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Cyprus Property News

Residency permit in CYPRUS explained – Category F and Category 6(2)

Date: 22/01/21

With the UK finally leaving the EU our British buyers face a new reality.



To help navigate some of the choices of the immigration process we offer you a straightforward analysis of terms and benefits of the two most commonly used categories granting you an unlimited residency in Cyprus. 


RIGHTS:

Category F – legal residency in the Republic of Cyprus only; should Cyprus join Shengen area Cyprus residency will allow freedom of movement between Shengen states. However, application for Shengen visa is reviewed more favorably when it is done from within EU, i.e. Cyprus. No right to work in Cyprus.

Category 6(2) – legal residency in the Republic of Cyprus only; should Cyprus join Shengen area Cyprus residency will allow freedom of movement between Shengen states. However, application for Shengen visa is reviewed more favorably when it is done from within EU, i.e. Cyprus. No right to work in Cyprus.


PROPERTY REQUIREMENTS:

Category F – NO MINIMUM PRICE, you can buy ANY property at ANY price. However, the property type (apartment, townhouse, villa) and property size must be adequate to accommodate the applicant’s family (i.e. 2 bedroom property is sufficient for a couple with one child). 

Category 6(2) – Property must be OVER €300,000 + VAT, only NEW property from a developing company; proof of payment of over €200,000 in a bank in Cyprus and proof of transfer of those funds from a bank abroad. Any sale of such property must be immediately replaced with purchase of another NEW property of the same or higher value from a developing company.


FINANCIAL REQUIREMENTS:

Category F – NO requirements to block ANY amounts in Cyprus banks. However, before making application it is advised to deposit around €30,000 in a Cyprus Bank. These funds are not blocked in any way and should be used for your day-to-day personal needs. Proof of annual income of minimum €9,568 for a single applicant and additional €4,613 for every dependent member of family. Funds should be shown on a bank account in Cyprus. 

Category 6(2) – minimum of €30,000 is blocked in Cyprus bank for a period of at least 3 years; proof of income of €30,000 for a single applicant and additional €5,000 for every dependent child/spouse and €8,000 for every dependent parent or parent-in-law. Funds should be shown on a bank account in Cyprus.


DEPENDENT PERSONS (CHILDREN BECOMING OF LEGAL AGE, PARENTS):

Category F – the Applicant's children of over 18 y.o. are removed from the applicant's permit and must submit their own separate application. Parents of the applicant cannot be included in the application, they must submit their own application. They don’t need to purchase a separate property, but can be donated via a deed of gift a share of the main property. Additionally they need to have proof of annual income of minimum €9,568 for a single applicant and additional €4,613 for every dependent member of family (spouse and children). Before making application it is advised to deposit around €30,000 in a Cyprus Bank. These funds are not blocked in any way and should be used for your day-to-day personal needs. 

Category 6(2) – Unmarried, financially dependent children of 18-25 y.o., provided they are students in the institution of higher education abroad with at least six months of remaining study period, can obtain an Immigration Permit. Parents must present an additional annual income of €5,000 for every such dependent child. The said permit is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents. It is noted that their future spouses or underage children cannot be included as dependent persons on this permit. 
Also parents or parents in law of the applicant can apply to acquire a permit if the applicant presents an additional annual income of €8,000 for every such dependent parent or parent in law. 


APPLICATION PROCESSING TIME:

Category F – 8-12 MONTHS

Category 6(2) – 2-4 MONTHS


CANCELLATION OF PERMIT:

Category F – residency permit is cancelled in case a person is absent from Cyprus for a period of two years. To keep the permit a person must come to Cyprus for at least one day every two years. 
No restrictions to sell or buy a property.

Category 6(2) – residency permit is cancelled in case a person is absent from Cyprus for a period of two years. To keep the permit a person must come to Cyprus for at least one day every two years. 
Residency permit is cancelled in case the property is sold and not replaced by purchasing a new property of similar or higher value from a developing company only (not a resale).


FAQs:

I have bought a property from a developer and got Category 6(2) PR. I would like to sell this property and buy another property on a resale market. Do I keep my PR?

Yes and NO. If you sell a property that was used for getting Category 6(2) and do not replace it by another new property of similar or higher value from a developer then you lose Category 6(2). BUT, you can buy ANY property on resale market through “Cyprus Resales” at ANY price and apply for Category F that gives you the same legal rights to live in Cyprus. Once you receive Category F residency permit you can buy and sell any property in future at any price without losing you PR.


Can I buy a resale property and get unlimited residency for my family and my parents?

Yes, in order to get unlimited residency you can buy a resale property at any price provided that it can accommodate your family and your parents, i.e. 3-4 bedroom apartment or villa or you can purchase two separate properties - one for your family and one for your parents. To obtain a residence permit, you must submit two separate applications: one for your family and one for your parents. If you have purchased one large house / apartment, your parents can be co-owners of the property from the point of purchasing or you can donate a share of your property to your parents at a later stage (but before their application is submitted). 
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