EU-citizens who would like to live and work in Cyprus on a permanent basis have the option to attain Permanent residency on a "normal-track basis" under Regulation 5 (f).
Permanent Residency in Cyprus within a Year
Upon renting a home or purchasing a house/apartment with a value of at least €300,000, third-country nationals may apply for a permanent residency (“normal-track basis”). There are a number of obligations and requirements which the applicant needs to fulfil:
- The applicant must have a minimum annual secured income of approximately EUR 10,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent);
- The applicant may not maintain employment in Cyprus;
- Income must be derived from legal sources abroad;
- Income must be secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family are adequately covered);
- Clean criminal record;
- No sanction order to have been made against the applicant or any dependents.
The main benefit of the 5 (f) application is the lower threshold of annual income required when comparing this application to the Permanent Residency on a fast-track basis application. Moreover, the application process under the normal-track basis is more flexible as it gives the applicant the option to rent a house rather than purchase one. Additionally, once the application is filed, the applicant is free to travel to and from Cyprus without any restrictions.
The main disadvantage of the above method of application is that it takes up to a year (officially – in practice it may even take longer) to have the Ministry of Interior’s decision.
EU-citizens who would like to live and work in Cyprus on a permanent basis have the option to attain Permanent residency on a "normal-track basis" under Regulation 5 (f).
Permanent Residency in Cyprus within a Year
Upon renting a home or purchasing a house/apartment with a value of at least €300,000, third-country nationals may apply for a permanent residency (“normal-track basis”). There are a number of obligations and requirements which the applicant needs to fulfil:
- The applicant must have a minimum annual secured income of approximately EUR 10,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent);
- The applicant may not maintain employment in Cyprus;
- Income must be derived from legal sources abroad;
- Income must be secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family are adequately covered);
- Clean criminal record;
- No sanction order to have been made against the applicant or any dependents.
The main benefit of the 5 (f) application is the lower threshold of annual income required when comparing this application to the Permanent Residency on a fast-track basis application. Moreover, the application process under the normal-track basis is more flexible as it gives the applicant the option to rent a house rather than purchase one. Additionally, once the application is filed, the applicant is free to travel to and from Cyprus without any restrictions.
The main disadvantage of the above method of application is that it takes up to a year (officially – in practice it may even take longer) to have the Ministry of Interior’s decision.