➠ Minimum Investment €300.000
➠ Two ways in Obtaining .
- fast-track method based on Regulation 6(2) relates to new properties and not re-sale properties and the whole process takes only around 2-3 months.
- Second is based on the Regulation 5(F) and this route takes around 5-10 months until the PR is granted but applies to re-sale properties as well.
1. FAST–TRACK PROCEDURE FOR GRANTING PERMANENT RESIDENCE PERMIT REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS.
Regulation 6(2) of the Aliens and Immigration Regulations provides for the fast-track process to obtain the PR. The conditions which have to be met for a non EU national to obtain the Permanent Residency this way are:
- The applicant must prove that he has a secured minimum annual income of €30.000 and that this income is derived from abroad and not from working in Cyprus. Moreover, the required minimum annual income is increased by €5.000 for each dependent person.
- The applicant must submit the application form together with the Title of ownership or contract of sale of a property in Cyprus worth a minimum of €300.000. He should also provide proof of payment for at least €200,000. The contract of sale must be deposited to the Land Registry before the applicant submits his application for PR.
- The applicant should provide a confirmation letter from a Cypriot Bank stating that he has deposited a minimum of €30.000 in a 3-year Fixed Deposit Account.
- The applicant must have no Criminal Record and provide sufficient proof from the relevant authorities of his country.
- The applicant is not allowed to engage in any profession in Cyprus and should submit a statement to this effect.
- The applicant has to visit Cyprus at least once every two years.
- It usually takes around 2-3 months for the examination, processing and approval of the application.
2. PERMANENT RESIDENCE PERMIT CATEGORY F, REGULATION 5(F) OF THE ALIENS AND IMMIGRATION REGULATIONS
According to the decision of the Minister of Interior of the Republic of Cyprus dated 07/05/2009, when a non EU citizen buys a property/residence for himself and his family worth a minimum of €300.000, his application for Permanent Residency (Category F) will be examined favorably.
The requirements are:
- Possess and have fully and freely at their disposal a secured annual income, sufficient to give them a good living in Cyprus, without having to engage in any profession, business, or trade. This income must be derived from legal sources outside Cyprus, such as pensions, business activities, shares, etc.
- 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 request additional amounts as it deems necessary. These additional amounts might relate to annual maintenance expenses of the property, educational, medical and other expenses of the family depending on each particular case. The applicant must have enough money to cover all expenses of his family.
- Time needed for the permanent residence permit to be granted is around 5-10 months.