Companies & Businesses | Cyprus Legislation | Cyprus Lifestyle | Licenses & Permits
3 years April 10, 2020
Cyprus Permanent Residence Programme by Property Purchase: Category F
A Cyprus Category F Permanent Residency Programme Permit allows for residency and visa free travel within Europe and has been a popular option for many investors looking to break into new markets.
A Category F visa is generally obtained by 2 routes:
- Purchasing a property in Cyprus.
- Being a resident in Cyprus for a continuous period of 5 years or longer.
If you wish to obtain permanent residency in Cyprus and you are willing to invest in the country, you may apply for a permanent residence permit (Category F) through the standard procedure. This scheme grants you permanent residency status in 12 months after applying.
In order to be eligible, applicants must find long-term accommodation in Cyprus by purchasing a property on the island. Usually, a property purchased for EUR €150,000 will fulfill this requirement, however this does not always secure the application’s acceptance. Generally speaking, the higher the financial commitment, the more likely it is for the application to be considered favourably.
Additionally, you must have an annual income from non-Cypriot-sources of a minimum of less than EUR €10,000, and EUR €5,000 for each dependent family member. We have had clients that have been asked to submit additional income to the Civil Registry & Migration Department which is rare but not unlikely. The property purchased must be for residential purposes and cannot be rented out.
In order to maintain permanent residency, the applicant must visit Cyprus at least once every two years, otherwise, the permit may be annulled.
After 7 years of legitimate residency, applicants are eligible to apply for citizenship. You may be required to submit additional evidence to prove some ties to the country such as proof of being a Cypriot tax resident, as well as means of residency such as a rental agreement or mortgage.
Overview of Statistics for the Cyprus Category F Visa:
| Considered to be tax resident in: | 183 days |
| Property Tax Charged: | No |
| Inheritance Tax Charged: | No |
| Territorial Taxation Charged: | No |
| Net Worth Tax Charged: | No |
| Transfer Tax Charged: | Yes |
| Personal Income Tax Rate: | 35% |
| Capital Gains Tax Rate: | 20% |
| Investment Income Tax Rate: | 0% |
| CFC Legislation: | No |
| Visa Free Travel: | 158 countries |
| Dual Citizenship Permitted: | Yes |
| Family Members Included: | Yes (dependents up to 25). |
| Physical Residence Required: | No |
| Visit to Cyprus Required: | No, it can take place remotely. |
| Level of Greek Language Required: | None |
| Personal interview Required: | No |
| Investment Single: | EUR €150,000 |
| Minimum Annual Income: | EUR €10,000 |
| Time until Citizenship: | 96 months (8 years). |
| Time until Permanent Residence Status: | 12 months. |
| Financing Options Available: | Yes |
Read more about taxes in Cyprus here.
Once you have purchased or leased a property in Cyprus, the next stage is to prepare the necessary documentation required to make a successful application for permanent residency on the island.
The application forms are required to be filled out and submitted to the Cyprus Civil Registry & Migration Department. The application process is slow should be processed in a maximum period of no longer than 1 year.
After your application is approved, you must visit Cyprus within a year to provide your biometric data and obtain the residence permit.
Browse our most recent property listings to find the latest properties on the market to suit your taste and requirements. Our local accounting team in Cyprus can also introduce you to Cypriot banks to open a bank account and transfer the required monthly income.
Requirements & Key Documents:
- Title deeds or contract for the sale or lease of a Cyprus property that was submitted to the Cyprus Department of Lands & Surveys.
- Proof that you have the minimum annual income required at your disposal, which has been accumulated from overseas.
- A clean criminal record certificate issued by the authorities of your home country. (If in Russian or Chinese, it should be translated into English or Greek).
- Title Deeds or Proof of Registration of Real Estate.
- Bank confirmation letter regarding deposit.
- Original and photocopy of Passport.
- Bank Statement. (including statement of Source of Income).
- Proof of occupation (statement that you will not be working as an employee).
- Evidence of residential address.
- Original Bank Reference Letter (Dated within 6 months of the application).
- Evidence of current and valid Health Insurance.
- Original Police Clearance Certificate (also known as a character reference).
- Two passport-size photos.
Are you thinking of applying for the Cyprus Permanent Residence Programme by Property Purchase: Category F Visa? Contact us, we have local immigration experts that would be happy to answer any questions you may have.