The Cyprus Permanent Residency Scheme
By using the new and accelerated procedure, eligible applicants can acquire Permanent Residency Permits within one month from the date of the application submission given that all the conditions mentioned below are successfully met.
Non-EU nationals who buy property in Cyprus for personal occupancy are able to obtain a permanent residency permit, enabling their full or part time stay in Cyprus. This incentive applies to non-EU nationals acquiring property for personal occupancy in Cyprus of a value not lower than €300,000 + VAT and falls under the name of Category F Visa.
The properties can be either 2 residences, or 1 residence and 1 office, or 1 residence and 1 shop and 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.
A Fixed three-year deposit of €30.000 deposited in a Cyprus Bank must also be presented by the applicant. It must be provided that the said amount has been transferred to Cyprus from abroad.
The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent.
The spouse’s income may also be taken into consideration for the calculation of the total amount.
The holder of a Category F Visa shall therefore be exempted from time consuming immigration formalities that apply to non-EU nationals entering Cyprus, and this Category F Visa allows the holder and their family to reside in Cyprus indefinitely.
Moreover, the holders can be absent from Cyprus for up to 2 years without losing their residency. As this residence permit targets retirees and/or high net worth individuals, it does not allow its holder to take any form of employment paid or unpaid in Cyprus.
It should be noted that the granting of Cypriot Permanent Residency is not solely provided to the applicant but also to their family. This means that the applicant’s spouse and dependents would also be granted permanent residence.
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