Property In Cyprus
Cyprus is prominently featured in surveys and research on the list of countries that are best to operate, live, work or retire in. Its popularity stems from several factors, such as its stable economic environment, EU member state status, efficient taxation system, wonderful climate, good infrastructure, low cost of living, good airline connections and other.
As far as EU Citizens are concerned, obtaining a Cyprus residence permit that enables one to enter, live, work and operate in Cyprus involves only minimal formalities relating to simple registration if the purpose of residing in Cyprus is employed activity.
Non EU citizens need to acquire certain permissions in order to enter, live, work and operate in Cyprus. This can be done either by direct application for a Cyprus work permit or through the establishment of a local Cyprus limited company, which will then employ the non EU national, after being approved by the Migration Department.
Permits are also needed by non EU citizens in regard to the acquisition of immovable property.
Non EU clients need to apply and acquire permits on the following grounds:
- Entry visas
- Short term and Long term Residence Permits (through acquisition of property in Cyprus or otherwise)
- Work Permits:
-Category C/D (persons who intend to work as self employed in a trade, profession or science in Cyprus).
-Category E (persons who have been offered work as executives (Cat. 1) or staff (Cat. 2) of Cyprus companies.
-Category F (pensioners or other persons who enjoy a secured annual income enabling them to live in Cyprus without having to engage in any business, trade or profession).
- Family reunification permits
- Property acquisition permits
Become a Cyprus Citizen
Acquiring Cyprus citizenship entitles a person, amongst others, to live and work in Cyprus without any restriction as well as travel without any formalities within the European Union. There are essentially 3 ways in which Aliens can acquire the Cyprus Citizenship: (a) by naturalization, (b) by exemption, and (c) through marriage to a Cyprus citizen.
- Obtaining Cyprus Citizenship by Naturalisation:
To be entitled to apply for Cyprus citizenship through naturalization, an EU citizen or third country national must have resided for a minimum 7 years legally in Cyprus, of which the year preceding the date of application should be full and uninterrupted.
- Obtaining Cyprus Citizenship by Exemption:
The government of Cyprus has now implemented a new immigration initiative aimed at facilitating (non EEA) migrant entrepreneurs and investors who, in return for obtaining Cyprus citizenship, are prepared to invest in Cyprus. The new scheme has been established pursuant to amendments to the Cyprus Civil Registry and Migration Law.
The scheme is operating efficiently and is based on a ‘fast track’ process, which avoids bureaucracy and unnecessary documents. The investment eventually allows the applicant (and eventually his wife and children) to hold a Cyprus passport and have all the benefits of a Cyprus citizen. This is especially useful for an individual, national of a country outside the European Union, to hold a passport and citizenship of an EU member state country.