Cyprus has been famous as a welcoming country for international investors. If you prefer to live in Cyprus, as a non-resident, you should first apply for a residency permit. As per the new regulations, people purchasing property in Cyprus are legally allowed to acquire a residence permit. Because Cyprus is an EU member, European residents do not need to apply for the permit, but non-European residents definitely need to apply for the residence permit. However, there are two choices available- temporary residence in Cyprus and permanent residence in Cyprus.

Temporary Residence Cyprus

The non-European citizens who want to apply for temporary residence Cyprus should file an application with the Civil Registry as well as the Migration department and the residence license will be with a validity of one to four years. To get a residence permit, you should submit the following documents:

• Passport
• Your bank statement copy
• Documents to prove income
• Four passport size pictures
• Copy of the contract of property acquisition
• Health insurance
• Deposit of EUR 550

Permanent Residence Cyprus

The non-European citizens who want to apply for permanent residence Cyprus should prove that they can earn for themselves and their spouse and kids and if they have been in Cyprus for 5 consistent years. There are some basic requirements for permanent residence permits in Cyprus:

• The person should have a bank account in Cyprus bank, a real estate contract and a yearly earning of at least EUR 9,600 for every individual member of the family.
• Or, the person should be interested in setting up a company here.
• Or, the person should want to open a business sub-division in Cyprus with a minimum capital of EUR 255,000.
• Or, the person should be employed in Cyprus

The documents needed for a permanent residence permit in Cyprus are:

• Your passport
• Copy of the contract of property acquisition
• Copy of the payment made to the seller
• Bank statement copy
• Documents to prove income
• Four passport-size pictures
• Guarantee letter from your Cyprian bank

Long-term residence permit

Non-European citizens can get a long-term residence permit if they have lived in Cyprus for 5 years consistently. It is valid for five years and will get renewed. Documents needed for the permit are:

• Copy of the contract of the purchased or leased property
• Passport
• Bank statement
• Proofs of payment done in the last 5 years for tax returns
• Certificate offered by the tax authorities

Why should you shift to Cyprus in 2021?

Cyprus is a European destination open for all foreign citizens and investors. Those who are planning to move to Cyprus can apply for any permit they want through simple procedures.

If you wish to apply for Cypriot residency, then you can rely on us. At Fine Life Limassol, we work on behalf of our clients to file for their residency applications. We offer a high success rate and a consistent customer-centric method. So, what are you waiting for? Be it temporary residence Cyprus or permanent residence Cyprus, we will handle it all for you.