Cyprus’ convenient geographical location in the eastern Mediterranean and easy access to mainland Europe make it an attractive place for both business and residence. The investment landscape and favorable tax regime has the potential to bring businesses the confidence to expand and grow. A number of measures have been put in place by the government which aim to create stability, stimulate economic growth, and incentivize businesses to invest in Cyprus.
At Fine Life Limassol, we support our clients with obtaining a permanent residence permit, including preparing the required documents and cooperating with authorities to follow the case through as fast as possible, overcoming obstacles before any possible rejection.
To obtain a permanent residence permit, the following criteria must be met and required documents provided.
Category F – Permanent residency permit, non-employment
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 permanent annual income, derived from abroad.
- Provide a certificate of good standing, bank account statements, copy of passport, etc.
Category 6(2) – Permanent residency permit, non-employment
Category 6(2) is a simplified procedure for the issuance of a permanent residence permit for applicants from non-European countries, in case the property purchased is new and has VAT in the sale price.
The applicant must meet the following requirements:
- Purchase of new immovable property for a minimum market value of €300,000+VAT, submitted in the form of a title or ownership or contract of sale.
- Proof of secured annual income of at least €30,000, derived from 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.
- Submit a confirmation letter from a financial institution in Cyprus (bank, coop) of a deposit of €30,000, pledged for three years and increased by €5,000 for each dependent person.
- Provide a certificate of good conduct, issued and certified in their country, and health insurance policy for the applicant and their dependents.
- Other documents to be discussed in personal meetings and/or telephone communications with the client.
Key benefits of Cyprus residence:
- Fast track application procedure, with permit usually granted within two months.
- It is not necessary to reside in Cyprus, with the exception of a visit once every two years.
- Residence applies to the whole family (applicant, spouse and children under 18 years old).
- Dependent children under the age of 28 and parents of the applicant are also eligible. (Category F does not allow this option anymore).
- Knowledge of the Greek language is not strictly required; basic English is normally fine.