The geographical location has made the region very comfortable for people to think about taking a permanent residency in Cyprus. Residency Cyprus, by choice, is far better than any other place in European Union. Either a person stays for continuous 5 years in Cyprus or buys a property in Cyprus, which makes him and his family eligible for permanent residence in the region, which is for life. Once this residency is obtained, the family’s children can enjoy an education in all British Universities.
A residency card is obtained within two months and obtained through a fast-track process. It is easy for the permanent residency holder to apply for Cyprus Tax resident. It gives them the advantage of being exempted from worldwide dividends and profit from the sale of securities.
Fast track basis
Buying a home in Cyprus is becoming a popular option for non-EU nationals to get permanent residency in the European Union. This policy is adopted to attract more investment in Cyprus. The Cypriot Government makes the residency Cyprus process more simplified under regulation 6(2). The eligibility is:
- To acquire a new residential payment worth 300000 Euro excluding VAT, this property must be purchased from a property development company. The rules lay down that the person must pay 200000 Euro at the time of the date of application, and he must be a first-time property buyer.
- Must have a bank account in Cyprus bank with a fixed deposit of 30000 Euro for three consecutive years.
- Must maintain a secured annual income of 30000 Euro from outside Cyprus. This fund must increase by 5000 Euro for each dependent member in the family and by 8000 Euro for each parent.
- The applicant must produce a fit and proper medical report. The family must not have any criminal background.
- If the applicant is applying for permanent residency by buying a property, it is mandatory that he visit Cyprus once within the first year for the registration of biometrics and then every two years.
Benefits after acquiring residency
The process of acquiring permanent residency Cyprus by buying property is thoroughly legal and valid. In this way, the Cypriot Government is attracting investors in the geographical location that is situated between Europe, Asia, and Africa. Thanks to their tax regime because they have developed the best environment for the investors.
The process completes within two months and grants the non-EU population with EU residency in a secured jurisdiction because this place records the lowest crime rate in the world.
This place has the best tax structure which is cost-effective and has a large network of double tax agreements.
They get large benefits from traveling to the whole of the European Union. The permanent residency helps them to travel to all places in Europe without any visa.
Residency by normal track
The regulation of 5(f), any third-country national who rents or purchases a house or apartment at 300000 Euro may apply for permanent residency Cyprus. It is available on a normal track basis.
- They must have a secured income of 10000 Euro from outside Cyprus and the amount must be increased by 5000 Euro per dependent.
- The applicant must not be employed in Cyprus and the income that is drawn must be from outside sources.
- The applicant must provide all evidence of all the financial needs of the family to make the Cypriot Government sure that the income is secured and there is enough financial support for the family.
- The family must go through fit and proper medical tests.