TERMS OF CYPRUS RESIDENCE PERMIT APPLICATION:
RESIDENT PERMIT CATEGORY F
Wealthy foreign citizens living in Cyprus can obtain a permanent residence permit of category F. The basis for obtaining a permanent residence is a guaranteed annual income received from abroad and confirmed by the Bank account statement of the main applicant, own property in Cyprus, documents confirming the ownership of the business in the country of origin. Immigration department may also require proof of additional funds.
RESIDENT PERMIT CATEGORY 6(2) FAST TRACK
Purchase a property with a minimum price of €300.000 (+VAT). At least €200.000 (+VAT) should be transferred from abroad into the Republic of Cyprus;
Deposit €30.000 into a bank from abroad for no less than 3 years; Applicant has to have a minimal annual income of €30.000 ( + €5.000 for each dependent (spouse and children) and by €8.000 for every dependent parent or parent-in-law)); Submit a statement confirming non employment in Cyprus, however the applicant can be a shareholder of a Cyprus company through which he can earn dividends.
BENEFITS OF CYPRUS RESIDENCE PERMIT:
- Cyprus residency is a fast-track procedure takes 2-4 months on average, also, applying for passport and citizenship afterwards will be simpler.
- You will be able to have a business in Cyprus and receive dividends as a shareholder without any legal limitations incurred by the Cyprus government.
- Permanent residence is issued to the applicant’s spouse, their children (minors and unmarried adults under 25 years, who prove that they are students with at least six months of remaining study period + additional annual income of €5.000 for every such dependent child), and the parents of the married couple, however additional annual income of €8.000 should be provided for every such dependent parent.
- You will only need to visit Cyprus once in 2 years to maintain your residency. This is beneficial as several other countries demand several visits a year.