Thousands of people dream of obtaining passports from a European state. Cyprus is at the top of the list of most preferred European countries.
After you have received a residence permit or permanent residence in Cyprus, you can not only stay to live on a paradise island, but also accumulate days to obtain European citizenship, which allows you to live and work in any country of the European Union.
Is it worth getting a Cypriot residence permit or is it better to consider documents of other countries?
We are going to tell you about the Cyprus residence permit so that you can answer these questions.
What is a short-term and long-term residence permits in Cyprus?
First, let us explain the terms.
Cypriot residence documents (like documents of any other European country) can be divided into three categories:
short-term residence permit is a temporary residence permit, the old name "pink slip" is still sometimes used;
long-term residence permit is a permanent residence permit in Cyprus;
What is the difference between short-term and long-term residence permit in Cyprus?
Short-term residence permit is usually issued for 1 year and can be renewed for an unlimited number of times. The long-term residence is issued for 5 years or indefinitely, depending on its type.
There are many ways to obtain a short-term and long-term for third-country nationals. However, in most cases, people move to Cyprus because of their work or after marriage with Cypriot citizens.
There are two more ways to obtain a residence permit and permanent residence:
- The long-term residence can be obtained after buying a home in Cyprus.
- A residence permit can be obtained if there is a foreign source income.
How to get a short-term residence permit in Cyprus if you have the foreign source income?
Most citizens of non EU countries receive a residence permit of this type. Υou can get a Cypriot temporary residence permit if you have a remote source of income (remote work, business in a home country, if you rent out a big real estate in another country). Also, to obtain this type of residence permit, you need to have a certain amount of money in a Cypriot account.
Many web sites indicate that obtaining a residence permit in Cyprus is possible only for those who have at least EUR 10,000 for the whole family or even for one person in their Cyprus bank account. In fact, the decision to approve a residence permit is made on an individual basis and depends on many factors: the rental costs, the monthly income amount, the amount on the Cyprus bank account.
Sometimes people with significantly less financial possibilities get a residence permit, if they prove that their source of income is legal, taxes on income have been paid, and they rent small and inexpensive housing.
What are the advantages of a Cyprus residence permit?
+ Residence permit in Cyprus allows you to live on the island of Aphrodite for 12 months a year, as well as fly to and fly from Cyprus without any restrictions.
+ Most types of residence permits in Cyprus (including residence permits by fereign income) can be extended an infinite number of times.
+ A residence permit can be issued when you are already on the island, so you can first enter Cyprus legally with a Cyprus / Schengen tourist visa or any other documents.
+ Most types of residence permit in Cyprus (including residence permit by foreign income) allow you to apply for a Cyprus permanent residence after 5 years of legal residence.
+ Residence permit of Cyprus allows you to apply for citizenship (for this you need to live on the island for 2555 days, excluding days when you are out of Cyprus).
It seems that getting the cherished Cypriot documents is not so difficult?
Yes, it is. But at the same time the Cyprus residence permit has its disadvantages. Like these:
- Residence permit in Cyprus does not allow you to travel to other EU countries without a valid visa. This is an important point and it is worth paying special attention to.
Cyprus immigration legislation is subject to European legislation. Moreover, after you have received a Cypriot residence permit, you get a pan-European identification document, and your ID is in the European migration database. However, this does not give you the opportunity to cross the borders of other EU countries if you do not have a tourist or any other visa.
- You have the right to travel, live and work in any EU country only after you obtain Cypriot citizenship.
- Cyprus residence permit does not allow you to leave the island for a long period of time. For example, a residence permit by foreign income prohibits staying out of the Republic for a period exceeding three months. In other words, you can fly from Cyprus for 90 days, return to the island for a couple of days, and then fly away again for 90 days.
- If you live in Cyprus for most of the year, you become a Cyprus tax resident (see details here) and lose your tax resident status in your home country. Is it bad to lose your tax resident status at home? It all depends on your type of activity.
Short-term residence permit in Cyprus. Yes or no?
If you have not yet decided whether you should obtain Cypriot residence, you need to determine what exactly you want in Cyprus. You can answer the following questions:
How often do you plan to be in Cyprus?
Do you want to fly often, but for a short time? Schengen and Cyprus visas allow you to live on the island of Aphrodite for three months in six months (or six months a year, it depends on your citizenship). You can also fly to Cyprus as many times as you like.
Do you want to live permanently? A residence permit allows you to live on the island for 12 months a year, however you are limited in the number of days outside Cyprus.
Do you want to obtain Cypriot citizenship in the future?
No? A Schengen or Cyprus visa may be enough for you.
Yes? Cyprus residence permit allows you to obtain European citizenship, but you have to devote a significant part of your life to the island.
Are you ready to devote ten (or even fifteen) years of your life?
If you have a short-term residence permit, you can obtain Cypriot citizenship. All minor children can also receive citizenship, regardless of how long they actually spent on the island.
A Cyprus short-term residence permit helps you get the passport, give your children (and you too) the right to study and work in any EU country, to become a European. However, before you finally decide to obtain a Cypriot residence permit in order to acquire citizenship, you need to understand if you are ready to live in Cyprus for many, many, many years.
Let's take a look at the most optimistic scenario. You practically do not travel outside Cyprus, therefore (we can suppose) after 7.5 years you are able to apply for citizenship (7 years in Cyprus plus six months you were outside the island). The bureaucracy process of obtaining Cypriot citizenship can take a year if you are lucky enough or drive Cypriot officials crazy with calls and meetings to speed up the process. But most likely, the consideration of the application for citizenship will take more than two years.
It turns out that the optimistic scenario guarantees you a Cyprus passport in 9-10 years. But what's about the pessimistic one? Fifteen, seventeen, twenty years... it all depends only on you.
Are you ready to live in Cyprus for lots of years? If yes, then obtain a Cyprus residence permit!
Housing for obtaining a residence permit in Cyprus
Regardless of your income, in order to obtain a residence permit, you need to have property in Cyprus, your own real estate or rented one.
If you cannot buy right now, then look for housing for rent. Let us remind you that the amount you need to earn outside Cyprus and have on your account depends on the cost of renting a home!
- Where to buy property in Limassol to rent out? (link)
- Limassol city overview: a place to live, relax and invest (link)
- Investment in real estate in Cyprus or bank deposit? (link)
- First acquaintance with Larnaca (link)