The following are the main prerequisites for obtaining a Permanent Residence Permit in Cyprus within three months:
- Purchase a house in Cyprus for more than €300,000 + VAT (5 percent )
- Make a €30,000 long-term deposit in a Cypriot bank that will be pledged for at least five years.
- It must be a brand-new property, not a resale.
Please keep in mind that the information provided above is merely a summary of the most important requirements. Please review the information below for further details on how to obtain a permanent residency permit in Cyprus through investing.
How may I obtain a permanent residency permit through investment?
The following is the instruction from the Ministry of the Interior:
The Minister of the Interior has decided on preferential treatment for immigration permits categories F (as stated in the Aliens Immigration Law of 1972 until 2004), which concern citizens of third-world countries who have purchased a home in Cyprus to use as their personal residence, with a total value of at least €300.000. The aforementioned immigration permit is also valid as a permanent permit in Cyprus, and its holders are free from the time-consuming immigration processes required of other third-world people wishing to visit Cyprus (e.g. Consulate valuations, renewals of residency permits, re-entry permits etc.). The property should ideally be registered in the name of the Immigration Permit Applicant.
Policy on Migration in Cyprus Third-country citizens who will not be working in Cyprus but will remain as permanent residents are classified as Category F. They must have a secure yearly income of at least €10,000 euro (no job in Cyprus) and an additional €5,000 euro for each dependant person, which might come from pensions, shares, or even permanent savings. This money, on the other hand, cannot come from any job or self-employment in Cyprus, but only from outside. If the immigration control board deems it essential, they may demand additional funds. Persons who are citizens of a third-world nation who have a secure annual income of an acceptable amount at their complete and free disposal, which is not generated from any work (job or self-employment) done in Cyprus, but from labor that would be done elsewhere, fall into Category F.
How to apply for a Cyprus permanent residency permit through investment
- The most important condition is to purchase a brand-new property (apartment, villa, or house) for at least €300,000+VAT. The v.a.t. on property in Cyprus for first-time buyers is 5% up to 200 sq.m. The VAT rate for a second time buyer of property in Cyprus (buying more than one home) is 19%. The applicant must sign and submit the application form, which must be supported by the contract of sale and proof of payment of at least €200,000+v.a.t. Please keep in mind that the contract of sale must include 1) Stamp Duty. 2) Submit a deposit to the Land Registry Office, along with a copy of the payment receipt. A firm can also purchase a property (apartment, home, or vacation), but the applicant must demonstrate that they are the sole shareholder.
- The property buyer must obtain a confirmation letter from any bank in Cyprus stating that they have placed the sum of €30,000 into a Cyprus bank account that will be pledged for a term of five years. The money will be distributed with no limitations after 5 years.
The candidate must show proof of a minimum annual income of €30,000. For the spouse and each new kid, the sum must be increased by €5,000, and for each dependent parent, the amount must be increased by €8,000. It makes no difference where and how the income comes from; it could be a wage from a job, rent or a pension, or a corporation dividend from shares. However, the most significant factor is that the revenue must come from outside of Cyprus. The purchase of a residency in Cyprus must demonstrate a source of income, which is a critical consideration for the government of Cyprus, as well as the European Union. So, if you want to gain and be eligible for permanent residency in Cyprus, you must be able to demonstrate it.
What are the advantages of obtaining a resident permit in Cyprus:
- The property covers the entire family, including the spouse and children under the age of eighteen.
- Children under the age of 25 who are not married and the applicant’s parents may also be eligible.
- Children can attend any Cyprus school or private English schools.
- Every two years, you must visit Cyprus for at least two days.
The most frequently asked questions and their answers
Category F was created to help those who come to Cyprus as tourists and stay for a while, with their money coming from overseas.
During the height of the financial crisis, the Minister of the Interior decided to fight the situation by introducing a new Category F law that included incentives for third-country people. The following is a quote from the original rule, which was passed on May 28, 2009.
The goal: This parameter is part of the government’s efforts to combat the global financial crisis, namely to boost the real estate market in Cyprus by increasing incentives for third-world citizens to buy homes.
The decision: The Minister of the Interior has decided on preferential treatment for immigration permit categories F (as it was in the Aliens Immigration Law of 1972 until 2004), which pertains to citizens of third-world countries who have purchased a home in Cyprus to use as their primary residence, with a total value of at least €300,000.
As a result, the aforementioned immigration permit is also valid as a permanent permit in Cyprus, and its holders are free from the time-consuming immigration processes required of other third-world people wishing to visit Cyprus (e.g. Consulate valuations, renewals of residency permits, re-entry permits etc.).
The application: Category F is for people who are citizens of a third-world country (non-European citizens) and have a secure annual income of an appropriate amount at their full and free disposal, which is not derived from any work employment or self-employment done in Cyprus, but from work done elsewhere.
As a result, Third Country Nationals who qualify for Category F should be: 1) Persons who own and have fully and freely at their disposal a guaranteed yearly income sufficient to allow them to live comfortably in Cyprus without having to engage in any company or trade. 2) A single applicant’s annual income must be at least €10,000, with at least €5,000 for each dependent person, however the Immigration Control Board may request more funds if necessary. The bulk of applicants fall into this category, with the majority of them being retirees or pensioners. When the permit is given out, it will be as follows: A) Temporary residence permit (pink slip) B) Applicants are eligible to apply for permanent residency, which grants them the ability to live in the country for the rest of their lives.
Please note that applicants who have lived in Cyprus for a total of seven years or more are eligible to apply for citizenship. The approval of Category F applicants is contingent on the following: To their applications and whether they qualify, as well as the approval of the Government Committee charged with deciding on this topic.
What forms must be filled out in order to obtain a permanent residency permit in Cyprus:
- Form M.67: Application for an Immigration Permit under any of Regulations 5 of the Aliens and Immigration Regulation Cap.105, including Categories A through F.
- Cyprus Court’s Affidavit
- Following the completion of the forms for a permanent residency permit in Cyprus, the following papers are required:
- Copy of Notarized Passport
- Curriculum Vitae (CV)
- Original Bank Deposit Documents
- Original documentation and an affidavit proving income from sources other than work are required (e.g. income from shares, companies, property, industry)
- Original documentation proving a property acquisition in Cyprus (The contract is required that also states the price of the property)
- Documents proving employment
- Bill for Utility Services (for example, electricity bill to prove the country of residence)
- Any new property deed or the property title deed
- a letter of recommendation from a foreign bank
- Certificate of Health Insurance (Resident in Cyprus)
- Clean Criminal Record Certificate
- Certificates of Marriage
- Certificates of Birth
- Each family member should have two (2) photos.
All documents must be translated into English and stamped by your country’s Cyprus embassy.
Please note that our services encompass the processing of your application as well as other procedural issues to ensure that you receive your residence permit visa as soon as possible. The investment must be held for at least 5 years, following which you may sell or keep it if you so desire. If you require any additional information or explanations, please do not hesitate to contact us.
Invest in Cyprus real estate and obtain a resident permit.
Our employees are the cornerstone of our firm when it comes to providing the best real estate option for obtaining a permanent residence permit in Cyprus by purchasing a property. Our team consists of lawyers, bankers, contractors, and technical consultants with extensive experience in the real estate industry as well as immigration schemes for non-EU citizens. We offer a variety of services and solutions to help our clients identify the appropriate property in Cyprus for a safe investment. Step by step, we’ll work with our clients to realize our goal of a safe, diachronic real estate investment in Cyprus. Please feel free to browse our property portfolio and find your ideal property to purchase in Cyprus from our large range of properties in Cyprus.