Yes you can!
Those of independent financial means, who do not need to work in Cyprus to support themselves, can apply for Permanent Residency, under either Category F or Category 6(2).
Having a secure annual income, coupled with some savings and a place to stay, are the primary considerations for being eligible for a Category F Residency Permit. Although the place of residence can be a rental property, owning your home is a considerable advantage, in favourably processing their application.
The Applicant may purchase any type of residential property, either resale or newbuild, of any value. A resale property is not subject to VAT (5% if used as a permanent residence or 19% regular rate). However, Land Registry Fees will be payable at the time of the transfer of the Title Deed, at the following rates:
0-85.000 euros 5%
001-170.000 euros 2.5%
Over 170.000 euros 4%
The law does not specify the amount of annual income the Applicant should earn, although typically it should be such that they can afford a decent standard of living for the whole family. Likewise, the Regulation does not set out a specific amount of savings to be deposited in the local bank. Ordinarily, €30,000 transferred from abroad into a personal bank account in Cyprus, would suffice.
The main Applicant can add the spouse and children, up to the age of 18, as dependents. Nevertheless, children who are Permanent Residency holders, under category F, will not be able to renew their Permanent Residency once they become 18 years old, unless they can satisfy the requirements independently.
Hence, Category F is more suitable to pensioners wishing to retire to Cyprus, or families with secure incomes from abroad, who want to set up home in Cyprus. The examination of the Application can take 12 to 18 months, during which, Category F Permit Holders are not allowed to work in Cyprus, or to be shareholders in a company which carries out business activities in Cyprus.
It is important to note that once the residency is granted:
1- is granted for a lifetime given that the applicant visit Cyprus once every 2 years
2- being a holder of permanent residence for 5 years with physical presence in Cyprus the applicant is eligible to apply for Cyprus Passport
Applicants under Category 6(2) should proceed with an investment of at least €300,000 (plus VAT where applicable) according to the below listed options, and to be eligible and submit an application under this category; the payment of €200,000 plus VAT must be completed for the Investment Criterion A and the payment of €300,000 must be completed for the Investment Criterion B, C or D.
(A) Investment in a housing unit / apartment: Purchase of a first sale housing unit or apartment from a development company for a purchase price of at least € 300,000 (plus VAT where applicable).
(B) Investment in real estate (excluding housing / apartments): Purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of € 300,000(plus VAT if applicable). Such type of properties can also be resale properties.
(C) Investment in a Company registered in the Republic of Cyprus with activities and employees in Cyprus: Investment worth of € 300,000 in a company registered and operating in the Republic of Cyprus that has a proven physical presence in Cyprus and employs at least five (5 ) people.
(D) Investment in shares of Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF): Investment worth € 300,000 in shares of Cyprus Investment Organization Collective Investments.
In cases where the applicant chooses to invest as per Investment Criterion B, C or D, his income or part of it may also derive from sources connected with activities in the Republic of Cyprus.
Furthermore, an applicant applying under Criterion B, C and D will still need to provide evidence regarding his accommodation in the Republic.
A significant advantage to this Category is that the children over 18 and up to 25 years old, who are single, students and financially dependent, can also secure a Residency Permit under the same application. This type of Residency Permit remains valid throughout their lifetime, provided they visit Cyprus at least once every two years. Being a holder of permanent residence for 5 years with physical presence in Cyprus the applicant is eligible to apply for Cyprus Passport
Criteria as to income and savings is clearly defined, and the main Applicant should prove that he earns a secure annual income of at least €50,000. Such annual income should increase by €15,000 for every dependent person of the family (spouse and children) and by €10,000.
The examination period of a 6(2) application currently takes three to five months. Hence, therefore it is often referred to, as “fast-track”.
The holder of a Category 6(2) Residency Permit cannot work in Cyprus as an employee or director of a Company receiving a salary. However, he can be the 100% shareholder of a Company doing business in Cyprus, and is allowed to be the director of a Company if he is not receiving a salary.
A Temporary Residency Permit can be secured in both cases, while the Application for Permanent Residency is processed.
There are still clearly defined and straightforward immigration routes into the country which have already been utilised by thousands of non-EU Nationals and their families, making Cyprus their home.
The content of this article is intended to provide a general guide to the subject matter and does not constitute legal advice.
We work closely with the most experienced Law companies, Financial advisers and Embassies. We can manage all details, documents and submission of applications. We can also assist you in identifying the most profitable property investment opportunities in Cyprus.