Visit permanent residence in Cyprus in 2023: for students, investors and retirees

The Mediterranean island of Cyprus has become a popular destination for people seeking to immigrate for work, study or retirement. With its pleasant climate, rich culture and modern healthcare system, Cyprus offers immigrants an enviable quality of life.

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The country offers attractive permanent residency programs for investors, retirees and students, enabling them to settle permanently and benefit from the tax advantages and other privileges offered by the country. The aim of this article is to explore the various permanent residency options available in Cyprus and the criteria to be met in order to gain access to them.

Permanent residence by investment program

Thanks to its strategic location at the crossroads of theEuropetheAfrica and theAsiaCyprus is not only a tourist destination, but also a business center in the region. It has been a full member of the European Union since 2004, making it an ideal location for companies and individuals looking to establish themselves in the EU and gain easy access to the Middle East and Africa. The country's permanent residency programs are designed to attract high-net-worth individuals, investors and entrepreneurs, offering them the opportunity to live and work in the country while benefiting from an advantageous tax regime.

Advantages of permanent residence by investment in Cyprus

The Cyprus Permanent Residence by Investment program is an attractive option for investors and entrepreneurs who wish to immigrate to the country and benefit from its tax and business advantages, as well as other advantages that we list below:

• Free movement of people and goods, access to the single market and the possibility of working and studying in any EU member state.
• The permit procedure generally takes two months from the date of application.
• If the applicant becomes tax resident in Cyprus (i.e. satisfies the 183-day rule or the 60-day rule in an annual calendar), he or she will be taxed on both Cypriot and foreign income. However, foreign taxes paid can be credited against personal income tax liability in Cyprus.
• There are no wealth or inheritance taxes in Cyprus.
• A low personal income tax rate of 12.5%.
• Tax exemptions for income generated abroad.
• Advantages for companies, such as low corporate tax rates and a broad tax base for foreign companies.
• Tax treaties with numerous countries to avoid double taxation.
• Tax incentives for investment in certain industries, such as real estate, financial services and telecommunications services.

Conditions for obtaining a permanent residence permit via an investment in Cyprus

Applicants must have an insured annual income of of at least €30,000. This amount must be increased by €5,000 for each additional dependant. This income may come from pensions, employment abroad, interest on fixed deposits or rental income abroad.

Applicants must also make an investment of at least €300,000 in one of the following categories:

• Purchase of a residential property (house/apartment) by a land development company in Cyprus, relating to an initial sale of at least €300,000 (excluding VAT). At least €200,000 must be paid at the time of signing the sales contract and before applying for a permanent residence permit.
• Investment in real estate (excluding houses/apartments): Purchase other types of real estate, for example offices, stores, hotels, or real estate projects related to one of these categories, with a total value of €300,000 (excluding VAT). Resale properties are accepted.
• Investment of at least €300,000 in the share capital of a Cypriot company, which is based and operates in Cyprus, has a substance in Cyprus and employs at least 5 people in Cyprus.
• Investment of at least €300,000 in units of a Cypriot collective investment scheme (AIF, AIFLNP, RAIF).

Procedure for obtaining an investment residence permit

The procedure for obtaining a permanent residence permit through an investment in Cyprus is as follows:

Step 1 - Preparing the required documents Applicants are required to provide a series of documents (proof of income, birth certificates, family records, court certificates, bank statements, etc.). Consultation with an immigration lawyer is recommended to ensure that all required documents are prepared correctly.

Step 2 - Submitting the application Once the documents have been prepared, applicants can submit their application at any time to the Cyprus embassy in their country of origin. Please note that the application must be submitted before entering Cyprus.

Stage 3 - Investments : Applicants must make the required investment in one of the categories listed in the Permanent Residence by Investment program.

Step 4 - Application review The application will be examined by the relevant authorities to check that applicants meet the eligibility criteria and that the documents are correct.

Step 5 - Maintenance : Candidates may be called for an interview to discuss their application and career prospects in Cyprus.

Step 6 - Decision The competent authorities will take a decision on the application within two months of the date of submission. If the application is approved, a permanent residence permit will be issued.

Permanent residence program for students

The Cyprus Permanent Student Residency Program offers foreign students the opportunity to obtain permanent residency in the country after completing their studies. The program aims to attract international talent to strengthen Cyprus' skilled workforce and promote higher education in the country.

