- August 12, 2020
- Posted by: Editor
- Category: Law
With lovely weather conditions, beautiful cities and landscapes, rich history and, more importantly, affordable housing prices, Cyprus can be the ideal location if one wants to retire in a foreign country. If a foreigner wants to retire to Cyprus, he or she should know that the country has a large expat community, and an important proportion of it is represented by British citizens who have relocated here.
The steps a person should follow when moving Cyprus will depend on the nationality of the foreigner or the duration of stay. For those who retire to Cyprus a long-term visa will be needed if their nationality requires them such a document. However, when relocating here, considering that it will on a long-term basis, one should also apply for a residence permit. You can find out extensive information on these matters from our Cyprus immigration lawyers.
How can a foreigner obtain a residence permit in Cyprus?
A foreigner should apply for a residence permit in Cyprus if the duration of the stay is of at least 90 days. This requirement is applicable to all foreigners, regardless if they need a visa when arriving here or not; foreigners who are citizens of countries outside the European Union (EU) have to follow a specific procedure when moving to Cyprus on a long-term basis.
Thus, foreigners should prepare their passports, copies of their bank statements, standard photographs, and medical insurance. Applicants must also prepare a completed standard form that can be found on the Web Portal of the Republic of Cyprus. Persons who want to retire to Cyprus must present the following:
• proof of accommodation in Cyprus (for both those who have purchased a property here and for those who rented a house in this country);
• proof that the applicant has sufficient financial means to live in this country;
• a medical certificate showing that the person does not have diseases such as hepatitis B and C, tuberculosis or syphilis;
• a certificate of police clearance, issued by the police authorities in the country where the person is a resident;
• any other documents that can be necessary referring to the purpose of stay in this country.
It must be noted that the Cyprus immigration law provides six categories of residence permits issued on a temporary basis. In the case of persons who want to retire to Cyprus, they will need to obtain a Category F residence permit, which refers to a type of permit available for those who want to live here and who are not employed in a local company. Our Cyprus immigration lawyers can present more information on the papers the applicants should prepare for the issuance of this document, as well as on the documents one will have to present in the case in which the Cypriot citizenship is of interest for him or her.
Where to retire to Cyprus?
There are numerous destinations that are suitable for those wishing to retire to Cyprus. The country offers both large cities and small villages, depending on the lifestyle the foreigner wants to have while living here. Foreigners generally prefer cities such as Limassol, Larnaca or Nicosia when moving to Cyprus, as they provide more employment opportunities. The legislation allows the possibility of obtaining a Cyprus permanent residence permit for those who will relocate here and purchase properties.
At the same time, the value of the residential property market should be taken into consideration by those who want to purchase a house or an apartment or bungalows, which are very common in this country. With regards to the prices for properties in Cyprus, one should expect the following in the most attractive Cypriot regions for foreigners:
• a bungalow or a two-bedroom apartment in Limassol costs between EUR 220,000-240,000;
• in Paphos, the property market is cheaper, and thus, a two-bedroom apartment can cost between EUR 75,000-100,000, while a bungalow can start from EUR 130,000, this city being a suitable option when moving to Cyprus, from a financial point of view;
• in the village of Paraklissa, a bungalow apartment can have a price of EUR 280,000;
• in the village of Pyrgos, a bungalow can be purchased at a price of EUR 200,000, while an apartment can cost EUR 100,000-150,000;
• in Lania, another Cypriot village, one can purchase a house with prices starting from EUR 100,000.
As a person who wants to retire to Cyprus, one can also apply for a Cyprus permanent residence permit, but this can be achieved after 5 years of continuous living in this country. Persons who want to permanently here will probably want to purchase their own properties when relocating to Cyprus. Depending on the person’s wishes, it is also possible to acquire the Cypriot citizenship.
For this, you can rely on our Cyprus immigration lawyers, who can help with in-depth legal advice on the purchasing procedure and the purchase contract. You can contact our lawyers for legal representation in the case in which you want to retire to Cyprus, and you need advice on the steps related to this process.