Obtaining and benefits of permanent residence in Cyprus

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The Republic of Cyprus is located on the island of the same name in the Mediterranean Sea. Since 2004 it has been a full member of the EU. The country has gained great popularity as a tourist resort for citizens of European countries. The subtropical Mediterranean climate is suitable for recreation and permanent living. The country's population is more than 1.2 million people. Common languages ​​are Greek, English, and Russian. The economy is based on three industries: tourism, services, and extractive industries.

Find the 8 best places to visit in Cyprus  here .

How to obtain permanent residence in Cyprus
Permanent residence in the Republic of Cyprus special data gives foreign citizens the right to reside in the country. Unlike a residence permit, this status does not need to be renewed. However, to receive it, several conditions must be met. The following are the possibilities for obtaining permanent residence in Cyprus.

Investments
In 2021, the government of the Republic of Cyprus provided foreigners with an opportunity to obtain permanent residence, subject to their investment in the country's economy (category 6.2). It is proposed to invest in real estate. The minimum price of real estate is 300 thousand euros and the VAT for the same. A minimum of 200 thousand of the specified amount is invested immediately (regardless of the completion of the construction of the facility), and the remaining 100 thousand is paid in phases. It is important that settlements are made from Cypriot bank accounts.



Types of properties to buy:

villa or apartment (apartment);

any two residential properties;

living and store space up to 100 square meters;

living and office space up to 250 square meters.

It is important that when buying two properties, a promoter is involved in their construction. In addition, it is necessary to present documents confirming the minimum annual income in the amount of at least 30 thousand euros per candidate.