With the Brexit transition period ending, many already living in Cyprus or considering a move to Cyprus are contemplating an application for Residency in Cyprus. With so much still unclear about the UK’s future relationship with the EU, it might be worth protecting your right to live and work in Cyprus.
Although Cypriot authorities have been tightening the vetting procedures and caps on the number of passports granted to wealth foreigners, Cyprus remains an ideal citizenship/visa solution for many. The two paths for getting residency in Cyprus are a traditional application and the golden visa scheme.
Cyprus Residence & Work Permit for EU citizens
Individuals intending to stay (with or without employment) in Cyprus for more than 3 months, will need:
Alien Registration Certificate
> Within 8 days of arriving in Cyprus you will need to visit a local Immigration Branch and apply for an Alien Registration Certificate (ARC). You will need to provide evidence that you have either a job or enough money to live in Cyprus without working
> You will also need to obtain a social insurance number
Civil Registration & Migration Department
> Within 3 months you will need to apply for a residence permit. The application will require a valid passport or identity card, a Document of Engagement of Employment, which must be stamped by the Labour Department
> You can start work while your application is being processed
> Successful applications give your immediate family the right to work in Cyprus
> The residence permit is reviewed 2 years from the date of issue
Golden Visa Scheme
In 2013 Cyprus nearly went bankrupt. As part of the recovery plan the Cypriot government introduced the Golden Visa Scheme to take advantage of the revenue in residential property. Foreign nationals, through the Golden Visa Scheme, can get permanent residency or citizenship through investment in property in Cyprus. The scheme has been popular with many due to the positive rise in property prices in Cyprus and political uncertainty around the globe.
Golden Visa – Permanent Residency
One of the fastest and simplest investor visa schemes in Europe. The requirements and benefits of permanent residency are:
> A €300,000 or more investment in a new-build property only
> The investment can involve a maximum of 2 properties
> You must visit Cyprus at least once every 2 years to maintain residency
> Application process is normally simple and fast – the residency visa is granted within 2 months
> It also grants your family residency (dependent children (under 25), parents and grandparents)
> The visas are valid for life and can be passed down to dependents and spouse
> Travel throughout the EU
Golden Visa – Citizenship
If you are a high-net-worth individual looking for rapid citizenship then this is one of the quickest and most assured route to citizenship of a European country, the requirements and benefits of citizenship are:
> €2 million or more investment in residential property in Cyprus
> A donation of at least €75,000 to the Governments Research & Development Fund and a €75,00 to the Land Development Organisation
> The investment can be reduced to €500,000 after 5 years
> Applicants must have a clear criminal record
> No residency requirements
> No language requirement, medical tests or interview for citizenship
> You become a full EU citizen, allowing you to work, travel, study and live anywhere within the EU including countries such as Germany and France.
> Application process is simple and fast, receiving citizenship within just 6 months of the investment
> Your children (under 29 years) are also granted citizenship
We hope you have found the information above useful. If you have any questions or need assistance accessing trusted Citizenship/Visa experts, please do not hesitate in contacting the team at Overseas Property Forum on +44 (0)330 0575 990 or email email@example.com.