Relocation guide to Cyprus

Cyprus is located in the eastern Mediterranean Sea. It is an island country covering 9251 square kilometers and with a population of 1,218,765 as of October 2021. The capital city is Nicosia. 

A foreigner can apply for an immigration permit if they fall in the following categories: 

  1. The person plans to work as self-employed in the agriculture sector, such as as cattle-breeding or fish culture, and provided they possess adequate land to do so, or have a permit to acquire it. They are also required to have at least 430000 Euros, to make sure that their activities do not affect the economy of Cyprus negatively. 
  2. The individual is intending to work as self-employed in mining enterprises in Cyprus, as long as they have the relevant permit, and have at their disposal capital amounting to at least 344000 Euros, to make sure that their activities do not affect the economy of Cyprus negatively. 
  3. The individual intends to work as self-employed in a trade or profession in Cyprus, provided that they have the relative permit, and have at their disposal capital amounting to at least 258000 Euros, to make sure that their activities do not affect the economy of Cyprus negatively. 
  4. The individual intends to work as self-employed in a profession or science in Cyprus, provided that they have academic or professional qualifications that are in demand in Cyprus. They also require adequate funds so as not to negatively affect the economy of Cyprus. 
  5. The person has been offered permanent employment in Cyprus, which will not create undue local competition. 
  6. The individual has secured an annual income that is high enough to give them a decent living in Cyprus, without requiring them to engage in any business, trade or profession. The annual income required should be at least 10,000 Euros for a single applicant and moreover at least 5000 Euros for every dependent person, but the Immigration Control Board may demand additional amounts as deemed necessary. 

Cyprus Gold Visa Investment Program 

If the individual does not fall into any of these categories, they can immigrate through the Cyprus Gold Visa Investment Program. To acquire a permanent residence visa, the individual must meet the following conditions: 

  1. Must make a real estate property investment of at least 300,000 Euros. 
  2. Must make a 30000 Euro deposit into a bank in Cyprus. This money will be held there for three years. 
  3. Must prove that they generate an annual income of 30,000 Euros for themselves and another 5000 Euros for each of their dependents, and 8000 Euros for their parents or their spouse’s parents. 
  4. Must have no criminal record. 

Benefits of immigration by investor program 

  1. The individual and their family members can travel within the European Union freely. 
  2. The person can include their children, spouse, parents or spouse’s parents in applying for residency. 
  3. The Permanent Residence Card is for life. 
  4. The person does not have to live in Cyprus to maintain their residence status. They only need to visit once every two years. 
  5. After seven years of uninterrupted residence  one can obtain a Cyprus passport. 

Life in Cyprus 

Being in the Mediterranean, Cyprus boasts of all year-round hot weather. There are many beaches which are ideal for water sports such as water skiing and jet skiing. It is part of the European Union, has good transport links and relatively low tax rates. The cost of living is relatively low and the crime rate is also low. The downside is that Cyprus is a bit behind the other European countries when it comes to development and infrastructure. The weather can also be sometimes unbearable, with temperatures reaching 46°C. 

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