Conditions for obtaining residence in Cyprus by financial viability
Cyprus is in the Mediterranean Sea and has become one of the most critical immigration destinations. There are several ways to immigrate to Cyprus, including study, work, investment, etc. Each applicant can choose any of these methods depending on their situation. In this article, we want to discuss the self-support method and the conditions for obtaining a residence permit in Cyprus by financial viability. The financial viability method is one of the investment methods. However, you only show your cash and non-cash assets, and you will not need to transfer them to the destination country. Besides obtaining residency in Cyprus by financial viability, residence in other countries such as Switzerland, Austria, France, Portugal, etc. can also be obtained by this method.
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Cyprus
The Republic of Cyprus is the third most populated and greatest country in the Mediterranean. Turkey is in the north of Cyprus, Egypt, Israel, and the Gaza Strip in the south. Syria and Lebanon are the eastern neighbors, and Greece is the southeastern neighbor. The Republic of Cyprus is divided into northern and southern parts, with many Muslim Turks living in the north. The southern part, also known as the Greek part, is a member of the European Union. Its official languages are Greek and Turkish. Also, it has a population of about 1 million. Its capital is Nicosia. Cyprus has various immigration programs to strengthen its economic and social image. The following are the conditions for obtaining a residence permit in Cyprus by financial viability.
General residence conditions in Cyprus by financial viability
The applicants must show their assets and receives a fixed annual income to obtain residency in Cyprus by financial viability. Usually, this income should not depend on the applicants’ presence in their country. Besides Cyprus, other countries such as Switzerland, Austria, France, Portugal, Greece, and Spain have this residence method with different conditions. This annual income must be around 10,000 euros per person, which increases to 5,000 euros per dependent. Retirees are one of the central applicants for this immigration method. You have to buy a house at any price and deposit about 15,000 to 20,000 euros. So, your children below 18 will also receive residency. You cannot work with the Cyprus self-support method, but you can start your own business. We will introduce Cyprus to you and describe the self-support residence.
Cyprus Economic Indicators
Immigration applicants should consider the economic and cultural context of the destination country besides the general conditions. Depending on your goal, you must evaluate the issues and their criteria. Obtaining residence in Cyprus by financial viability is a kind of investment method. One of the most critical issues is the property confiscation rate in Cyprus, which is the lowest since 2014, indicating the low property confiscation risk in Cyprus. It shows the investment security in this country to some extent.
The second indicator is corruption control in Cyprus. This index takes a value between +5/2 to -5/5. The higher the number goes to the positive, the greater the amount of control. Corruption control in Cyprus has always been positive from 2000 to 2018, although it has declined slightly in recent years. The third indicator is the monitoring quality. How this indicator is displayed is the same as controlling corruption. Although it has always had a positive value, in 2013, it experienced a significant decrease. In 2018, the supervision quality in Cyprus shows a value of 1.02.
Required documents for self-supporting residence
Gathering the necessary documents for immigration for your chosen method is the most vital step in this process because any negligence and lack of documents will waste all your efforts. The following are the general required documents for a residence permit in Cyprus by financial viability. You do not need all of these documents. Other items may be added depending on your case and the embassy you intend to visit.
Passport of the applicant and companions
Application form
Birth and marriage certificate
No criminal record
Proof of income
Documents related to the property purchase in Cyprus
Print a bank account
Living expenses in Cyprus
The applicants must know the living cost in the destination country to accurately plan for immigration. The currency of Cyprus is the Euro, so you must estimate your living expenses, at least for the first year. The living cost for a family of four in Cyprus is around 3,000 euros per month, and the living expenses for a person are about 1,371 euros. The table below shows some of the essential living expenses in Cyprus.
| Usual costs | Euros |
| Expensive restaurant | 12.00 |
| Meals for two in a typical restaurant | 50.00 |
| Water bottle (1.5 liters) | 00.73 |
| Milk (1 liter) | 1.38 |
| A loaf of bread (500 g) | 1.55 |
| Basic costs of an 85-meter apartment | 131.46 |
| Sports club for an adult | 53.05 |
| Rent a one-bedroom house in the city center | 570.01 |
| Rent a three-bedroom house in the city center | 1,036.88 |
| Rent a one-bedroom house outside the city | 473.66 |
| Rent a three-bedroom house outside the city | 812.95 |
The role of the lawyer in the financial residency of Cyprus
Immigration is one of the most critical life decisions, which makes a tremendous difference in your life. So, you must research, check different countries’ conditions, and consider your possibilities to make this decision. Immigration practices are usually defined by the countries’ domestic and foreign policies and are not fixed. So, the immigration applicants must start their research now. They need a professional immigration lawyer and advisor in this way, someone who knows about all the immigration methods and conditions of different countries and can show you the correct options.
Obtaining permanent residence and Cypriot citizenship by self-support
One of the most critical benefits of residing in Cyprus by financial viability is that you can receive a permanent residence for life. If you do not visit this country once every two years, your residence will be canceled. Also, you cannot travel freely in the EU and the Schengen area. The applicants can also obtain Cypriot citizenship in this method. If you have lived in Cyprus for seven years, you can apply for a Cyprus passport. The Cyprus passport ranks sixth according to the latest world rankings, along with the Croatian passport. You can travel to 115 countries without a visa with this passport.
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