A simplified procedure for obtaining a permanent residence permit (Visa category F) is only provided for buyers of new properties of the value at least €300,000 excluding VAT
The main advantages of a permanent residence permit in Cyprus
- Short term and easy to process - about 2 months from the date of submission of the application
- Issued for the whole family, including the children and the spouses' parents
- Validity is not limited, issued for a lifetime and is automatically renewed when the passport is changed
- There is no compulsory requirement to reside in the country, it is enough to visit Cyprus at least once in 2 years
- Gives the right to own a business in Cyprus and receive dividends
- After the accession of Cyprus to the Schengen Area, the residence permit will be valid in all Schengen countries.
Requirements for applicants
* Purchase of 1 or 2 new residential properties of a total value of €300 000 and more excluding VAT.
* Title of ownership (deed) or a sale/purchase agreement registered at the Land Department (provided the amount of at least €200 000 excluding VAT has already been made).
* Documentary evidence of the applicant's income from €30 000 per year plus €5000 per year for each dependent, if any.
* A letter from a Cyprus bank, confirming the fact that the applicant has a deposit for the next three years in the amount of €30 000. Important: the source of income of the deposit's owner must be outside of Cyprus and the money should come from abroad.
* A certificate of clear criminal record, legalized by the authorized agency of the applicant's country of residence.
The process of taking a decision by the Government of Cyprus to grant a permanent residence permit is about two months.
This type of permit applies to the whole family, including the children and the spouses' parents.
Holders of a permanent residence permit are required to visit Cyprus at least once in two years.
BCL Pro offers an opportunity to obtain a permanent residence permit through the purchase of an apartment in the new project DIO Residence.
We are happy to provide consulting and organizational support to our clients in the process of obtaining a permanent residence permit.