Permanent residence requirements and conditions for students

The conditions for obtaining permanent residency for students in Cyprus are as follows:

• The student must be enrolled at an accredited university or college in Cyprus.
• Students must have successfully completed at least two years of higher education in Cyprus.
• The student must be of good conduct and not have committed any serious crime in the country.
• Students must have sufficient financial means to meet their needs without recourse to social assistance.
• Students must have a certain level of knowledge of Greek or English to be able to communicate effectively in the country.
• The student must have realistic job prospects in Cyprus after completing his studies.

Benefits of the student residence program

International students who choose to pursue their studies in Cyprus can benefit from many advantages, from the quality of higher education to the quality of life. In addition to the benefits of obtaining permanent residency after completing their studies.

Affordable study costs Tuition fees and living costs in Cyprus are generally lower than in other EU countries.

Quality educational opportunities Cyprus is renowned for the quality of its higher education, with accredited universities and colleges offering programs in a variety of fields.

A rich and diverse culture The country has ancient and diverse cultural roots, with Greek, Roman, British and Turkish influences. Students will have the opportunity to discover a rich and diverse culture through historical sites, museums, festivals, cuisine, traditions and customs.

Possibility of working while studying International students can work while they study to earn money and practice their professional skills.

Easy to travel Cyprus is an ideal gateway for exploring other EU countries, with regular flights to many destinations and membership of the Schengen area.

High quality of life Cyprus is a sunny country with beautiful beaches, a lively nightlife and a welcoming international community. This makes it an ideal place to study and live for international students.

In addition to the benefits of permanent residency :

• The opportunity to live and work in Cyprus after completing your studies.
• Freedom to travel within the Schengen area.
• The possibility of obtaining permanent residency for the student's family members.
• The right to apply for neutralization and have a European nationality.

Residence application procedure for foreign students in Cyprus

The steps to follow to apply for residence in Cyprus as a foreign student are as follows:

• Get a study offer from a university in Cyprus.
• Apply for a student visa for Cyprus in your own country. You will be asked to provide documents proving your creditworthiness, student status and health insurance.
• Once you have received your student visa, you must register with the national immigration authorities in Cyprus within 30 days of your arrival.
• Once you have obtained your registration number, you can apply for your student residence permit from the Cypriot immigration authorities.

After obtaining an extended residence permit as a student in Cyprus, you can apply for permanent residence after completing your studies or passing two years of higher education. The steps involved in converting your temporary permit into a permanent residence are as follows:

• Obtain a diploma or certificate from the university in Cyprus where you studied.
• Apply for permanent residency with the immigration services of the border police.
• Provide documents (diploma, certificates of successful completion of two academic years, proof of sufficient financial means and proof of accommodation).
• Wait for the immigration unit's decision regarding your application for a permanent residence permit.

The permanent residency program for retirees

The Permanent Residency Program for Retirees in Cyprus is a program that enables people of retirement age to obtain permanent residency in the country. The program is designed to attract retirees from all over the world who are looking for a warm and welcoming place to spend their golden years.

Conditions for obtaining permanent residence for retirees in Cyprus

• Retirees must be at least 55 years old.
• Retirees must have a stable and secure source of income, such as a pension or rental income abroad, to support themselves without depending on public financial aid.
• The retiree must have a comprehensive health insurance policy.
• Retirees must have a clean criminal record.
• The retiree must have a certain level of knowledge of the Greek or English language to be able to communicate effectively in the country.

The benefits of this program for retirees

• Live and stay in Cyprus permanently.
• Free travel within the Schengen area.
• Enjoy a high standard of living in a friendly, welcoming environment.
• Take advantage of Cyprus' retiree-friendly tax system, including the absence of wealth and inheritance tax.
• Access to quality healthcare and social services.

How do I obtain Cypriot citizenship?

Obtaining Cypriot nationality involves meeting a number of conditions and following a series of steps and procedures. The first step is to obtain permanent residence in Cypruswhich can be obtained by meeting the criteria and requirements of an appropriate permanent residency program, such as through investment, marriage, employment, etc.

Once permanent residency has been granted, you must then reside legally in Cyprus for the following periods a minimum period of five years before applying for citizenship. Applicants must also have a good knowledge of the Greek or English language, so as to be able to communicate easily in the country. Applicants are also required to prove that they are of good character and have no negative criminal record during their stay in the country.

Prior to application, applicants must provide a series of documents (birth certificates, marriage certificates, passport and identity documents, bank statements, etc.). Once all the documents are ready, applicants can submit their application to the Cyprus Ministry of the Interior. The application will then be examined by the relevant authorities to check that applicants meet the eligibility criteria and that the documents are correct. If the application is approved, Cypriot citizenship will be granted. It should be stressed that the procedure may vary according to individual circumstances, and it is therefore advisable to consult an immigration lawyer for professional advice on the various steps to be taken.

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