Cyprus is extremely popular among Russians. And it is not only due to mild climate and comfortable living conditions (laws, safety, hospitable locals) but also the opportunity to obtain EU citizenship without losing the Russian one. Permanent and temporary residence permits in Cyprus are issued in different ways given individual goals of stay and lifestyle.
How to get a residence permit in Cyprus?
The residence permit in Cyprus is called a Temporary Residence Permit. It can be permanent or temporary.
You can get an official residence permit in Cyprus in one of the following ways:
- Marriage with a citizen of Cyprus.
- Full-time employment in the Cypriot company.
- Educational program in the local university.
- Business in Cyprus.
- Purchase of Real Estate.
As a rule, wealthy citizens of the Russian Federation prefer the last 2 options for obtaining a residence permit in Cyprus. If the investment in the local economy exceeds the amount of EUR 2,000,000, then you will be able to apply for EU citizenship in 6 months. Otherwise, you will be issued a Cyprus residence permit.
Difference between permanent and temporary residence permit in Cyprus
You can obtain a residence permit in Cyprus or permanent residence during your stay there. A temporary residence permit is usually called Pink Slip. This document is issued if the foreign citizen stays in the Republic longer than the validity period of the tourist or guest visa (more than 90 days). A residence permit in Cyprus allows you to stay on the territory of the state for a year. The document can be extended upon its expiration. You are required to stay in the Republic for at least 6 months a year to apply for a temporary residence permit. If you are absent for more than 3 months in a row, the residence permit in Cyprus becomes invalid. You will have to follow the procedure again upon the return to the state. If the temporary residence permit expires, you shall apply 1 month in advance to renew it. A residence permit in Cyprus is usually issued to people who are married to a local citizen or employed in its territory. If a foreigner is not employed in Cyprus and does not conduct any business activity there, he /she will have to prove sufficient income abroad.
You can obtain a permanent residence permit by working for a local company or opening a business in the Republic. Also, foreigners are offered to get permanent residence when purchasing real estate in Cyprus. In this case, the period for obtaining a permanent residence permit is reduced from 6 to 2 months. The price of housing plays a key role. If the amount exceeds EUR 300,000, you can get an official residence permit in Cyprus permanently not only for yourself but also for your spouse and children. To save permanent residence, you need to have an open account in a local bank for at least EUR 50,000 and visit the Republic at least once every 2 years.
Procedure for obtaining a residence permit in Cyprus
To obtain a residence permit, you need to apply for a guest or tourist visa. This document gives you the right for a 90-day visit during which you need to prepare the following set of documents for obtaining a residence permit in Cyprus.
- Valid passport and 1 copy.
- 4 photographs.
- Marriage or divorce certificate, child/children's birth certificate(s).
- Bank guarantee valid for at least one year.
- Statements confirming EUR 30,000 income outside of Cyprus. This also includes all types of earnings: interest on deposits, dividends from shares, salary.
- Copies of the document confirming the grounds for obtaining a residence permit (title to an apartment, house in Cyprus or lease agreement, employment contract, agreement with a local university).
- Medical insurance policy.
- Receipt of state duty payment.
If the basis for obtaining a residence permit in Cyprus is an investment in the local economy (opening a business or purchasing real estate), you can specify family members in the application. In this case, you need to confirm the additional income for each person you specify.
Please note that to obtain a residence permit in Cyprus, all documents shall be translated into Greek or English and notarized. You will receive an Alien Book upon submitting the documents. The period for obtaining a residence permit is from 2 to 6 months depending on the investment amount. If there are no problems with local legislation, you can get EU citizenship in 7 years. If you invest more than EUR 2,000,000 in the economy of Cyprus, the period may be reduced to 6 months.
How to get a residence permit in Cyprus in 6 months?
If you, like most Russians who want to obtain an official residence permit in Cyprus, prefer to purchase local real estate, contact the experts from P.L. Property Gallery Developers & Constructors Ltd. We will find the best solution given your requirements and budget. We have been working in the real estate market for 18+ years becoming the biggest developer in Cyprus. We do not only sell villas, houses, and apartments but will gladly assist you in migration issues.
