There are many rumors about permanent residency in Cyprus, some praise and others criticize it. In order not to speculate, it is worthwhile to study in detail all the issues related to living in this country and obtaining citizenship. As with everything, there are pros to permanent residency programs in Cyprus. This is a republic with a loyal tax system, which in turn attracts foreign business and makes it a promising place for investment.
Cyprus Permanent Residence does not require its owner to be permanently on the island, it will be enough to visit once every couple of years. Anyone who is capable of investing in real estate or business on the island can obtain such an opportunity. The basic cost of such a program is 300 thousand euros.
About the advantages of Cyprus permanent residence
The list of advantages of Cyprus permanent residence is quite extensive, and Svetlana Gorchakova, a specialist in Immigrant Invest, talks about them in more detail. You can find out the details by following the link https://immigrantinvest.com/residence-en/. The most attractive people are:
- free entry to the island, regardless of any restrictions;
- no time limit to stay;
- after five years you can apply for citizenship;
- inheritances, estates, and global income are not subject to taxation.
Let’s take a closer look at the above points. Unlike many countries, Cyprus does not force you to change your documents. Obtaining a permanent residence permit allows one to stay on the island indefinitely and only change the photo every ten years.
Cyprus PR benefits are quite different from the temporary residence permit. In addition, after five years, you will be eligible to apply to become a citizen of the country and get a passport. This issue is covered in more detail on the website immigrantinvest.com. After obtaining an investor passport of the republic, you will apply all the benefits of being a resident of the EU and the opportunity to travel freely to more than fifteen hundred countries.
Since the majority of the population of the island is English-speaking, it is easier for investors to assimilate and conduct business, as well as integrate into the Republican society. You can include your family members in your permanent residency application, giving you the opportunity to receive a top-notch education and access to the healthcare system.
Is it beneficial to invest in the Republic?
Despite the unfavorable global economic climate, investors’ interest in Cyprus is only growing. And the most common way to get a permanent residence permit is to buy real estate, both for residence and for rent. Tax conditions are variable, for example, if you buy a house and want to live in it, the VAT, in this case, will be lower. An important and enjoyable feature is the fact that the amount of investment will not increase depending on the number of family members who will be included in the application. The only thing you will need to pay extra for is the processing of documents and issue of cards for each. Getting permanent residency takes about three months, which is quite less compared to other countries, which also provides the opportunity to obtain such a status in exchange for investment.
Buying real estate is not the only possible option for the exchange of investments. You can invest in shares of a company of the republic or buy securities. Real estate experts call this the most simple and straightforward scheme for obtaining a golden visa to Cyprus. However, please note that the program involves only the new housing, the secondary market will not give you the opportunity. But there is no limit on the amount of real estate. It can be two objects, the main condition is the total amount and purchase directly from the developer.
Peculiarities of obtaining a gold card in Cyprus
Speaking of the advantages, we should not forget about the possible disadvantages of obtaining such a permit. To be more precise, not so much about disadvantages, as about possible peculiarities or limitations. Obtaining a residence permit in exchange for an investment does not give you the right to work in Cyprus. This point will become available after five years if you want to apply for citizenship. And here opens up the possibility of working in any country member of the European Union.
The process of paperwork is time-consuming and requires some knowledge, so experts advise seeking help from a qualified company that will do most of the work and facilitates the process of moving. In addition, the probability of mistakes in drawing up documents by experienced specialists is at times less than if these experiments will be engaged on your own.
In addition, the company staff can find you the most suitable and proven options for real estate, and prepare the possibility of their inspection, so that your purchase was safe and really enjoyable.
It is worth mentioning that Cyprus is a safe country with a low crime rate, which attracts investors with children to move permanently. Clean beaches and a mild climate also attract families who want to raise children and do business in a country with a high standard of living.
In light of today’s events, it’s better to have a plan B in a European country, Cyprus is a great option for that. Quiet and peaceful life on an island with ten months of sunshine a year, what could be better?