your permanent residency application. This assumes that they are financially dependent on you of course. Moreover, it then makes it easier for your children to get their own permanent residency status once they’re 18.
Permanent residency is valid for life
If you hate paperwork then you’ll love the fact that your permanent residency status is for life. Once you’ve been approved then you don’t have to go through the process again. Also, you can easily keep your Cyprus residency status because you only need to visit Cyprus one day every two years. Many countries have a much stricter number of days requirement when it comes to maintaining permanent residency status.
Helps you get the Cyprus passport
One of the key criteria for obtaining your Cyprus citizenship is to hold permanent residency for 7 years. The best part of getting your Cyprus citizenship is that your spouse and any children under the age of 18 also get it automatically. Overall, the advantages are very similar to those you can expect with permanent residency although you have that much more security. You’ll obviously have to first investigate how this might work with your current passport. Some countries don’t allow you to hold dual nationality. So, you might have to decide whether you need to, or even want to, give up your current one. This is very much on a case-by-case basis though.
Things to Bear in Mind when Applying for Permanent Residency
If you prefer, you can wait to complete 5 years of living in Cyprus to apply for permanent residency. However, there is also a fast track route to get your residence permit with a few requirements as listed below:
- Invest in property for fast track process with at least 300,000 euros
- The annual income of at least 30,000 euros
- Fixed-term deposit of 30,000 euros to be held for 3 years
- You have to be physically in Cyprus to process your biometrics
If you’re already searching for property in Cyprus then you might be happy to know that your investment can help you fast-track your permanent residency application. You can also include any dependent family members as long as you can prove an annual income and provide a fixed deposit. It also goes without saying that you’ll need to have a clean criminal record.
It’s worth noting that you’ll need to be in Cyprus to submit your papers for your Cyprus permanent residence permit, as well as your biometrics. This is now standard across the whole of the European Union. Whilst the application process is relatively straight forward by going to the Registry and Migration department, you might want to consider working with a law firm. They’ll be able to advise you and support you throughout the process so that you’re not missing any paperwork at the key moments.
Read Also: Reasons to Send Flowers to Your loved Ones
Parting Thoughts on Cyprus Residency
Investing in real estate is a big decision especially when dealing with property abroad. Therefore, it’s a huge advantage to have a permanent residency safety net when looking to live in Cyprus. Some countries don’t offer this and there’s always a risk that you might lose the property if laws change. This isn’t the case with Cyprus though. In fact, you can rest assured that your property will remain under your ownership and any relatives as per your will. Moreover, it will always be a wise investment with its status as a thriving island and located in a great part of the world.