CYPRUS PERMANENT RESIDENCE CATEGORY F 6(2) – FAST TRACK APPLICATION 

The Cyprus Permanent Residence Permit has been in existence for a number of years, and the requirements, as well as the process, have been amended to become simple. The Cyprus government has introduced recently a new procedure for granting the permit to applicants, who are third-country nationals and intend to invest in Cyprus.

To be able to qualify you would need to make a purchase real estate (1 or two properties) of total market value of at least €300.000 plus VAT. Also, the annual income required should be at least €30.000 (with additional requirements for family), and must derive from abroad. Finally, the applicant needs to deposit a minimum capital of €30.000 for a fixed period of three years in a Cyprus bank.  For detailed information please see below. 

In addition, on 22 of February 2016, the Cyprus Government announced that in addition to the spouse and underage children of applicants, children over 25 and the parents of the applicants now have the right to automatically apply to obtain a permanent residence permit in the Republic of Cyprus, provided certain conditions are met.

According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the permit may be granted to third-country nationals who fulfill the following criteria: 
 
1) Purchased in Cyprus 1 or 2 real estate properties with total purchase cost of at least €300.000 (excluding VAT).

The properties can be either 2 residences, or 1 residence and 1 office, or 1 residence and 1 shop.At least €200.000 (excluding VAT), of the purchase cost must be settled and receipts must be presented. It must be provided that the said amount has been transferred to an account in Cyprus from abroad.

2)  Have a secure and steady annual income of a minimum of €30.000 (additional €5.000 per dependent for spouse and children and additional €8.000 for every dependent parent or parent in-law), must be transferred on a regular basis from abroad to a bank operating in Cyprus.

The income should derive from sources other than employment in Cyprus and the spouse’s income may also be taken into consideration for the calculation of the total amount.

3) A Fixed three-year deposit of €30.000 deposited in a Cyprus Bank. It must be provided that the said amount has been transferred to Cyprus from abroad.
 
In addition, the following qualifying criteria apply:

• The applicant must present a confirmation of a clean criminal record from their country of residence.
   
• The applicant and spouse must confirm by statement that they do not intend to undertake any sort of employment in Cyprus. In the case where the applicant and/or spouse is a shareholder(s) in a Cyprus company, the income from the dividends of such company are not deemed to be an impediment for the purpose of obtaining an Immigration Permit.
   
• The applicant must submit all necessary documentation are to be in either English or Greek language and duly certified.
   
• The applicant must acquire residence in Cyprus within one year from the approval of the application.
   
• The applicant must visit Cyprus at least once every two years.

If you are interested in obtaining Cyprus Permanent Residency please contact us for a complimentary consultation at info@internetincorporate.com