How much money do you need to get residency in Cyprus?
The Requirements
To qualify for Cyprus residency, investors must follow certain criteria. For residential properties, the investor must purchase a new house or apartment (or two properties) from a development company for a minimum of €300,000 plus VAT. VAT is 19%, or 5%, for the first property bought for personal use.
The property purchased must be for residential purposes and cannot be rented out. In addition, you must have an annual income derived from non-Cypriot-sources of not less than €10,000, plus €5,000 for each dependent. Additional income may be required at the discretion of the Civil Registry and Migration Department.
The fees for submitting this application amount to €500 for all persons included in the application. There is an additional fee of €70 in case that the applicant or one of his/her family members need to obtain an Aliens Registration Certificate.
Applicants may be able to obtain a Cypriot passport by investing at least €2,000,000 in alternative investment funds or financial asset of Cypriot companies/organisations. Financial assets include bonds, bills and securities issued by a company or organisation physically present and active in Cyprus.
Apartments and houses were in the highest demand, with prices increasing by 12.3% and 3.1%, respectively. Foreigners can buy property in Cyprus and get residency by investing in real estate for €300,000. Residential and commercial properties are eligible for the program.
Cyprus Permanent Residency can be obtained through purchasing property or legally residing in Cyprus for a continuous period of more than five years.
You purchase a property in Cyprus valued at least €300,000.
You will deposit €30,000 in a Cypriot bank account, which will be frozen for three years. You will enter Cyprus at least every two years. If you have dependents, you must have an additional annual income of €5,000.
Housing rent and utilities
However, its cost can be attributed to the main advantages of living in Cyprus. Renting a one-room apartment in the central part of a big city will cost 730€ per month, on the outskirts from 600€. For a three-room apartment, you will have to pay from 1200 to 1500€ per month.
Cyprus is generally more affordable than Spain, with a lower cost of living and affordable healthcare. The island also enjoys a warm climate and a relaxed lifestyle. Spain, on the other hand, has a rich culture and history, and is known for its art, architecture, and food.
How long does it take to get a residence permit in Cyprus?
Cyprus Residence Permits are processed: For employment: within four months. For studying: within three months. For family reunification: within nine months.
Non-European nationals
To stay in Cyprus for more than 3 months (90 days), you must obtain a Cyprus temporary residence permit.
In short, to become a Cyprus citizen, you must be married to a Cypriot citizen for at least 3 years, or have Cyprus roots, or live in Cyprus for 7 years (2555 days) with a temporary residence permit or 5 years (1825 days) as a permanent resident.
Dual citizenship is recognized in Cyprus. You are not required to renounce your previous nationality to become a citizen of Cyprus.
The Cyprus Golden Visa program enables non-EU, non-EEA, and non-Swiss nationals who buy property or set up a business in the Republic to acquire legal permanent residency, and increases their eligibility for European citizenship and a Cyprus passport.
Dual citizenship/nationality is allowed both in Cyprus and in the UK. For more information click here. For general information and guidance so as to establish which application you need the criteria for, you may consult the website of the Civil Registry & Migration Department of the Ministry of Interior.
There are several advantages to buying property in Cyprus for a Golden Visa. Firstly, Cyprus offers a competitive tax system with various benefits for investors. Additionally, the country provides a high quality of life, a robust legal framework, and a favorable business environment.
Pitfall 1 – Not appointing an independent property lawyer
Such contracts will likely not protect the buyer, and instead be heavily biased in favour of the developer. Also, beware of lawyers acting for vendors or builders, who are therefore not independent. This is the equivalent to not appointing a lawyer at all.
Permission to acquire immovable property in Cyprus
Cypriots and EU citizens are entitled to buy immovable property without any restrictions. Non-EU citizens can buy immovable property, however, permission from the Council of Ministers is required.
The Cyprus tax system is favourable. Buying and renting property can be expensive but still lower than in other parts of Europe or the UK. Bills, utilities, shopping essentials, health and leisure are not too expensive for the average retiree. Transport is not sufficiently well-developed, so you will need to own a car.
Can Americans retire to Cyprus?
Cyprus doesn't have a specific retirement visa. The closest thing is the renewable temporary residence permit, also known as the Pink Slip. This permit allows non-European Union passport holders to extend their stay in Cyprus for more than 3 months (90 days).
US passport holders do not require a visa to enter Cyprus for a stay of up to 90 days. The Embassy can only issue visas to individuals intending to visit Cyprus for vacation or business purposes. The validity of the stay cannot exceed 90 days within any 180 days.
Moving to Cyprus is possible with Cyprus permanent residence. What is the average monthly cost of living in Cyprus? To live in Cyprus alone, you would need around €1,800—2,000 per month with rent included. For a family of four, it is at least €4,000—4,500 a month including rent.
- Limassol. ...
- Paphos. ...
- Peyia and Tala. ...
- Akamas Peninsula/Polis, a base for lovers of nature. ...
- Coral Bay, great place to stay in Cyprus for everyone. ...
- Nicosia. ...
- Larnaca.
On average, 1 m² of housing in Cyprus is €2,400. An average house costs around €300,000. Coastal properties are more expensive and can exceed €1.5 million.
