APPLICATION CRITERIA AND CONDITIONS FOR THE FAST TRACK (Category 6(2)) PROGRAMME PERMANENT RESIDENCY PERMIT (NON-EMPLOYMENT)
- The applicant's investment must be a minimum of €300,000 plus VAT in freehold property. The property must be a new property (not resale).
- At least €200,000 (not including VAT) must be transferred from an overseas account prior to the application.
- Submission of an application can include approval for the applicant’s spouse and children less than 18 years of age.
- The purchaser can be a Cyprus Company where the applicant or spouse is the sole shareholder.
- The applicant must have a proof of a secure income of at least €30,000 plus €5,000 for each dependant family member and created abroad, not in Cyprus.
- A deposit in a financial institution in Cyprus of an amount of €30,000 (transferred from an overseas account) which will remain for three years.
- The applicant must have a clear criminal record.
- Permit is granted for indefinite duration, with one off application, no renewal requirements.
APPLICATION CRITERIA AND CONDITIONS FOR THE CATEGORY F PROGRAMME PERMANENT RESIDENCY PERMIT (NON-EMPLOYMENT)
- Purchase a property anywhere in Cyprus of any property value. VAT is not required.
- Pay a minimum of 30 percent of the property price.
- Provide proof that you have adequate funds to live comfortably in Cyprus.
- Demonstrate clean criminal record issued by the country of origin.
Note: The application for Category F is reviewed within 8 to 12 months
THE PROCESS IN 5 STEPS FOR THE PERMANENT RESIDENCY (6.2)
1. Property purchase
The main criterion is the purchase of a new property with a value greater than €300,000 (excluding vat). The applicant may purchase up to 2 residential properties (apartment / house), or one residential unit and one shop (with a maximum area of 100sqm), or one housing unit and one office (with a maximum area of 250sqm), provided that the combined value exceeds €300,000. This allowance is per married couple. Additionally, the units should be purchased from one developer.
The residency permit applies to the investor, their spouse, minor children, unmarried dependent adult children up to age 25 that are studying outside of Cyprus, adult children that are over 25 but have studied in Cyprus and the parents of the applicant and spouse. Permits may be granted to unmarried dependents aged 18-25, provided that it is proved that they are in full-time education outside of Cyprus with a remaining studying period of 6 months from the submission of the application and are financially dependent on the applicant. Permits can also be obtained for dependents (children) over 18 years old, if the adult children are in higher education in Cyprus they will be eligible to be included in the applicant’s permit once they’ve completed their studies, irrespective of their age. In such cases the requirement of secure annual income is increased by €5,000 per dependent child.
Permits can also be obtained for non-dependent children over 18 years old provided that the applicant has purchased additional property of €300,000 excluding vat for each child. For such cases the application must be accompanied by a receipt of payment for at least 66% of the purchase price of the acquired property.
2. Submission of application
The applicant must present the Purchase Contract for the property he bought (which is already deposited to the Cyprus Department of Land and Surveys) and a proof of payment of at least €200,000 (excluding vat) along with the application form. Also, the applicant must submit a criminal record certificate (issued from the country of origin), health insurance policy, marriage certificate and children’s birth certificates. A Curriculum Vitae (CV) and copy of a passport (valid for at least 2 years) are also required.
3. Proof of annual income
The applicant must provide a declaration with supporting documentation of a secured annual income from a legitimate source, deriving from outside Cyprus. The minimum annual income per applicant is €30,000 and an additional €5,000 per dependent, and €8,000 per dependent parent/parent in-law. The annual income of the spouse can also be taken into account for the purposes of this criterion.
4. Bank deposit
A statement of deposit must be provided showing a €30,000 minimum deposit in a Cypriot bank account of the applicant, which will be locked for a period of 3 years. After the expiration of this period the money can be released without restriction.
5. Statement of intent
The applicant must provide an official statement, confirming that he/she does not intend to work in Cyprus. However, the applicant and/or his wife are entitled to be shareholders and receive income from the dividends produced by a Cyprus registered company without affecting their application or permit.