Are you considering a change of life? Perhaps you long for a more relaxed lifestyle? Alternatively, you could be a budding entrepreneur in the making. Whatever your reason, acquiring a property for sale in Paphos opens up a beautiful island to you, along with everything it has to offer. You also benefit from being able to move around Europe very easily.
Benefits of Residency
There are many benefits to living in Cyprus. It’s a country and an island with excellent infrastructure and transport that also boasts a stunning coastline. Furthermore, there are some vibrant towns as well as the picturesque countryside. Besides, the villages offer everything, including culture, education, and entertainment. Don’t forget that you can also ski in the mornings at Troodos Mountains and sunbathe at the beach in the afternoon. Not many can claim to be able to do that on an average day. Amazingly, you can get all this for very reasonable prices.
Moreover, there are some other key benefits to obtaining residency in Cyprus, as listed below:
- Access to EU
- Tax benefits
- Opportunities for employment or studying
One of the most incredible benefits is that the EU will be open to you and your family. You’ll be able to travel everywhere very easily without the hassle of applying for a visa every time. The culture and history you can enjoy across the EU are formidable. In addition, Cyprus has a very advantageous tax system.
Once you have your residency, then you’ll be able to study and apply for jobs. Moreover, you’ll be able to use public healthcare. Overall, medical care is efficient and accessible, so you’ll be in good hands.
Temporary Residency Requirements
Before you do anything, you have to apply for temporary residency. Having said that, you do have an alternative. If you want to speed things up, then you can invest and buy Cyprus property. This allows you to bypass the temporary status, but we’ll go into more details further below.
In the meantime, the main requirements for getting temporary residency are the following:
- Proof of accommodation and financial means
- Medical certificate and insurance
The temporary permit, or pink slip, is valid for 1 year, although you’ll be able to renew it easily. The main advantage is that you can stay longer than 3 months. You’re essentially converting your tourist visa. Although, it’s worth noting that you’ll have no right to work and you can’t leave Cyprus for longer than 3 months.
In order to apply for this permit, there are some application forms you need to fill in. However, before you start, make sure that you have a rental or ownership contract for your accommodation. You’ll also need to prove that you have sufficient income from abroad, from which you’ll have to deposit 15k to 20k euros into a local bank. The exact amount differs according to family size. Last but not least, you’ll need to pass a medical certificate test and show proof of health insurance.
How to get Permanent Residency through a Property for Sale in Paphos
- Aquire a property for sale in Paphos of at least 300k euros
- Proof of income
- Have a temporary residency for at least 5 years
Invest in Cyprus Property to get Permanent Residency
The easiest and quickest way to get permanent residency is to buy Cyprus property. In fact, there’s a fast track process where you have to buy Cyprus property with a value of 300k euros.
Nevertheless, there are several categories of permanent residency. Another one, for example, asks you to invest at least 100k euros into Cyprus property. For this, you’ll also have to prove that you have a yearly income of greater than 9500 euros. This amount changes as your number of dependents increases.
A similar but slightly different approach involves investors and their businesses. For those people, they would need to invest around 260k euros in their company activities. Finally, those who have secured permanent employment can also request permanent residency.
Proof of Income
Depending on which category of permanent residency you apply for, you might be asked to deposit 30k euros in a bank that will freeze for 3 years. Essentially, you’ll need to weigh up your financial situation with your need for speed when considering your options. If in doubt, you should get advice from a law firm who can also help you with the paperwork.
Temporary Residency for 5 Years
If you’ve been living in Cyprus for 5 years, then you can apply for permanent residency. Have a look at the requirements for temporary residence versus the various options for applying for permanent residency and weigh up the pros and cons. From this, you’ll be able to work out the best approach that suits you and your situation.
Parting Words on Getting Permanent Residency
Cyprus offers so much in terms of lifestyle and opportunity. Amazingly, you can also get permanent residency relatively easily. Think of the world that suddenly opens up to you. One of the fastest and safest ways is to find a property for sale in Paphos. As you can see, though, there are several avenues open to you. You should therefore be able to find an approach that works for you. You’ll then be enjoying the Mediterranean sun in no time at all.