Permanent residence permit in Cyprus for financially independent individuals
Cyprus Permanent Residence Permit – Category F (slow track)
Cypriot immigration laws are very loyal to foreigners. Especially for those who can afford living in the country without working. There is a special type of residence permit Category F for financially independent individuals. You can get this status without even buying a property on the island. The main thing is to prove that you have enough money to provide for your family, and you do not intend to take jobs. The majority of foreign retirees who move to Cyprus, make use of this immigration program.
Advantages of the program
- €9,500 of minimum annual income
- Real etsate on Cyprus owned or leased
- No requirements to invest
- No non-refundable payments
- The right to live in Cyprus no time limit
- Comfortable living for the life and education of children
- No obligations to move and become a tax resident
- Cyprus citizenship after 7 years of residency
The official website of the program
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About the Program
Wealthy foreigners who want to live in Cyprus without working can get a permanent residence permit of the Category F. The key requirement is to prove financial independence, i.e. stable and legal passive income (for example, pension, deposits in banks, rental income, dividends, etc.). most often, such residence permits are obtained by foreign pensioners who move to Cyprus or simply spend a significant amount of time there during the year.
The standard procedure for reviewing an application for permanent residence is long, about 12 months or even more. Migration services are carefully studying the documents of the applicant. The status may be denied, if proven revenue seems to be insufficient. For those who want to get permanent residence faster and reduce the risk of rejection of the application, an accelerated procedure has been developed, also known as "Permanent residence for real estate buyers".
Permanent residence permit of the Category F is usually issued indefinitely, i.e. it is valid for life, in order to retain the status, you only need to come to the country every two years. The period of residence in Cyprus for this permanent residence can be counted in the required period for obtaining citizenship by naturalization (7 years). The latter circumstance, by the way, attracts those who want to get a second Cyprus passport, but do not have €2 million to participate in the program "Citizenship by real estate purchase".
Requirements for Applicants
- Housing in Cyprus
- Purchase or long-term rental of housing in Cyprus of any value, new projects or properties on the secondary market.
- Home buyers have an advantage over tenants, the risk of rejection in their case is lower. Despite the fact that the law does not set a minimum real estate price for those who apply for permanent residence of the Category F according to the standard procedure, we are talking about good quality housing. To get approval, you need to convince the immigration service of your worthiness. Buying the cheapest one-bedroom apartment for a family of four can't help with this. According to the experience of immigration consultants, it is worth focusing on the amount of €150,000 and the higher it is, the better.
- Passive income
- The minimum annual income must be €9,568 per an applicant, and €4,613 for each financially dependent family member.
- Migration services may ask you to demonstrate the availability of additional funds to meet all the needs of the family (real estate maintenance, medicine, education, etc.). Income must be stable, legal and come from abroad.
- No nee to open a deposit account in a local bank, but the presence of a large amount in the account will be considered as another proof of financial independence and will reduce the risk of rejection.
The main advantage of the standard procedure for obtaining a residence permit of the Category F from the fast track one are lower financial requirements for a foreigner. At the same time, the deadline for reviewing applications is longer, and the risk of rejection is higher.
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Permanent Residence for Family Members
Together with the investor, the status can be obtained by:
A spouse
Two independent permanent residence can be granted to each spouse, buth both are subject to payment of the fee.Children under 18 years
Minor children can be included as dependents in both parents immigration permits.
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Documents
All documents must be officially translated into Greek or English and certified.
Personal documents
- An application in the prescribed form
- An autobiography (family, education, type of activity, everything to get a clear idea of the candidate and the legality of their income)
- 2 photos
- Passports that are valid abroad and expire no earlier than 24 months from the date of application
- Marriage and childrens' birth certificates
- A certificate of no criminal record in the country of residence (only for adults)
- Valid medical insurance
- A contract of sale and/or lease of real estate
- Proofs of annual income outside Cyprus (tax return, income from shares, Bank deposits, rental of property, etc.)
- A statement that the applicant does not intend to work in Cyprus for permanent residence
- Proofs of assets outside Cyprus (certificates of ownership of real estate, shares in companies, deposits with banks, etc.)
Expenses
- State fees
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€500 for issuing a permanent residence permit
- Lawyer's fee
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€1,000-€10,000, depending on the rates of immigration lawyers and the composition of the applicant's family. Some real estate agencies and developers provide their clients with these services for free
- Real estate expenses
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The program participant bears expenses related to the purchase of real estate: taxes, lawyer's and realtor's fees, and government fees. Read more about the procedure for buying property in Cyprus.
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Rights and Obligtions
- Cyprus is not a part of the Schengen area, which means that a local residence permit does not allow you to travel around the whole Europe without a visa. However, this status allows you to apply for a visa in Cyprus, which greatly simplifies the process.
- The right to live in Cyprus without time restrictions. However, the holders of this residence permit have no obligation to move to the island. To extend the status, it is enough to visit the country once every two years.
- Registration of a residence permit does not automatically lead to a change of tax residence, but you can get this status if you want.
- Access to the social infrastructure of Cyprus: education of children in schools and universities, medical care (insurance), obtaining a driver's license, etc.
- Holders of this residence permit do not have the right to work in Cyprus, but can be shareholders of a company registered in the country and receive income from its activities. They can also earn income from rental properties.
- A permanent residence permit in Cyprus may be lost, if its holders receive a similar status in another country.
- The right to apply for citizenship of Cyprus by naturalization after 7 years of residence in the country. Cyprus recognizes dual citizenship, i.e. you will not have to give up your first passport.
The procedure for obtaining
