A wealthy person often wants to change his lifestyle and country of residence. Therefore, it is possible to get a second citizenship in one of the EU countries under a special program. Cyprus is one such country among others. There are many benefits of Cyprus permanent residence that contribute to an early decision to move to this exotic country. You will enjoy magical nature, the ocean, lush palm trees, snow-white houses, low taxes, a low crime rate, and excellent conditions for opening a company.
This exotic island country is almost the top place in Europe for moving and building your own business. Thousands of new companies are opening here every year, which undoubtedly contributes to the development of the local economy. How to move to this country legally, and why is Cyprus permanent residence program attractive?
What is Cyprus Permanent Residence?
The permanent residence status in Cyprus allows citizens of countries outside the European Union to live in the republic without restrictions and without renewing residency. After five years of residence in the republic, you can become a citizen. It is necessary to invest in the economy of Cyprus on an expedited or slower procedure for the move. In both cases, the investor wins, as he can become a resident of a prosperous European country, move his family and start a new business.
Why is Cyprus an Attractive Destination for EU Citizens?
The main Cyprus PR benefits that will make your desire to move even stronger:
- the political and geographical location promotes international trade, thanks to the excellent climate and developed infrastructure;
- high level of security;
- no restrictions on investment, you can do any legal business here;
- favorable tax legislation;
- the standard of living is one of the highest in Europe against the backdrop of affordable prices for domestic needs and food;
- simplified company registration procedure;
- well-trained labor force;
- the well-developed banking system and telecommunications;
- comfortable linguistic environment: the official languages are Greek, English, and Turkish, but a large percentage of the population speaks Russian, German, and French;
- well-developed education and health care;
- opportunities to travel to many countries around the world visa-free;
- convenient sea and air links with more than 35 countries around the world.
So, moving to the Republic of Cyprus significantly changes the life of a potential investor and allows him and his family to reach a new level. Once you see the beautiful scenery of this beautiful state, you can not forget about it. And you will definitely want to move here.
How to Obtain Cyprus Permanent Residence
There are two ways for foreigners to obtain a permanent residence permit in Cyprus: investment in real estate through an accelerated and a slow procedure.
In the first case, the applicant must buy real estate worth at least 300,000 euros, provide proof of foreign income of 30,000 euros per year or more, and prove that he has no criminal record. Spouses, children under 18 years and parents can be included in the application. There is a fee to be paid for them and financial proof that the investor can support them decently.
The holder of a permanent residence permit and the dependents included in his application must living permanently in the republic for two years to receive permission to immigrate. The application is processed within two months from the filing date, and the permit is issued immediately after approval.
To obtain a permanent residence permit under the “extended” procedure, a foreigner must:
- buy a local real estate worth 100,000 euros;
- prove an official annual income of 20,000 euros from sources outside the country + 5,000 euros for each dependent;
- deposit €30,000 in a local bank account;
- provide a package of documents according to the list with a translation into English and notarization.
It is necessary to seek help from experts to prepare for immigration. According to Immigrant Invest experts, customers who involved experts in the collection of documents and received detailed advice on each requirement received the coveted permit faster and easier. And they relocated to a beautiful island through a quicker procedure.
Now that you know all the conditions and advantages of Cyprus permanent residence, it’s time to act. The best immigration consultants are ready to answer all your questions and help you prepare any of the above mentioned documents. Also, each client receives support at every step of the program. According to the expert Elena Ruda (agency Immigrant Invest), many dream of moving to a sunny and prosperous country of the European Union, having enough money, a clean biography, and excellent health, but are just afraid to start the process of obtaining permission. Or they do not believe that they can become a resident of Cyprus. The agency understands the internal psychological barriers of clients and helps to overcome them.
You should contact the agency manager to get personal advice and your chances of immigrating to an EU country by leaving an application on the website. Life can be successful and beautiful, and the business – profitable and prosperous. So, allow yourself and your family to fill your days with joy and happiness, to study and work in an exotic nature, in a friendly environment, in a country with excellent legislation.