Buying your Dream Home in Cyprus is the Key to EU Residency
Enjoy Permanent Residency in an EU country when you buy your dream home in Cyprus. Fulfilling your dream of an EU lifestyle has just been made possible by the Cyprus Government, which has recently announced that non-EU citizens making a minimum investment of € 300,000 in property on the island, subject to certain requirements, will be granted permanent residency through a special immigration visa.
Quite simply, this means you will be able to enjoy the same advantages as everyone else in Cyprus without having to apply for any permits or renewals.
There are some conditions to this scheme and full advice should be sought. For example:
- The €300,000 must be invested in a single property, not several smaller properties
- If the property is to be rented-out, it must be for long term rental contracts, i.e. of a year or more, rather than for weekly rentals.
One of the advantages is that if you have children under the age of 18 they too will be entitled to residency.
Note that there are costs associated with buying property in Cyprus but they are low compared with many other countries.Furthermore, you will be required to supply a set of documentation.Please contact us for further information.
Cyprus is already renowned as the perfect place to live with its almost year-round sunshine, a relaxed, stress-free lifestyle and a very low crime rate. Cyprus offers an ideal family environment, with your children able to benefit from excellent schools and universities, while healthcare and infrastructure are all state-of-the-art. The island also enjoys a favourable reputation as in International business center & gateway to the EU. Many international companies operate offices in Cyprus. Opening a company couldn’t be easier with low personal & business taxation plus the added benefit of tax treaties with numerous other countries.
For more information about Non EU citizens purchasing a property in Cyprus, please feel free to Contact ANY reputable Estate Agency in Cyprus.
The rules for EU personal seeking residence in Cyprus are summarized as follows:
- Any national from one of the EU Member States has the right to free movement.
In other words he or she may enter Cyprus if he possesses a valid EU passport or ID Card.This furthermore entitles him to enter without the need to register upon arrival and to remain in Cyprus for up to three months.
If he intends staying for longer than three months and / or wishes to gain employment the person must:
- Apply for an Alien Registration Certificate within eight days of arrival. This is available at the Police – Immigration Branch. There is a fee.
- Apply for a social insurance (security) number.This is required for employment.
- Apply for a residence permit.The residence permit application must be submitted to the Civil Registration and Migration Department within the initial three month period.Failure to do so will result in a fine.
The applicant will need two documents when applying: a valid passport or ID card; and a Document of Engagement of Employment which must display the economic activity code and be stamped by the Labor Department.