Permanent Residence Category F (Slow Truck Procedure)
There is a second option to acquire a permanent residence permit, under more flexible preconditions and requirements that it is more attractive to investors. The Law provides the opportunity to apply and become a permanent resident of Cyprus to non-EU citizens who own immovable property in Cyprus and possess a secured annual income arising from abroad, high enough to give them a decent living in Cyprus, without having to engage in any form of business, trade, profession or employment.
Although there are no clear guidelines on the actual amounts required, from experience at the time of writing this, proofs of an annual income of €10,000 is usually acceptable, plus another €5,000 for each dependent person. Of course to make stronger the case we advise the clients if they can afford to show more incomes.
Moreover, the Immigration Authorities will examine the stability and reliability of annual income and the investment that the applicant did in Cyprus.
The whole procedure takes about 12-15 months to have the answer from the Ministry.
The investors can proceed with a resale property and the most important is that the property price can be less than 300 000 euros.