“Category F” is well known to non-EU citizens permanently residing in Cyprus. To apply for this category, an individual must meet a number of criteria.
It is important to note that for this type of residence an update is not required since it is issued for life. The spouse and children of the applicant also enjoy the benefit of a permanent residence permit, but on condition that they have been indicated in the application as dependents. Consideration of the application for “Category F” can last from 12 to 18 months.
To obtain a permanent residence permit, the applicant is required:
- To acquire ownership of property of a total minimum value of €300,000+VAT (if VAT is applicable).
- Provide proof of a minimum annual secured income of approximately EUR 10,000 from sources abroad. It can be in the form of dividends, interest on bank deposits, wages, rental income, pension, etc. The necessary annual income is increased by €5,000 for each dependent person.
- Provide a certificate of good standing, bank account statements, copy of passport, etc.
- Other documents to be discussed in personal meetings and/or telephone communications with the client.
There is also an accelerated submission procedure for “Category F”, which is filed under Regulation 6.2. The criteria for this provision are similar to the previous one, however the distinctive feature is that the price of the purchased property under Regulation 6.2 should be of market value – that is, no less than 300,000 euros (plus VAT). In addition to this, 200,000 euros for the purchase of the given property have to be paid prior to the submission of the application. The advantage of applying for residency under Regulation 6.2 is that the examination of the application takes only 2-3 months, and the application is always approved, provided that all the criteria are met.
The main advantage of Category F is the lower threshold of annual income required in order to be eligible for application (compared to the fast-track Regulation 6 (2) procedure).
However, it is important to bear in mind that the effect of the two categories is the same; the holder of any of the above-mentioned residency permits has the right to reside permanently in Cyprus and is exempted from issuing an entry visa.
How we can help:
- Conduct thorough examination of the client’s personal circumstances
and their accordance with the application criteria;
- Advice on the application procedure and the required
documents that must accompany the application;
- Drafting and assisting with the collection of all required documents;
- Carefully review the application package in order to minimise delays and proceed with the submission of the application form
on behalf of the client;
- Following the submission of the application our immigration team continuously monitors the status of the application.