Information for buyers: visas, residence permit

PERMANENT RESIDENCE CERTIFICATE

Residence permit

Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession, can apply for permanent residence certificate. The annual income required should be at least €9568 for a single applicant and moreover at least €4613 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.

Applications for Category F should be accompanied by the original of documents regarding the income of the applicants.
Applicants who are abroad may submit an application directly to Cyprus, as stated above, or through the local Consular Authorities of the Republic of Cyprus. The applications are examined by the Immigration Control Committee which submits a relevant suggestion to the Minister of the Interior for a decision to be taken.

An Immigration Permit will be automatically cancelled if the interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years.

The non-fast track procedure implies the revision of an application for about a year.

The law does not set the minimum value of the property; in this case, you can purchase a primary property from a developer or a resale property.

PERMANENT RESIDENCE – CATEGORY F, FAST TRACK PROCEDURE

The application is reviewed within two months.

The applicant must provide a title deed or contract of sale of the primary real estate from the developer. The purchase price must be at least € 300.000 + VAT, and the applicant must provide an official receipt that at least €200.000 (excluding VAT) has already been paid. It does not matter when the real estate becomes the property of the buyer. The remaining amount must be transferred to the seller’s account at a bank registered in Cyprus. All mentioned amounts must be received from abroad. A property can be purchased through a company if the applicant and/or his/her spouse are the sole shareholders of the company. The company must be registered in Cyprus or in any other country of the European Union.
The applicant must provide a certificate stating that he has an account in a bank registered in Cyprus, where his contribution of minimum € 30,000 has been deposited for at least three years. This amount must be credited to the account from abroad.
The applicant must provide information that he/she has an annual income (salary, pension, dividends, rent, etc.) of at least € 30.000 + € 5.000 for each dependent + € 8.000 for each applicant’s parent or his/her spouse which are inscribed in the statement. Revenues must come strictly from abroad.