Permanent Residence Permit – Category F
Certain categories of third country nationals referred to in Regulation 5 of the Aliens and Immigration Regulations of 1972 may make an application to obtain an Immigration Permit, the most popular of which is Category F Permanent Residence Permit.
The Permanent Residence Permit is available for third country nationals who have at their disposal a secured income, high enough to allow a decent living in Cyprus, without having to work in Cyprus. This Permit is granted to the applicant and his spouse till the rest of their lives unless the holder of this Permit was granted permanent Residence permit in another country (other than the country of his nationality) or he did not visit Cyprus for a period longer than 2 years continuously.
Holders of Permanent Residence Permits may at any time, inter alia, enter and remain for any period in the Republic of Cyprus without the requirement of a visitor’s visa.
In terms of procedure, there are two routes to obtain this permit, either by the standard Category F application (Regulation 5(f)) which takes approximately 5- 12 months or via the fast track procedure which takes about two months.
1. Standard Application for Permanent Residence Permit Category F
As explained above, this type of permit is granted to those third country nationals, 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 in Cyprus. This income must come from legal sources from abroad (e.g. pensions, permanent deposits, business activities, ownership of companies, shares etc.).The minimum annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person, but the Civil Registry and Migration Department may demand additional amounts as necessary. These additional amounts might come from annual maintenance expenses of the property, educational, medical and other needs of the family in each particular case. It is always necessary to take into consideration all the needs of the family of the applicant and to offer solid evidence that the applicant is able to cover all those needs in the future. Given the fact that a Category F permit is granted only once, the Immigration Authorities will take all steps necessary to examine and will need to be satisfied as to the stability and reliability of annual income over a long period of time. Depositing a minimum amount of EURO 30.000 in one of the banks of Cyprus usually facilitates the process of the application.The most important criteria to be met can be reiterated as follows:
- Applicants should have at their disposal a secured minimum annual income of approximately EURO 30.000 from sources other than employment in Cyprus.
- The applicant must have enough money to cover all the expenses of all members of his family The necessary minimum income, if applicable, is increased by approximately EURO 5.000 for each dependant.
- This income comes from abroad (documentation is required that supports that all funds have been transferred from abroad to Cyprus) and from legal sources.
- This income is secured, reliable and consistent on a long run and this income will be maintained in time.
- Where the applicant resides abroad, a criminal record certificate issued by the authorities in the country of origin must accompany the application and this record should show that in general, the applicant shall not constitute a threat against public order or security in Cyprus.
- Applicants should not intend to work or be engaged in any form of business in Cyprus and a written statement to this effect should accompany the application.
- If there are reasonable grounds for believing that the applicant or any of his dependents might become an unreasonable burden on the social assistance resources of the Republic of Cyprus, then his application will be rejected.
Fast-track Procedure for granting Permanent Residence permit
As from the decision of the Minister of Interior of the Republic of Cyprus on 7/05/2009, when a third country national buys a property/residence for himself and his family of at least €300.000,00 and more, his application for Permanent Residence Permit, Category F (as described above) will be examined favourably. The criteria to be met and the supporting documentation required for an individual to be eligible to obtain a permanent residence permit in Cyprus, through the fast-track procedure, are the following:
• A property/ residence must be purchased in Cyprus.
• Purchasers could be just the applicant or just his spouse or the applicant and his spouse together or a Cyprus Company of which the applicant is an Ultimate Beneficial Owner.
• The purchase price of the property/residence must be at least EURO 300.000,00 (not including VAT).
• At least EURO 200.000,00 (not including VAT) of the purchase price must have been paid to the Vendor as at the date of the application.
• Proofs of transfer of EURO 200.000,00 (not including VAT) from abroad must accompany the application.
• The Contract of Sale must be deposited at the Land Registry.
• The applicant must deposit EURO 30.000,00 in a Cypriot Bank account and this amount must remain blocked for at least 3 years. Documentation which supports that such amount has been transferred from abroad to Cyprus must accompany the application.
• Applicants must have at their disposal a secured minimum annual income of at least EURO 30.000,00 from sources other than employment or engagement in business in Cyprus.
• The applicant must have enough money to cover all the expenses of all members of his family. The necessary minimum income, if applicable, is increased by EURO 5.000,00 for each dependant.
• Applicants should not intend to work or be engaged in any form of business in Cyprus and a written declaration to this effect should accompany the application.
• Noteworthy to mention that a permanent resident who has resided in Cyprus for at least 7 years may apply to acquire a Cyprus citizenship provided that he/she fulfils certain other preconditions.
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