Cyprus is officially called the Republic of Cyprus. It is an island country that has its location on the eastern side of the Mediterranean Sea. On the basis of its geopolitical location, Cyprus is included in Southeast Europe. However, it is continentally put in Western Asia. Both in size and in population, this beautiful country is ranked third among all the Mediterranean nations. Its neighbouring countries are Greece and Turkey. Cyprus is one of the members of the European Union. So, all the people of this island country enjoy the status of being EU citizens simultaneously. Nicosia is the largest city and the capital city, as well.
Being a member of the European Union, Cyprus is always in great demand for overseas immigrants. People who have got Cyprus permanent residency are automatically eligible to stay and work in the EU [European Union] or EFTA [European Free Trade Association]. They are also legally allowed to vote in the European parliamentary elections. One important feature of the citizenship law of Cyprus is that people who have taken the immigration permit of the country don’t require to get it renewed. It means it is unlimited in nature. These permit holders are eligible to apply for citizenship of the country after they have stayed in the country for a period of five years.
Cyprus permanent residence schemes
The permanent residence scheme in Cyrus comes under the law of Aliens and Immigration Regulations. It has two main categories. The first scheme offers you a Golden Visa that ultimately leads you to citizenship. The other scheme under Golden Visa is to obtain permanent residence. Both of these schemes need you to invest a considerable amount of money in the purchase of real estate.
Of these two residential schemes, the permanent residence programme is the most popular one that requires you to invest €300,000, which is a comparatively very less amount of money.
The citizenship obtaining option states that anyone applying for citizenship in Cyprus must invest in real estate of a minimum €2 million worth. This investment can be either in the form of a single property or a collection of properties; for each of the dependents, whether spouse or children, an additional investment of €500,000 is needed.
Advantages of obtaining Cyprus residency
The Cyprus residency/citizenship which you have obtained through investment will allow you to enjoy all the rights that other citizens of the country have. Some of the facilities that are guaranteed to new citizens of the country who have obtained it through investment include:
- Eligibility to work and study anywhere across the European Union.
- Not required to qualify for an interview or any language proficiency examination.
- You are not required to spend your time in the country before you apply for citizenship.
- Provisions for getting citizenship for your spouse and offspring up to eighteen years of age.
Cyprus permanent residency application process
If you want to apply for Cyprus permanent residency, you have to proceed through the Golden Visa scheme introduced by the government of Cyprus. It requires you first to get entry into the country on an entry visa. Thereafter, you require to submit your permanent residency application to Cypriot Immigration Authority. However, if you want to obtain citizenship in the country, you must apply at the Ministry of Interior once your investment formalities are completed.