Want Cyprus Residency Get A Property for Sale in Paphos. Are you an avid traveller and globe-trotter? Depending on what passport you hold, perhaps you’re tired of constantly applying for visas? Alternatively, you might still be working out where in the world you want to settle? If you don’t have a European passport then a Cyprus residency could be for you. There are many great places in Europe to explore and try out. The best part is that searching for property for sale in Paphos allows you to apply for a European passport.
Searching for Property for Sale in Paphos and the Residency Process
Cyprus currently has one of the easiest processes for applying and getting residency and then citizenship. Of course, if you want to speed up the process then you need money to invest. Assuming you have some then these are the main processes you can consider:
- Fast Track Residency Process
- Permanent Resident Category F
- Other options
- Citizenship by investment
Fast Track Residency Process
Assuming you have money, this is the easiest and the fastest route. Of course, you’ll still need support from a legal or immigration specialist firm to make sure you get everything right. Essentially though, you can get your residency by investing at least 300k euros, plus VAT, into a house or apartment building in Cyprus. Clearly, any type of villa or detached house will do. It’s actually more about the investment than the property type.
Therefore, if this is your preferred route then you can start planning how many bedrooms and bathrooms you want. There are lots of exciting questions for you to answer. For instance, do you fancy living in a bungalow or do you know where you want to be located?
Permanent Resident Category F
This option combines investment in real estate with a yearly salary requirement. Basically, the government wants to make sure there’s money coming in and that you won’t be a burden on the state. In this category, you’ll need to invest at least 100k euros, plus VAT, and prove an income of at least 9,569 euros per year. If you have dependents then that yearly salary increases by 4,613 euros per year per person. Again, if this is your option then you could start exploring properties in Kato Paphos. Alternatively, the gorgeous Coral Bay or more secluded Aphrodite Hills could be for you. Don’t forget also the neighbouring villages such as Chloraka, Kissonerga, Tremithousa or the popular Universal.
Depending on the time and money you have then you can also wait 5 years. After this time, you’ll also be able to apply, assuming that you’ve been living continuously for those years in Cyprus. Of course, like most other countries, you can also marry a Cypriot or get a local job.
Citizenship by Investment
After 7 years of residency then you’ll be able to apply to become a citizen if you want. That’s when you’ll get your European passport although there’s a fast track to this also. In that case, you’ll need to invest 2 million euros in real estate. Besides, you’ll need to donate 100k euros each to the Government Research and Development Fund and the Land Development Organisation.
The Advantages of Cyprus Residency
- Access to Europe
- Access to public healthcare
- Low tax country
- Good education
Access to Europe
One of the more obvious advantages of Cyprus residency by investing in properties in Paphos, Cyprus, is that you’ll be able to freely travel across Europe. It’s a fascinating continent that offers a wealth of culture and history for you to explore. Furthermore, you won’t have to renew your permit to live in Cyprus because residency is valid for life.
Access to Public Healthcare
As a Cypriot resident, you’ll be able to access public healthcare. The healthcare system was recently upgraded in 2019 and is of high standard. It’s also recognized by the World Health Organization. In addition, you’ll find the service of very good quality.
Low tax country
With 12.5% corporate tax, Cyprus is one of the lowest tax countries in Europe making it a great place to set up a business. The personal tax rate starts at 20% and goes up to 35% which is still very beneficial when compared to many other countries.
Public education is free until the age of 18 and also very good. There is the added option of sending your children to British schools though. These are located in Nicosia, Limassol, Larnaca and Paphos, Cyprus. Furthermore, the universities are also very reputable with a wide choice of subjects to study. Depending on your course, the costs range from around 2500 euros and go up to 7000 euros for the more specialist science subjects.
Final Thoughts on Searching for Property for Sale in Paphos to get European Residency
Paphos, Cyprus, doesn’t just give you a healthy lifestyle. You’ll also be able to gain residency and even citizenship with all the benefits that brings. Imagine having no more visa applications as well as access to a very diverse continent? Even if you don’t have thousands to invest when searching for property for sale in Paphos, you can wait 5 years and still get onto the residency ladder. All this in the beautiful setting of the Mediterranean coast and surrounded by extraordinary history and culture.