Cyprus Permanent Residency via the

(slow truck) procedure (Category F application under Regulation 5)

Upon renting out a home or purchase of a property (house or apartment), a third-country national may apply for permanent residency permit via the Category F application.

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Purchase property
Unlike the Fast Track Permanent Residency, Category F does not have a strict requirement for the purchase of a property. It is recommended to purchase a property in Cyprus of any amount. There is no need for such property to be a new property from a developer, and there is no requirement for the money for the purchase of the property to be transferred from an overseas account of the applicant. Category F is flexible since it allows of renting out a house prior to outright purchase.
Annual Income
The applicants must possess and have fully and freely at their disposal a secured annual income of at least €9568,17 for a single applicant and moreover at least €4613,22 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. This income must be derived from legally accepted sources from abroad and can be from salaries, pensions, stock shares, rents.
Bank Deposit
The applicant should deposit in his/her Cyprus bank account an amount between €15,000 to €20,000. Such amount does not need to be pledged or be fixed deposit, and can be used after the application.
Family members
Unlike the Fast Track Permanent Residency, only children up to the age of 18 can apply as dependent. When the children become 18 years old, their permanent residency under Category F will no longer be valid. The parents of the applicants are not eligible to apply as dependents.

Other conditions

In addition to the above financial criteria, the applicant, his/her spouse, their dependents and their parents must fulfil all of the following criteria:
Clean criminal record;
Visit Cyprus once every 2 years or the residency permit will be automatically cancelled;
Declare the intention not to be employed in Cyprus (applicants can be shareholders in a Cyprus Company and receive dividends);
The annual income is derived from legally accepted sources from abroad, is secure and provides stable support for the applicant and family in the long run (supporting evidence will be necessary);
No sanction order to have been made against applicant or any dependants;

Main disadvantage of Category F is that its processing time is between 18 to 24 months (officially it may take longer than that), and children of the applicant lose their permanent residency once they become 18 years old.

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