Cyprus is a marvelous island steeped in history. Tasteful food, enchanting beaches, rich culture, beautiful and breathtaking architecture are things that describe this island. Cyprus may offer a high quality livelihood which is presented by affordable prices, brilliant healthcare systems, business opportunities, etc. It is also vital to remember that the island is splitted into Southern and Northern parts. (the information in the article is about the South)
So, if obtaining residency and buying property in Cyprus are things you are thinking about – you have come to the right place!
This article will help you to sort out all details you are curious about! (the information is relevant for 2023)
Reasons to invest in Cyprus PR
Let’s take a look on the main reasons:
- The island offers a quality life with a warm weather and friendly atmosphere;
- It is vital to note that Cyprus has a low crime rate. Moreover, the island is politically steady;
- Owning Cypriot PR give you the admission to the EU;
- The authority of the island simplifies family application procedure;
- Island sustains an increasing economy and give many advantages or businessmen;
- The state has clear and appealing tax regulations (12.5% – company tax rate);
- With a permit you will be able to visit other EU states, EEA, and Switzerland;
- It is not obligatory to reside in a country to own a PR.
These are the common reasons why people are prone to select this island for living.
Ways to get a residence permit in South Cyprus
The Golden Visa is a program that lets non-EU inhabitants get residency in Cyprus (and then citizenship after living in a state lasting 7 years) by purchasing the property.
Nowadays there are two variants accessible:
- Fast-track way: acquiring a housing for €300000 (including VAT). The person has to pay the upfront cost of €200000 (without VAT) when filing the application blank. Another way is to acquire a commercial property (the whole sum also €300000). The investment of the same sum of money in the share capital of a firm running here is also feasible.
- Slow-track way: it is not obligatory to acquire property for sale or invest in business. Nevertheless, it is mandatory to present evidence of secure yearly foreign revenue of minimum €10000, growing by €5000 for every dependent individual.
The procedure of getting Cyprus Golden Visa
Here’s the guidance (the procedure lasts 2-5 month):
- Turn to an international citizenship consultancy;
- Acquire a property, business, or funds for €300000;
- File for a PR;
- Make a mandatory payment and wait until the procedure is finalized;
- Get an allowance for residing.
These stages will help you to complete the procedure successfully.
Conclusion
The scheme observed above is a route to Europe that is both lucrative and filled with benefits.
Cypriot PR is an ideal decision with its low investment threshold and amazing benefits for those wishing to settle down in a safe place for further life.
